Hawaii Revised Statute §560: 7-501 - Trusts for domestic
or pet animals.
(a) A trust for the care of one or more designated domestic
or pet animals is valid. The trust terminates when
no living animal is covered by the trust. A
governing instrument shall be liberally construed to
bring the transfer within this section, to presume
against a merely precatory or honorary nature of its
disposition, and to carry out the general intent of
the transferor. Extrinsic evidence shall admissible
in determining the transferor's intent.
(b) A trust for the care of one or more designated domestic
or pet animals is subject to the following
provisions:
(1) Except as expressly provided otherwise in the
instrument creating the trust, and notwithstanding
section 554A-3, no portion of the principal or
income of the trust may be converted to the use of
the trustee or to a use other than for the trust's
purposes or for the benefit of a covered animal;
(2) Upon termination, the trustee shall transfer
the unexpended trust property in the following
order:
(A) As directed in the trust instrument;
(B) If there is no such direction in the trust
instrument and if the trust was created in a
non-residuary clause in the transferor's will, then
under the residuary clause in the transferor's will;
and
(C) If no taker is produced by the application of
subparagraph (A) or (B), then to the transferor's
heirs, determined according to section 560:2-711;
(3) The intended use of the principal or income may
be enforced by an individual designated for that
purpose in the trust instrument or, if none, by an
individual appointed by a court having jurisdiction
of the matter and parties, upon petition to it by an
individual;
(4) Except as ordered by the court or required by
the trust instrument, no filing, report,
registration, periodic accounting, separate
maintenance of funds, appointment, or fee is
required by reason of the existence of the fiduciary
relationship of the trustee;
(5) The court may reduce the amount of the property
transferred if it determines that the amount
substantially exceeds the amount required for the
intended use. The amount of the reduction, if any,
shall pass as unexpended trust property under
paragraph (2);
(6) If a trustee is not designated or no designated
trustee is willing and able to serve, the court
shall name a trustee. The court may order the
transfer of the property to another trustee if the
transfer is necessary to ensure that the intended
use is carried out and if a successor is not
designated in the trust instrument or if no
designated successor trustee agrees to serve and is
able to serve. The court may also make other orders
and determinations as are advisable to carry out the
intent of the transferor and the purpose of this
section; and
(7) The trust is exempt from the operation of
chapter 525, the Uniform Statutory Rule Against
Perpetuities Act.
L. 2005, c. 160,
sec. 1. |
