Haw. Prob. R. 111
The court, upon petition of the conservator, may authorize the conservator to transfer up to $10,000 to a custodial account under Hawai'i Revised Statutes Chapter 553A, the Uniform Transfers to Minors Act, to be held until age 18 or 21, as provided by that Act.
Haw. Prob. R. 111
COMMENTARY:
The Uniform Transfers to Minors Act permits the court to transfer certain assets to an UTMA account for the benefit of a minor, including the authority to transfer assets valued at more than $10,000. However, because of the lack of accountability under UTMA to the court, the courts in practice have not granted petitions to transfer more than $10,000 to an UTMA account, and this rule formalizes that policy. All estates for minors subject to the jurisdiction of the court will have to be administered by conservatorship or trust arrangement, because the courts will thereby have greater opportunity to exercise oversight as to the administration and disposition of the funds.