Terms Used In Hawaii Revised Statutes > Chapter 557A > Article 2 - Decedent's Estate or Terminating Income Interest

• 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: includes , in the case of a decedent's estate, an heir and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary. See Hawaii Revised Statutes 557A-102
• Decedent: A deceased person.
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: means a personal representative or a trustee. See Hawaii Revised Statutes 557A-102
• Income: means money or property a fiduciary receives as the current return from a principal asset. See Hawaii Revised Statutes 557A-102
• Income interest: means an income beneficiary's right to receive all or part of the net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. See Hawaii Revised Statutes 557A-102
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period. See Hawaii Revised Statutes 557A-102
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, or any other legal or commercial entity. See Hawaii Revised Statutes 557A-102
• Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See Hawaii Revised Statutes 557A-102
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.