(a) A transferor may appoint, through the trust instrument, one or more advisors or protectors, including:

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Terms Used In Hawaii Revised Statutes 554G-4.5

  • 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
  • Fiduciary: A trustee, executor, or administrator.
  • Transferor: means :

    (1) An owner of permitted property;

    (2) The holder of a power of appointment that authorizes the holder to appoint in favor of the holder, the holder's creditors, the holder's estate, or the creditors of the holder's estate; or

    (3) A trustee who directly or indirectly makes a disposition of permitted property. See Hawaii Revised Statutes 554G-2

  • Trust instrument: means an irrevocable instrument appointing a permitted trustee or permitted trustees for the permitted property that is the subject of a disposition. See Hawaii Revised Statutes 554G-2
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by court. See Hawaii Revised Statutes 554G-2
(1) Advisors who have authority under the terms of the trust to remove and appoint trustees, advisors, trust committee members, or protectors;
(2) Advisors who have authority under the terms of the trust to direct, consent to, or disapprove of distributions from the trust; and
(3) Advisors, including the transferor beneficiary of the trust, who serve as investment advisors to the trust.
(b) While a trustee may appoint an advisor, the administrative and non-administrative authority over the trust shall remain with the trustee.
(c) Notwithstanding subsection (b), whenever there is a dispute, deadlock, or difference of opinion between a trustee and an advisor, the transferor may direct that the determination of the advisor shall be binding upon the trustee; provided that the trustee shall bear no liability or accountability for any act or transaction entered into or omitted as a result of the enforcement of the advisor’s determination. The trustee’s administrative and non-administrative fiduciary duty to the beneficiaries shall be waived as to the specific act or transaction entered into or omitted as a result of the enforcement of the advisor’s determination; provided that:

(1) The trustee dissents in writing:

(A) Before the act or transaction is completed;
(B) To a failure to act; or
(C) In a reasonably timely manner to enter into a transaction; or
(2) If the advisor is appointed by the transferor under the terms of the trust and section -808(c) applies to the trust and the advisor, the trustee is not required to dissent in writing for the waiver of the trustee’s administrative and non-administrative fiduciary duties to the beneficiaries to take effect.
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