Title 13 — Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions
37 chapters · 866 sections in this title.
AS 13.38.550 When right to income begins and ends.
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(a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins (1) on the date specified in the governing instrument; or (2) if a date is not specified, on the date an asset becomes subject to a trust or successive…
AS 13.38.560 Allocation of receipts and disbursements when decedent dies or income interest begins.
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(a) Unless AS 13.38.500(1) applies, a trustee shall allocate an income receipt or disbursement to principal if its due date occurs before (1) a decedent dies, in the case of an estate; or (2) an income interest begins, in the case of a trust or successive income interest. (b) A t…
AS 13.38.570 Payment when income interest ends.
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Article 6. Allocation of Receipts during Administration of Trust. (a) When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to…
AS 13.38.600 Allocation of property from entities.
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(a) Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity, including reinvested cash dividends. (b) A trustee shall allocate the following receipts from an entity to principal: (1) property other than money excluding reinve…
AS 13.38.610 Distribution from trust or estate.
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(a) A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest. (b) A trustee shall allocate to principal an amount received as a distribution of principal from a t…
AS 13.38.620 Business and other activities conducted by trustee.
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(a) If a trustee that conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or other activity instead of accounting for it as part of the trust's general accounting records, the trustee may…
AS 13.38.630 Principal receipts.
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A trustee shall allocate to principal any of the following: (1) to the extent not allocated to income under this chapter, assets received from (A) a transferor during the transferor's lifetime; (B) a decedent's estate; (C) a trust with a terminating income interest; or (D) a payo…
AS 13.38.640 Rental property.
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(a) To the extent that a trustee accounts for receipts from rental property under this section, the trustee shall allocate an amount received as rent of real or personal property to income, including an amount received for cancellation or renewal of a lease. (b) An amount receive…
AS 13.38.650 Obligation to pay money.
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(a) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, shall be allocated to income without any provision for amortization …
AS 13.38.660 Insurance policies and similar contracts.
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(a) Except as otherwise provided in (b) or (c) of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee ag…
AS 13.38.670 Special rules for charitable remainder unitrusts.
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Notwithstanding the other provisions of this chapter, if a charitable remainder unitrust, as defined in 26 U.S.C. 664 (Internal Revenue Code), owns an obligation described in (2) of this section, the following rules apply, unless varied by the governing instrument: (1) an obligat…
AS 13.38.680 Insubstantial allocations not required.
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If a trustee determines that an allocation between principal and income required by AS 13.38.690, 13.38.700, 13.38.710, 13.38.720, or 13.38.750 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in AS 13.38.210(c) a…
AS 13.38.690 Retirement benefits, individual retirement accounts, deferred compensation, annuities, and similar payments.
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(a) A trustee shall allocate (1) to income that portion of a payment that equals the greater of the following: (A) the portion that the payor characterizes as interest, a dividend, a remittance in place of interest, or a remittance in place of a dividend; or (B) the portion that …
AS 13.38.700 Liquidating assets.
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(a) A trustee shall allocate 10 percent of the receipts from a liquidating asset to income and the balance to principal. (b) In this section, “liquidating asset” (1) means (A) an asset the value of which will diminish or terminate because the asset is expected to produce receipts…
AS 13.38.710 Minerals, water, and other natural resources.
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(a) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources under this section, the trustee shall allocate them as follows: (1) if received as nominal delay rent or nominal annual rent on a lease, a receipt shall be allocated to …
AS 13.38.720 Timber.
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(a) To the extent that a trustee accounts for receipts from the sale of timber and related products under this section, the trustee shall allocate the net receipts (1) to income, to the extent that the amount of timber removed from the land does not exceed the rate of growth of t…
AS 13.38.730 Property not productive of income; marital deduction.
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(a) If a federal estate or gift tax marital deduction is allowed for all or part of a trust whose income is required to be paid to the settlor's or testator's spouse and whose assets consist substantially of property that does not provide the spouse with sufficient income from or…
AS 13.38.740 Derivatives and options.
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(a) To the extent that a trustee does not account under AS 13.38.620 for transactions in derivatives, the trustee shall allocate receipts from and disbursements made in connection with those transactions to principal. (b) If a trustee grants an option to buy property from the tru…
AS 13.38.750 Asset-backed securities.
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Article 7. Allocation of Disbursements During Administration of Trust. (a) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate the portion of the payment that the payor identifi…
AS 13.38.800 Mandatory disbursements from income.
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A trustee shall make the following disbursements from income: (1) interest, except interest on taxes described in AS 13.38.810(a)(7); (2) ordinary repairs; (3) real estate and other regularly recurring taxes assessed against principal; (4) recurring premiums on fire or other insu…
AS 13.38.810 Mandatory disbursements from principal.
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(a) A trustee shall make the following disbursements from principal: (1) extraordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income; (2) extraordinary repairs; (3) compensation for legal serv…
AS 13.38.820 Discretionary allocation of expenses.
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Subject to AS 13.38.800 and 13.38.810, a trustee may, in the trustee's discretion, allocate to income or principal or partly to each ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, inc…
AS 13.38.830 Transfers to principal for depreciation.
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(a) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation. However, a trustee may not transfer any amount for depreciation (1) of that portion of real property used or available for use by a benefic…
AS 13.38.840 Transfers from income to reimburse principal.
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(a) A trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future disbursements if the trustee makes or expects to make a disbursement from principal that is allocable to income un…
AS 13.38.850 Income taxes.
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(a) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. (b) A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing auth…
AS 13.38.860 Adjustments between principal and income because of taxes.
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Article 8. General Provisions. A trustee may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries that arise from (1) an election or decision that the trustee makes rega…
AS 13.38.900 Not applicable to mental health trust.
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This chapter does not apply to the trust established under the Alaska Mental Health Enabling Act of 1956, P.L. 84-830, 70 Stat. 709.
AS 13.38.910 Uniformity of application and construction.
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In applying and construing this chapter, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
AS 13.38.980 Definitions.
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In this chapter, unless the context clearly indicates otherwise, (1) “accounting period” means a calendar year, unless another 12-month period is selected by a fiduciary, and includes a portion of a calendar year or other 12-month period that begins when an income interest begins…
AS 13.38.990 Short title.
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This chapter may be cited as the Alaska Principal and Income Act.
AS 13.41.005 Application.
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Except as provided by AS 13.06.068, this chapter applies to the disposition at death of the following property acquired by a married person: (1) all personal property, wherever situated, (A) that was acquired as or became, and remained, community property under the laws of anothe…
AS 13.41.010 Rebuttable presumptions.
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Subject to AS 13.06.068, in determining whether this chapter applies to specific property, the following rebuttable presumptions apply: (1) property acquired during marriage by a spouse of that marriage while domiciled in a jurisdiction under whose laws property could then be acq…
AS 13.41.015 Disposition upon death.
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Upon the death of a married person, one-half of the property to which this chapter applies is the property of the surviving spouse and is not subject to testamentary disposition by the decedent or distribution under the laws of succession of this state. The other half of the prop…
AS 13.41.020 Perfection of title of surviving spouse.
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If the title to any property to which this chapter applies was held by the decedent at the time of death, title of the surviving spouse may be perfected by an order of the court or by execution of an instrument by the personal representative or the heirs or devisees of the decede…
AS 13.41.025 Perfection of title of personal representative, heir, or devisee.
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If the title to any property to which this chapter applies is held by the surviving spouse at the time of the decedent's death, the personal representative or an heir or devisee of the decedent may institute an action to perfect title to the property. The personal representative …
AS 13.41.030 Purchaser for value or lender.
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(a) If a surviving spouse has apparent title to property to which this chapter applies, a purchaser for value or a lender taking a security interest in the property takes the interest in the property free of any rights of the personal representative or an heir or devisee of the d…
AS 13.41.035 Creditor's rights.
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This chapter does not affect rights of creditors with respect to property to which this chapter applies.
AS 13.41.040 Acts of married persons.
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This chapter does not prevent married persons from severing or altering their interests in property to which this chapter applies.
AS 13.41.045 Limitations on testamentary disposition.
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This chapter does not authorize a person to dispose of property by will if it is held under limitations imposed by law preventing testamentary disposition by that person.
AS 13.41.050 Uniformity of application and construction.
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This chapter shall be so applied and construed as to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among those states that enact it.
AS 13.41.055 Short title.
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This chapter may be cited as the Uniform Disposition of Community Property Rights at Death Act.
AS 13.46.010 Scope and jurisdiction.
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(a) This chapter applies to a transfer that refers to this chapter in the designation under AS 13.46.080(a) by which the transfer is made, if at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial property is located …
AS 13.46.020 Nomination of custodian.
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(a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substanc…
AS 13.46.030 Transfer by gift or exercise of power of appointment.
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A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor under AS 13.46.080.
AS 13.46.040 Transfer authorized by will or trust.
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(a) A personal representative or trustee may make an irrevocable transfer under AS 13.46.080 to a custodian for the benefit of a minor as authorized in the governing will or trust. (b) If the testator or settlor has nominated a custodian under AS 13.46.020 to receive the custodia…
AS 13.46.050 Other transfer by fiduciary.
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(a) Subject to (c) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor under AS 13.46.080, in the absence of a will or under a will or trust that does not contain an autho…
AS 13.46.060 Transfer by obligor.
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(a) Subject to (b) and (c) of this section, a person not subject to AS 13.46.040 or 13.46.050 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor under AS 13.46.080. (b) I…
AS 13.46.070 Receipt for custodial property.
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A written receipt by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian under this chapter.
AS 13.46.080 Manner of creating custodial property and effecting transfer; designation of initial custodian; control.
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(a) Custodial property is created and a transfer is made when (1) an uncertificated security or a certificated security in registered form is either (A) registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the …
AS 13.46.085 Native corporations; custodians.
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(a) The stock or membership in a corporation organized under the law of this state under 43 U.S.C. 1601 et seq. (Alaska Native Claims Settlement Act) that a minor is entitled to receive under that Act shall be held by a custodian. (b) A person making a transfer of stock, whether …