Alaska § 13.38.330 - Directions after conversion.
Full text of Alaska Alaska Statutes § 13.38.330 — Directions after conversion., with citation guidance and answers to common questions.
§ 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 the amount produced by the application of a fixed unitrust percentage established under (d) of this section to 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, averaged over the lesser of (1) the preceding years in the smoothing period selected by the trustee; or
(2) the period during which the trust has been in existence.
(c) [Repealed, § 46 ch 45 SLA 2013.] (d) The unitrust percentage to be used in determining the amount to be distributed from a unitrust to a beneficiary must be a reasonable current return from the unitrust of at least three percent and not more than five percent, taking into account the intentions of the trustor of the unitrust as expressed in the governing instrument, the needs of the beneficiaries, general economic conditions, projected current earnings for the unitrust, projected appreciation for the unitrust, and the effect of projected inflation on the unitrust.
Frequently Asked Questions About Alaska § 13.38.330
What does Alaska Statutes § 13.38.330 cover?
Section 13.38.330 ("Directions after conversion.") 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 § 13.38.330?
A common citation format is "Alaska Statutes § 13.38.330" (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 § 13.38.330 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.