Alaska Statutes: AS 13.38.300. Power to Convert to Unitrust.

Alaska Statutes. Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts. Chapter 38. Alaska Principal and Income Act Section 300. Power to Convert to Unitrust.

previous: Section 220. Judicial Control of Discretionary Powers.
next: Section 310. Judicially Approved Conversion; Beneficiary Request for Conversion.

AS 13.38.300. Power to Convert to Unitrust.

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 better carry out the intent of the settlor or testator and the purposes of the trust;
        (2) the trustee gives written notice of the trustee's intention to release the power to adjust, of the trustee's intention to convert the trust into a unitrust, of the unitrust percentage selected, of the smoothing period selected, and of how the unitrust will operate, including what initial decisions the trustee intends to make under AS 13.38.340, to all the sui juris beneficiaries who
             (A) are currently eligible to receive income from the trust;
             (B) would be eligible, if a power of appointment were not exercised, to receive income from the trust if the interest of all of the beneficiaries eligible to receive income under (A) of this paragraph were to terminate immediately before the giving of the notice; and
             (C) would, if a power of appointment were not exercised, receive a distribution of principal if the trust were to terminate immediately before the giving of the notice;
        (3) there are at least one sui juris beneficiary under (2)(A) of this section and at least one sui juris beneficiary under (2)(B) or (C) of this section; and
        (4) a sui juris beneficiary does not object to the conversion to a unitrust in a writing delivered to the trustee within 60 days after the mailing of the notice under (2) of this section.

This version of the Alaska Statutes is current through December, 2022. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful.