(a) Subject to subsection (c), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to section custodial property and effecting transfer; designation of initial custodian; control” class=”unlinked-ref” datatype=”S” sessionyear=”2019″ statecd=”HI”>553A-9, in the absence of a will or under a will or trust that does not contain an authorization to do so.
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Terms Used In Hawaii Revised Statutes 553A-6

  • Adult: means an individual who has attained the age of twenty-one years. See Hawaii Revised Statutes 553A-1
  • Conservator: means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. See Hawaii Revised Statutes 553A-1
  • Court: means the circuit court of the State. See Hawaii Revised Statutes 553A-1
  • Custodial property: means (1) any interest in property transferred to a custodian under this chapter and (2) the income from and proceeds of that interest in property. See Hawaii Revised Statutes 553A-1
  • Custodian: means a person so designated under section 553A-9 or a successor or substitute custodian designated under section 553A-18. See Hawaii Revised Statutes 553A-1
  • Minor: means an individual who has not attained the age of twenty-one years. See Hawaii Revised Statutes 553A-1
  • Personal representative: means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions. See Hawaii Revised Statutes 553A-1
  • Transfer: means a transaction that creates custodial property under section 553A-9. See Hawaii Revised Statutes 553A-1
  • Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Hawaii Revised Statutes 553A-1
  • Trustee: A person or institution holding and administering property in trust.
(b) Subject to subsection (c), a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to section 553A-9.
(c) A transfer under subsection (a) or (b) may be made only if:

(1) The personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor;
(2) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and
(3) The transfer is authorized by the court if it exceeds $10,000 in value.
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