Title 13 — Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions
37 chapters · 866 sections in this title.
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[Repealed or reserved.]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…
AS 13.38.010 Secs. 13.38.010 — 13.38.140. [Repealed, § 4 ch 145 SLA 2003.]
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Article 1. Preliminary Provisions; Power to Adjust.
AS 13.38.200 Fiduciary duties; general principles.
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(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 …
AS 13.38.210 Trustee's power to adjust.
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(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 s…
AS 13.38.220 Judicial control of discretionary powers.
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Article 2. Unitrusts. (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 fiduci…
AS 13.38.300 Power to convert to unitrust.
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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 bett…
AS 13.38.310 Judicially approved conversion; beneficiary request for conversion.
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(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 13.38.30…
AS 13.38.320 Factors to be considered.
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In deciding whether to exercise the power conferred by AS 13.38.300, a trustee may consider, among other things, (1) the size of the trust; (2) the nature and estimated duration of the trust; (3) the liquidity and distribution requirements of the trust; (4) the need for regular d…
AS 13.38.330 Directions after conversion.
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(a) After a trust is converted to a unitrust, the trustee shall (1) follow an investment policy seeking a total return for the investments held by the trust, whether the return is to be derived from (A) appreciation of capital; (B) earnings and distributions from capital; or (C) …
AS 13.38.340 Trustee's discretionary powers regarding unitrust.
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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 frequ…
AS 13.38.350 Unitrust deductions and distributions.
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(a) Expenses that would be deducted from income if the trust were not a unitrust may not be deducted from the unitrust distribution. (b) Unless otherwise provided by the governing instrument, a unitrust distribution shall be considered to have been paid from net income as net inc…
AS 13.38.360 Court orders regarding unitrust.
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The trustee or, if the trustee declines to petition the court, a beneficiary may petition the court to provide for a distribution of net income, as would be determined if the unitrust were not a unitrust, in excess of the unitrust distribution if the distribution is necessary to …
AS 13.38.370 Effects of conversion.
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A conversion to a unitrust does not affect a provision in the governing instrument directing or authorizing the trustee to distribute principal or authorizing a beneficiary to withdraw a portion or all of the principal.
AS 13.38.380 Prohibited conversions; exception.
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(a) A trustee may not convert a trust into a unitrust if (1) payment of the unitrust distribution would change the amount payable to a beneficiary as a fixed annuity or a fixed fraction of the value of the trust assets; (2) the unitrust distribution would be made from an amount t…
AS 13.38.390 Permissible conversion where otherwise prohibited.
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(a) If AS 13.38.380(a)(3), (4), or (6) applies to a trustee and there is more than one trustee, a co-trustee to whom the provision does not apply may convert the trust, unless the exercise of the power by the remaining trustee is prohibited by the governing instrument. (b) If AS …
AS 13.38.400 Reconversion from a unitrust.
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A trustee may reconvert a trust that has been converted into a unitrust under AS 13.38.300 by following the same procedures provided in AS 13.38.300 — 13.38.435 for converting a trust into a unitrust. If a unitrust is reconverted under this section, the trustee's power to adjust …
AS 13.38.410 Release of power to convert to unitrust.
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(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 exercisin…
AS 13.38.420 Express total return unitrusts.
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(a) This section applies to a trust that, by its governing instrument, requires the distribution, at least annually, of a unitrust amount. (b) The trustee of an express total return unitrust may determine the unitrust amount by reference to the net fair market value of the unitru…
AS 13.38.430 Power to treat gains as part of distribution of principal.
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Unless prohibited by the unitrust's governing instrument or specifically addressed by AS 13.38.350 or 13.38.420, the trustee of a unitrust may treat gains from the sale of capital assets of the unitrust as part of a distribution of principal to a beneficiary, and, if the trustee …
AS 13.38.435 Definitions.
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Article 3. Charitable Trust Election. In AS 13.38.300 — 13.38.435, (1) “smoothing period” means the period of years over which the fair market value of the assets of a unitrust are averaged; (2) “unitrust percentage” means the unitrust percentage established under AS 13.38.330(d)…
AS 13.38.440 Charitable trust election.
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The trustee of a trust held exclusively for charitable purposes may elect to be governed by AS 13.38.440 — 13.38.490 unless the governing instrument expressly provides that the election provided by AS 13.38.440 — 13.38.490 is not available.
AS 13.38.450 Requirements for making election.
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To make an election under AS 13.38.440 — 13.38.490, the trustee shall adopt and follow an investment policy seeking a total return for the investments held by the trust, whether the return is to be derived from appreciation of capital or earnings and distributions with respect to…
AS 13.38.460 Selection of percentage after charitable trust election.
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(a) After a trustee has elected under AS 13.38.440 for the trust to be governed by AS 13.38.440 — 13.38.490, the trustee shall, in a writing maintained as part of the permanent records of the trust, select the percentage of the value of the trust that will be considered income an…
AS 13.38.470 Revocation of charitable trust election.
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The trustee may revoke an election to be governed by AS 13.38.440 — 13.38.490 if the revocation is made as part of an alternative investment policy seeking the long-term preservation of the real value of the principal of the trust. The revocation and alternative investment policy…
AS 13.38.480 Value determination.
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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 chapt…
AS 13.38.490 Definitions.
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Article 4. Decedent's Estate or Terminating Income Interest. 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 a…
AS 13.38.500 Determination and distribution of net income.
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After a decedent dies in the case of an estate, or after an income interest in a trust ends, a fiduciary (1) of an estate or of a terminating income interest shall determine the amount of net income and net principal receipts received from property specifically given to a benefic…
AS 13.38.510 Distribution to residuary and remainder beneficiaries.
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Article 5. Allocation and Payment at Beginning and End of Income Interest. (a) Each beneficiary described in AS 13.38.500(4) is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the…