Alaska Statutes.
Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts.
Chapter 38. Principal and Income of Trusts
Section 330. Directions After Conversion.
previous: Section 320. Factors to Be Considered.
next: Section 340. Discretion of Trustee Regarding 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.

All content © 2008 by Touch N' Go/Bright Solutions, Inc.

Note to HTML Version:

This version of the Alaska Statutes is current through December, 2007. 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.