Hawaii Revised Statutes 554B-18 – Implementation, methods, and forms for creating custodial trusts
Terms Used In Hawaii Revised Statutes 554B-18
- Adult: means an individual who has attained the age of eighteen years. See Hawaii Revised Statutes 554B-1
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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. 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
- Donee: The recipient of a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Person: means an individual, corporation, organization, or other legal entity. See Hawaii Revised Statutes 554B-1
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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
- Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Hawaii Revised Statutes 554B-1
- Trustee: A person or institution holding and administering property in trust.
TRANSFER UNDER THE HAWAII
UNIFORM CUSTODIAL TRUST ACT
I, ________________(name of transferor or name and representative capacity if a fiduciary), transfer to ________________(name of trustee other than transferor), as custodial trustee for ________________(name of beneficiary) as beneficiary and ________________ as distributee on termination of the trust in absence of direction by the beneficiary under the Hawaii Uniform Custodial Trust Act, the following: (insert a description of the custodial trust property sufficient to identify each asset).
Dated: ______________
_____________________________
(Signature)
DECLARATION OF TRUST UNDER THE HAWAII
UNIFORM CUSTODIAL TRUST ACT
I, ________________(name of owner or property), declare that henceforth I hold as custodial trustee for ________________(name of beneficiary other than transferor) as beneficiary and ________________ as distributee on termination of the trust in absence of direction by the beneficiary under the Hawaii Uniform Custodial Trust Act, the following: (insert a description of the custodial trust property sufficient to identify each asset).
Dated: ______________
_____________________________
(Signature)