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Hawaii Revised Statutes Division 3. Property; Family § 554G-4.5

Current as of January 01, 2025 | Updated by Findlaw Staff

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

(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 554D-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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Cite this article: FindLaw.com - Hawaii Revised Statutes Division 3. Property; Family § 554G-4.5 - last updated January 01, 2025 | https://codes.findlaw.com/hi/division-3-property-family/hi-rev-st-sect-554g-4-5/

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