Title 13 — Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions
37 chapters · 866 sections in this title.
AS 13.36.190 Personal liability for tort committed by trustee.
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A trustee may be held personally liable for a tort committed by the trustee, or by the trustee's agents or employees in the course of their agency or employment, subject to the rights of exoneration or reimbursement under AS 13.36.180.
AS 13.36.192 Power of settlor of trust.
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(a) The settlor of a trust affected by AS 13.36.105 — 13.36.220 may, by provision in the instrument creating the trust if the trust is created by a writing, by oral statement to the trustee at the time of the creation of the trust if the trust is created orally, or by an amendmen…
AS 13.36.194 Power of beneficiary of trust.
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A beneficiary of a trust affected by AS 13.36.105 — 13.36.220 may, if the beneficiary has full legal capacity and acts on full information, by written instrument delivered to the trustee, relieve the trustee, as regards the beneficiary, from any or all of the duties, restrictions…
AS 13.36.196 Relieving trustee of duties, restrictions, and liability; power of the court.
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A court of competent jurisdiction may, for cause shown and on notice to the beneficiaries, relieve a trustee from any or all of the duties and restrictions that would otherwise be placed on the trustee by AS 13.36.105 — 13.36.220 or wholly or partly excuse a trustee who has acted…
AS 13.36.198 Consequences of violations.
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If a trustee violates a provision of AS 13.36.105 — 13.36.220, the trustee may be removed as trustee under AS 13.36.076 and denied compensation in whole or in part, and a beneficiary, co-trustee, or successor trustee may treat the violation as a breach of trust.
AS 13.36.215 Definitions.
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(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 …
AS 13.36.220 Short title.
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Article 4. Alaska Uniform Prudent Investor Act. AS 13.36.105 — 13.36.220 may be cited as the Alaska Trusts Act.
AS 13.36.225 Prudent investor rule.
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(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 de…
AS 13.36.230 Standard of care; portfolio strategy; risk and return objectives.
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(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 t…
AS 13.36.235 Diversification.
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A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.
AS 13.36.240 Duties at inception of trusteeship.
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Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the purposes, t…
AS 13.36.245 Loyalty.
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A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.
AS 13.36.250 Impartiality.
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If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.
AS 13.36.260 Investment costs.
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In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.
AS 13.36.265 Reviewing compliance.
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Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.
AS 13.36.270 Delegation of investment and management functions.
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(a) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in (1) selecting an agent; (2) establishing the scope and ter…
AS 13.36.273 Trustee duties relating to insurance.
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(a) With respect to a contract for life insurance acquired or retained for a trust on the life of a qualified person, a trustee does not have a duty to determine whether the contract was procured or effected in accordance with AS 21.42.020 unless the trust instrument provides oth…
AS 13.36.275 Language invoking standard of AS 13.36.225 — 13.36.290.
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The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes an investment or strategy permitted under AS 13.36.225 — 13.36.290: “investments permissible by law for investment of trust funds,” “legal investments,” “auth…
AS 13.36.280 Application.
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(a) AS 13.36.225 — 13.36.290 apply to trusts existing on and created after May 23, 1998. As applied to trusts existing on May 23, 1998, AS 13.36.225 — 13.36.290 govern only decisions or actions occurring after May 23, 1998. (b) AS 13.36.225 — 13.36.290 govern only decisions or ac…
AS 13.36.285 Uniformity of application and construction.
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AS 13.36.225 — 13.36.290 shall be applied and construed to carry out their general purpose to make uniform the law with respect to the subject of those sections among the states that enact them.
AS 13.36.290 Short title.
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[Repealed or reserved.]
AS 13.36.300 Administration of certain trusts with respect to federal law.
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(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 tr…
AS 13.36.310 Challenges to trusts.
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(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…
AS 13.36.320 Nonqualified persons serving as trustees.
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(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…
AS 13.36.330 Penalty clause.
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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 …
AS 13.36.335 Application of special distribution provisions.
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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.
AS 13.36.338 Presumption of revocability.
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(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 i…
AS 13.36.340 Modification and revocation of revocable trusts.
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(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 …
AS 13.36.345 Modification or termination of irrevocable trusts because of unanticipated circumstances.
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(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…
AS 13.36.350 Reformation to correct mistakes in irrevocable trusts.
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(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 i…
AS 13.36.355 Construction or modification of trust to achieve settlor's tax objectives.
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(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…
AS 13.36.360 Modification or termination of irrevocable trust by consent.
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(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 fu…
AS 13.36.365 Uneconomical irrevocable trust.
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(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 13.3…
AS 13.36.368 Claims against revocable trusts.
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(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 …
AS 13.36.370 Trust protector.
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(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 appo…
AS 13.36.375 Trustee advisor.
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(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…
AS 13.36.390 Definitions.
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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…