[§554B-3]  Custodial trustee for future
payment or transfer.  A custodial trust may be created upon the occurrence
of a future event.  The person having the right to designate the recipient of
property payable or transferable upon a future event may designate in writing a
custodial trustee to receive and hold the property for a beneficiary of a
custodial trust to be effective upon the occurrence of the event by designating
the recipient, followed in substance by the words:  "as custodial trustee
for ______________________________ (name of beneficiary) under the Hawaii
Uniform Custodial Trust Act".  Persons may be designated as substitute or
successor custodial trustees to whom the property must be transferred in the
order named if the first designated custodial trustee is unable or unwilling to
serve.  The designation may be made in a will, a trust, a deed, a multiple
party account, an insurance policy, an instrument exercising a power of
appointment, or other writing designating a beneficiary of contractual rights. 
The designation must be registered with or delivered to the fiduciary, payor,
issuer, or obligor of the future right. [L 1989, c 76, pt of §1]