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Alaska Statutes.

Title 13. Estates, Guardianships, Transfers, Trusts.

Chapter 38. Principal and Income of Trusts

Section 330. Directions After Conversion.

AS 13.38.330. Directions After Conversion.

(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) both (A) and (B) of this paragraph; and

(2) make regular distributions in accordance with the governing instrument construed in accordance with the provisions of this section.

(b) After a trust has been converted to a unitrust, "income" in the governing instrument means an annual distribution equal to four percent of the net fair market value, as determined annually, of the trust's assets, whether the assets would be considered income or principal under other provisions of this chapter.

(c) After a trust has been administered as a unitrust for three years, the four percent amount referred to in (b) of this section shall be averaged over the three preceding years of the trust.

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Last modified 9/3/2005