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. 13.38.220. 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. 13.36.330. 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. 13.38.300. 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. 13.36.335. 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.
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 […]
Sec. 13.36.338. Presumption of revocability.
(a) Unless a trust is expressly made irrevocable, a trust executed on or after August 30, 2000 is revocable by the settlor. (b) Notwithstanding AS 13.36.035 – 13.36.050, this section applies only if the (1) settlor is domiciled in this state when the trust is created; (2) trust instrument is executed in this state; or […]
Sec. 13.36.340. Modification and revocation of revocable trusts.
(a) A trust that is revocable by the settlor may be modified or revoked in whole or in part by (1) substantial compliance with a method of modification or revocation provided in the trust instrument; or (2) a writing, other than a will, signed by the settlor and delivered to the trustee during the lifetime […]
Sec. 13.36.345. Modification or termination of irrevocable trusts because of unanticipated circumstances.
(a) On petition by a trustee, settlor, or beneficiary, a court may modify the administrative or dispositive terms of an irrevocable trust or terminate an irrevocable trust if, because of circumstances not anticipated by the settlor, modification or termination would substantially further the settlor’s purposes in creating the trust. (b) Upon termination of a trust […]
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 […]