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- Alaska Statutes.
- Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts.
- Chapter 38. Principal and Income of Trusts
- Section 300. Power to Convert to Unitrust.
previous: Section 220
. Judicial Control of Discretionary Powers.
next: Section 310
. Judicially Approved 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
- 13.38.410 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, and of how the unitrust will operate, including what initial decisions the
trustee will make under this section, 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.
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