Sec. 13.38.480. Value determination.
For the purposes of applying AS 13.38.440 – 13.38.490, the value of the trust is the fair market value of the cash and other assets held by the trustee with respect to the trust, whether these assets would be considered income or principal under the other provisions of this chapter, determined at least annually. In […]
Sec. 13.38.340. Trustee’s discretionary powers regarding unitrust.
The trustee may, in the trustee’s discretion, from time to time, determine (1) the effective date of a conversion to a unitrust; (2) the provisions for prorating a unitrust distribution for a short year in which a beneficiary’s right to payments commences or ceases; (3) the frequency of unitrust distributions during the year; (4) the […]
Sec. 13.38.490. Definitions.
In AS 13.38.440 – 13.38.490, except as otherwise expressly stated in AS 13.38.440 – 13.38.490, (1) “income” means the percentage of the value of the trust computed under AS 13.38.440 – 13.38.490; (2) “principal” means all assets other than those identified as income in (1) of this section that are held by the trustee with […]
Sec. 13.36.350. Reformation to correct mistakes in irrevocable trusts.
(a) On petition by a trustee, settlor, or beneficiary, a court may reform the terms of an irrevocable trust, even if the trust instrument is not ambiguous, to conform to the settlor’s intention if the failure to conform was due to a mistake of fact or law, whether in expression in the trust or inducement […]
Sec. 13.36.355. Construction or modification of trust to achieve settlor’s tax objectives.
(a) The terms of a trust shall be construed to achieve the settlor’s tax objectives. (b) On petition by a trustee, settlor, or beneficiary, a court may modify the terms of an irrevocable trust to achieve the settlor’s tax objectives in a manner that does not violate the settlor’s probable intent. The court may order […]
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 […]