Sec. 13.38.410. Release of power to convert to unitrust.
(a) A trustee may release the power conferred by AS 13.38.300 to convert to a unitrust if the trustee (1) is uncertain about whether possessing or exercising the power will cause a result described in AS 13.38.380(a)(3), (4), or (5); or (2) determines that possessing or exercising the power will or may deprive the trust […]
Sec. 13.38.200. Fiduciary duties; general principles.
(a) In allocating receipts and disbursements to or between principal and income and with respect to any matter within the scope of this chapter, a fiduciary (1) shall administer a trust or estate in accordance with the governing instrument, even if there is a different provision in this chapter; (2) may administer a trust or […]
Sec. 13.38.210. Trustee’s power to adjust.
(a) Subject to (c) and (f) of this section, a trustee may adjust between principal and income by allocating an amount of income to principal or an amount of principal to income to the extent the trustee considers appropriate if (1) the governing instrument describes what may or shall be distributed to a beneficiary by […]
Sec. 13.38.220. Judicial control of discretionary powers.
(a) A court may not change a fiduciary’s decision to exercise or not to exercise a discretionary power conferred by this chapter unless the court determines that the decision was an abuse of the fiduciary’s discretion. (b) If a court determines that a fiduciary has abused the fiduciary’s discretion regarding a discretionary power conferred by […]
Sec. 13.38.300. Power to convert to unitrust.
Unless expressly prohibited by the governing instrument, a trustee may release the power to adjust under AS 13.38.210 and may convert a trust into a unitrust as described in AS 13.38.300 – 13.38.435 if (1) the trustee determines that the conversion will enable the trustee to better carry out the intent of the settlor or […]
Sec. 13.38.310. Judicially approved conversion; beneficiary request for conversion.
(a) A trustee may petition the court to approve the conversion to a unitrust if (1) a beneficiary timely objects to the conversion to a unitrust; (2) there is not a sui juris beneficiary who is currently eligible under AS 13.38.300(2)(A) or who would be eligible under AS 13.38.300(2)(B) or (C); or (3) the trustee […]