Hawaii Revised Statutes 554B-1 – Definitions
Terms Used In Hawaii Revised Statutes 554B-1
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means an individual for whom property has been delivered to a custodial trustee for the individual's use and benefit under this chapter. See Hawaii Revised Statutes 554B-1
- Conservator: means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions. See Hawaii Revised Statutes 554B-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Court: means the circuit court of the State. See Hawaii Revised Statutes 554B-1
- Custodial trustee: means a person designated as trustee of a custodial trust under this chapter and includes a substitute or successor custodial trustee. See Hawaii Revised Statutes 554B-1
- Decedent: A deceased person.
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Guardian: means a person appointed or qualified by a court as a guardian of an individual and includes a limited guardian, but excludes a person who is merely a guardian ad litem. See Hawaii Revised Statutes 554B-1
- Incapacitated: means that an individual lacks the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other cause. See Hawaii Revised Statutes 554B-1
- Person: means an individual, corporation, organization, or other legal entity. See Hawaii Revised Statutes 554B-1
- Personal representative: includes an executor, administrator, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions and includes a successor personal representative. See Hawaii Revised Statutes 554B-1
- State: means a state, commonwealth, territory, or possession of the United States, or the District of Columbia. See Hawaii Revised Statutes 554B-1
- Transferor: means a person who creates a custodial trust by transfer or declaration. See Hawaii Revised Statutes 554B-1
- Trustee: A person or institution holding and administering property in trust.
As used in this chapter:
“Adult” means an individual who has attained the age of eighteen years.
“Beneficiary” means an individual for whom property has been delivered to a custodial trustee for the individual’s use and benefit under this chapter.
“Conservator” means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions.
“Court” means the circuit court of the State.
“Custodial trustee” means a person designated as trustee of a custodial trust under this chapter and includes a substitute or successor custodial trustee.
“Custodial trust property” means an interest in property transferred to a custodial trustee under this chapter and the income from and proceeds of that interest.
“Guardian” means a person appointed or qualified by a court as a guardian of an individual and includes a limited guardian, but excludes a person who is merely a guardian ad litem.
“Incapacitated” means that an individual lacks the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other cause. A beneficiary shall be treated as incapacitated for the purpose of this chapter if the transferor so directs in the instrument creating the custodial trust.
“Legal representative” means a personal representative or conservator.
“Member of the beneficiary‘s family” includes a beneficiary’s spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.
“Person” means an individual, corporation, organization, or other legal entity.
“Personal representative” includes an executor, administrator, or special administrator of a decedent‘s estate or a person legally authorized to perform substantially the same functions and includes a successor personal representative.
“State” means a state, commonwealth, territory, or possession of the United States, or the District of Columbia.
“Transferor” means a person who creates a custodial trust by transfer or declaration.
“Trust company” means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.