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. 13.36.215. Definitions.
(a) In AS 13.36.105 – 13.36.220, unless the context or subject matter otherwise requires, (1) “affiliate” means a person directly or indirectly controlling or controlled by another person or a person under direct or indirect common control with another person, including a person with whom a trustee has an express or implied agreement regarding the […]
Sec. 13.36.300. Administration of certain trusts with respect to federal law.
(a) Except as specified in (b) of this section, in the administration of a trust that is a private foundation, as defined in 26 U.S.C. 509 (Internal Revenue Code of 1954), charitable trust, as described in 26 U.S.C. 4947(a)(1) (Internal Revenue Code of 1954), or split-interest trust, as described in 26 U.S.C. 4947(a)(2) (Internal Revenue […]
Sec. 13.36.220. Short title.
AS 13.36.105 – 13.36.220 may be cited as the Alaska Trusts Act.
Sec. 13.36.225. Prudent investor rule.
(a) Except as otherwise provided in (b) of this section and AS 13.36.273, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set out in AS 13.36.230 – 13.36.290. (b) The prudent investor rule, a default rule, may be expanded, […]
Sec. 13.36.230. Standard of care; portfolio strategy; risk and return objectives.
(a) A trustee shall invest and manage trust assets as a prudent investor would by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. (b) A trustee’s investment and management decisions respecting individual assets shall be evaluated not in […]