Sec. 13.36.360. Modification or termination of irrevocable trust by consent.
(a) Except as otherwise provided by this section, on petition by a trustee, settlor, or beneficiary, a court may modify or terminate an irrevocable trust if all of the beneficiaries consent and if continuation of the trust on the existing terms of the trust is not necessary to further a material purpose of the trust. […]
Sec. 13.36.365. Uneconomical irrevocable trust.
(a) Notwithstanding the other provisions of AS 13.36.338 – 13.36.365, if the value of the property of an irrevocable trust is less than $50,000, the trustee may terminate the trust unless the trust instrument provides otherwise. (b) Notwithstanding the other provisions of AS 13.36.338 – 13.36.365 and the terms of the trust, on petition to […]
Sec. 13.36.368. Claims against revocable trusts.
(a) Whether or not the terms of the trust contain a spendthrift restriction, (1) during the lifetime of the settlor of a revocable trust, the property of the trust is subject to claims of the settlor’s creditors; and (2) except as otherwise provided in (b) of this section, after the death of the settlor of […]
Sec. 13.36.370. Trust protector.
(a) A trust instrument may provide for the appointment of a trust protector. (b) A trust protector appointed under (a) of this section has the powers, delegations, and functions conferred on the protector by the trust instrument, which may include the power to (1) remove and appoint a trustee; (2) modify or amend the trust […]
Sec. 13.36.375. Trustee advisor.
(a) A trust instrument may provide for the appointment of a person to act as an advisor to the trustee with regard to all or some of the matters relating to the property of the trust. (b) Unless the terms of the trust instrument provide otherwise, if an advisor is appointed under (a) of this […]
Sec. 13.36.390. Definitions.
In this chapter, (1) “party in interest” means, if the trust is (A) revocable and if the settlor is incapacitated, the settlor’s legal representative under applicable law or the settlor’s agent under a durable power of attorney; or (B) irrevocable, (i) each trustee serving at the time; (ii) each beneficiary entitled to receive a mandatory […]
Sec. 13.36.310. Challenges to trusts.
(a) Except as provided in AS 34.40.110(b), a trust that is covered by AS 13.36.035(c) or that is otherwise governed by the laws of this state, or a property transfer to a trust that is covered by AS 13.36.035(c) or that is otherwise governed by the laws of this state, is not void, voidable, liable […]
Sec. 13.36.320. Nonqualified persons serving as trustees.
(a) If at least one qualified person serves as trustee of a trust whose state jurisdiction provision is valid, effective, and conclusive under AS 13.36.035(c), then the following persons also may serve as trustees even though they are not qualified persons: (1) individuals who do not reside in the state; (2) trust companies that have […]
Sec. 13.36.330. Penalty clause.
A provision in an inter vivos or testamentary trust purporting to penalize a beneficiary by charging the beneficiary’s interest in the trust, or to penalize the beneficiary in another manner, for instituting a proceeding to challenge the acts of the trustee or other fiduciary of a trust, or for instituting other proceedings relating to the […]
Sec. 13.36.335. Application of special distribution provisions.
The asset distribution provisions of AS 13.16.540 – 13.16.545, 13.16.560, and the provisions of AS 13.38 apply to the administration of a revocable trust following the death of the settlor of the trust, unless the terms of the trust indicate a different intention.