Title 13 — Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions
37 chapters · 866 sections in this title.
AS 13.36.005 Duty to register trusts.
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(a) The trustee of a trust having its principal place of administration in this state shall register the trust in the court of this state at the principal place of administration. Unless otherwise designated in the trust instrument, the principal place of administration of a trus…
AS 13.36.010 Registration procedures.
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Registration shall be accomplished by filing a statement indicating the name and address of the trustee in which it acknowledges the trusteeship. The statement shall indicate whether the trust has been registered elsewhere. The statement shall identify the trust: (1) in the case …
AS 13.36.015 Effect of registration.
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(a) By registering a trust, or accepting the trusteeship of a registered trust, the trustee submits personally to the jurisdiction of the court in any proceeding under AS 13.36.035 relating to the trust that may be initiated by any interested person while the trust remains regist…
AS 13.36.020 Effect of failure to register.
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A trustee who fails to register a trust in a proper place as required by AS 13.36.005 — 13.36.025, for purposes of any proceedings initiated by a beneficiary of the trust before registration, is subject to the personal jurisdiction of any court in which the trust could have been …
AS 13.36.025 Qualification of foreign trustee.
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(a) A foreign corporate trustee is required to qualify as a foreign corporation doing business in this state if it maintains the principal place of administration of any trust within the state. A foreign co-trustee is not required to qualify in this state solely because its co-tr…
AS 13.36.035 Court jurisdiction; choice of law.
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(a) The court has exclusive jurisdiction of proceedings initiated by interested parties concerning the internal affairs of trusts, including trusts covered by (c) of this section. Except as provided in (c) and (d) of this section, proceedings that may be maintained under this sec…
AS 13.36.040 Trust proceedings; venue.
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Venue for proceedings under AS 13.36.035 involving registered trusts is in the place of registration. Venue for proceedings under AS 13.36.035 involving trusts not registered in this state is in any place where the trust properly could have been registered, and otherwise by the r…
AS 13.36.043 Change of situs to Alaska.
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(a) The situs of a foreign trust is moved to this state when the trust satisfies the conditions listed in AS 13.36.035(c)(1) — (4) and a qualified person serving as trustee registers the trust under AS 13.36.010. (b) If the situs of a foreign trust is moved to this state as provi…
AS 13.36.045 Trust proceedings; matters relating to foreign trusts.
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(a) The court will not, over the objection of a party, entertain proceedings under AS 13.36.035 involving a trust registered or having its principal place of administration in another state, unless (1) all appropriate parties could not be bound by litigation in the courts of the …
AS 13.36.050 Concurrent jurisdiction; venue.
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The court of the place in which the trust is registered has concurrent jurisdiction with other courts of this state of actions and proceedings to determine the existence or nonexistence of trusts created other than by will, of actions by or against creditors or debtors of trusts,…
AS 13.36.055 Proceedings for review of employment of agents and review of compensation of trustee and employees of trust.
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(a) On petition of an interested person, after notice to all interested persons, the court may review the propriety of employment of any person by a trustee including any attorney, auditor, investment advisor or other specialized agent or assistant, and the reasonableness of the …
AS 13.36.060 Trust proceedings; initiation by notice; necessary parties.
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Article 3. Trustees. Proceedings under AS 13.36.035 are initiated by filing a petition in the court and giving notice under AS 13.06.110 to interested parties. The court may order notification of additional persons. A decree is valid as to all who are given notice of the proceedi…
AS 13.36.070 General duty not limited.
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Except as specifically provided, the general duty of the trustee to administer a trust expeditiously for the benefit of the beneficiaries is not altered by AS 13.06 — AS 13.36.
AS 13.36.071 Accepting or rejecting trusteeship.
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(a) Except as otherwise provided in (c) or (d) of this section, a person designated as a trustee accepts the trusteeship (1) by substantially complying with a method of acceptance provided by the terms of the trust; or (2) if the terms of the trust do not provide a method, or the…
AS 13.36.072 Co-trustees.
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(a) Except as otherwise provided in the trust instrument, (1) co-trustees who are unable to reach a unanimous decision may decide to act by majority decision; (2) if a vacancy occurs in a co-trusteeship, the remaining co-trustee or co-trustees may continue to act for the trust wi…
AS 13.36.073 Vacancy in trusteeship; appointment of successor.
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(a) Except as otherwise provided in the trust instrument, a vacancy in a trusteeship occurs if (1) a person designated as a trustee rejects the trusteeship or is considered to have rejected the trusteeship under AS 13.36.071; (2) a person designated as a trustee cannot be identif…
AS 13.36.074 Resignation of trustee.
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(a) Except as otherwise provided in the trust instrument, a trustee may resign (1) not less than 30 days after providing written notice of the intent to resign to the qualified beneficiaries and all co-trustees; or (2) with the approval of the court. (b) In approving the resignat…
AS 13.36.075 Trustee's standard of care and performance. [Repealed, § 4 ch 43 SLA 1998.]
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[Repealed or reserved.]
AS 13.36.076 Removal of trustee.
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(a) A trustee may be removed from office (1) by the decision of a trust protector under AS 13.36.370(b)(1); (2) by the decision of another person specified in the trust instrument; (3) under a procedure specified in the trust instrument; (4) by a court on petition by the settlor,…
AS 13.36.077 Delivery of property by former trustee.
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Except as otherwise provided in the trust instrument, (1) unless a co-trustee remains or the court otherwise orders, and until the trust property is delivered to a successor trustee or another person entitled to the trust property, a trustee who has resigned or been removed has t…
AS 13.36.078 Reimbursement of expenses.
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Except as otherwise provided in the trust instrument, (1) a trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for (A) expenses that were properly incurred in the administration of the trust; and (B) expenses that were not properly incur…
AS 13.36.079 Certification of trust; penalty.
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(a) Except as otherwise provided in the trust instrument, instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification of trust containing the following information: (1) that the trust exists and …
AS 13.36.080 Duty to inform and account to beneficiaries.
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(a) The trustee shall keep the beneficiaries of the trust reasonably informed of the trust and its administration. In addition, (1) within 30 days after acceptance of the trust, the trustee shall inform in writing the current beneficiaries and, if possible, one or more persons wh…
AS 13.36.085 Bonding.
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A trustee need not provide bond to secure performance of the trustee's duties unless required by the terms of the trust, reasonably requested by a beneficiary, or found by the court to be necessary to protect the interests of the beneficiaries who are not able to protect themselv…
AS 13.36.090 Trustee's duty; appropriate place of administration; deviation.
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A trustee is under a continuing duty to administer the trust at a place appropriate to the purposes of the trust and to its sound, efficient management. If the principal place of administration becomes inappropriate for any reason, the court may enter any order furthering efficie…
AS 13.36.095 Personal liability of trustee to third parties.
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(a) [Repealed, § 22 ch 105 SLA 1998.] (b) Subject to AS 13.36.105 — 13.36.220, a trustee is personally liable for obligations arising from ownership or control of property of the trust estate or for torts committed in the course of administration of the trust estate only if perso…
AS 13.36.100 Limitations on proceedings against trustees.
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(a) Unless resolved or barred under (b) or (c) of this section, and notwithstanding the lack of adequate disclosure, all claims against a trustee who has issued a report received by the beneficiary and who has informed the beneficiary of the location and availability of records f…
AS 13.36.105 Powers attached to the office of trustee.
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Unless otherwise provided by the trust instrument, an amendment of the trust instrument, or a court order, the powers of a trustee are attached to the office and are not personal.
AS 13.36.107 General powers.
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(a) Without authorization by a court, a trustee may exercise the powers conferred by the terms of the trust and, except as limited by the terms of the trust, the powers conferred by this chapter. (b) This chapter does not affect the power of a court to (1) relieve a trustee from …
AS 13.36.109 Specific powers of trustees.
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Except as otherwise provided by this chapter, in addition to the powers conferred by the terms of the trust, a trustee may perform all actions necessary to accomplish the proper management, investment, and distribution of the trust property, including the power (1) to collect, ho…
AS 13.36.110 Liability of trustee relating to exercise of power.
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A dissenting trustee who has joined another trustee in exercising a power is not liable to the beneficiaries or to others for the consequences of the exercise of the power if the dissenting trustee joins because of a requirement for unanimous trustee consent to the exercise of th…
AS 13.36.120 Voting of corporate stock owned by trustee.
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A trustee of a trust owning corporate stock is liable for a loss resulting to the beneficiaries from a failure to use reasonable care in deciding how to vote the stock and in voting the stock only if personally at fault.
AS 13.36.125 Creation of trust bank account to pay special debts.
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Whenever a bank account is, by entries made on the books of the depositor and the bank at the time of the deposit, created exclusively for the purpose of paying dividends, interest, interest coupons, salaries, wages, or pensions or other employee benefits, and the depositor at th…
AS 13.36.130 Failure of beneficiary to present claim for payment.
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If a beneficiary for whom a trust bank account is created under AS 13.36.125 does not present the beneficiary's claim to the bank for payment within one year after the claim is due, the depositor who created the trust may revoke the trust as to the beneficiary.
AS 13.36.135 Holding stock in name of nominee.
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(a) A trustee of a trust owning stocks, bonds, notes, debentures, or other written obligations of a public or private corporation may hold the obligations in the name of a nominee, without mention of the trust in the records of the corporation or in the stock certificate or stock…
AS 13.36.140 Loan of trust funds.
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Except as provided in AS 13.36.145, a corporate trustee may not lend trust funds to itself or an affiliate, or to a director, an officer, or an employee of itself or an affiliate, and a noncorporate trustee may not lend trust funds to itself or to a relative, an employer, an empl…
AS 13.36.145 Corporate trustee depositing trust funds with itself.
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(a) A corporate trustee that is subject to regulation and supervision by state or federal authorities may deposit with itself trust funds that are being held out of necessity pending investment, distribution, or payment of debts if the corporate trustee (1) pays into the trust fo…
AS 13.36.150 Trustee leasing, buying, or selling to or from itself or a related person.
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A trustee, unless expressly authorized by the trust instrument, may not directly or indirectly lease, buy, or sell property for the trust from or to (1) itself or an affiliate; (2) a director, an officer, or an employee of the trustee or an affiliate; or (3) a relative, an employ…
AS 13.36.153 Restrictions on exercising certain trustee powers.
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(a) Notwithstanding AS 13.36.107, a trustee who is not an independent trustee may not exercise a power to make or cause to be made a discretionary distribution of either principal or income (1) to or for the direct or indirect benefit of the trustee individually or to any person …
AS 13.36.155 Permitted sales between trusts held by same corporate trustee.
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If the transaction is fair to both trusts and if the transaction is not prohibited by the instruments creating the trustee relationship, a corporate trustee may sell to itself as trustee of a trust the following held by the corporate trustee as trustee for another trust: (1) stoc…
AS 13.36.157 Exercise of power of appointment.
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(a) An authorized trustee with unlimited discretion to invade trust principal may appoint part or all of that principal to a trustee of an appointed trust for, and only for the benefit of, one or more current beneficiaries of the invaded trust to the exclusion of other current be…
AS 13.36.158 Additional provisions relating to exercise of a power of appointment.
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(a) An exercise of the power to invade trust principal under AS 13.36.157 is the exercise of a special power of appointment. (b) The appointed trust to which an authorized trustee appoints the assets of the invaded trust under AS 13.36.157 may have a duration that is longer than …
AS 13.36.159 Implementation of power of appointment.
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(a) Unless the authorized trustee provides otherwise, the appointment of (1) all of the assets making up the principal of the invaded trust to an appointed trust includes subsequently discovered assets of the invaded trust and undistributed principal of the invaded trust acquired…
AS 13.36.160 Corporate trustee buying its own or an affiliate's securities.
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A corporate trustee may not purchase for a trust shares of its own stock, or its bonds, or other securities, or the stock, bonds, or other securities of an affiliate.
AS 13.36.165 Withdrawals from mingled trust funds.
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If a person who is a trustee of two or more trusts mingles the funds of two or more trusts in the same aggregate of cash or in the same bank or brokerage account or other investment, and if a withdrawal is made from the cash aggregate, account, or investment by the trustee for th…
AS 13.36.169 Elections to qualify property for marital deduction and generation-skipping transfer tax allocations.
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(a) Unless a governing instrument specifically refers to this section and provides otherwise, a trustee who makes an election under 26 U.S.C. 2056, 2056A, or 2523 (Internal Revenue Code), or who makes an allocation under 26 U.S.C. 2632 (Internal Revenue Code), may benefit persona…
AS 13.36.170 Unenforceable oral trust created by deed.
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(a) When an interest in real property is conveyed by deed to a person in a trust that is unenforceable under AS 09.25.010 — 09.25.020 and the intended trustee or the trustee's successor in interest holds title but refuses to carry out the trust because of AS 09.25.010 — 09.25.020…
AS 13.36.175 Action on contract against trustee in representative capacity.
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(a) When a trustee makes a contract that is within the trustee's powers as trustee or when a predecessor trustee has made a contract within the predecessor trustee's powers as trustee and a cause of action arises on the contract, the party in whose favor the cause of action has a…
AS 13.36.180 Exoneration or reimbursement for tort.
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(a) A trustee who has incurred personal liability for a tort committed in the administration of the trust is entitled to exoneration for the liability from the trust property if the trustee has not discharged the claim, or to reimbursement for the liability out of trust funds if …
AS 13.36.185 Tort liability of trust.
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(a) If a trustee or a predecessor of the trustee incurs personal liability for a tort committed in the course of the trustee's administration, the trustee in the trustee's representative capacity may be sued and collection made from the trust property if the court determines in t…