Alaska § 13.38.300 - Power to convert to unitrust.
Full text of Alaska Alaska Statutes § 13.38.300 — Power to convert to unitrust., with citation guidance and answers to common questions.
§ 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.
Frequently Asked Questions About Alaska § 13.38.300
What does Alaska Statutes § 13.38.300 cover?
Section 13.38.300 ("Power to convert to unitrust.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 13.38.300?
A common citation format is "Alaska Statutes § 13.38.300" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 13.38.300 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.