Hawaii HB2368 limits the duration of new private, noncharitable trusts to fifty years and mandates transparency for large private trusts.

Hawaii HB2368 introduces a fifty-year duration limit for new private, noncharitable trusts created after January 1, 2027. Upon expiration, these trusts must distribute assets to beneficiaries or transfer them to a successor entity, subject to taxes. The bill also mandates transparency for large private trusts, requiring annual confidential reports to the Department of Commerce and Consumer Affairs. These reports must detail the trust's asset value, beneficiary categories, and distribution data.

Hawaii HB2368 limits the duration of new private, noncharitable trusts to fifty years and mandates transparency for large private trusts.

Hawaii HB2368 introduces a fifty-year duration limit for new private, noncharitable trusts created after January 1, 2027. Upon expiration, these trusts must distribute assets to beneficiaries or transfer them to a successor entity, subject to taxes. The bill also mandates transparency for large private trusts, requiring annual confidential reports to the Department of Commerce and Consumer Affairs. These reports must detail the trust's asset value, beneficiary categories, and distribution data.