(a) Except as otherwise provided in (c) or (d) of this section, a person designated as a trustee accepts the trusteeship

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Terms Used In Alaska Statutes 13.36.071

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • Trustee: A person or institution holding and administering property in trust.
(1) by substantially complying with a method of acceptance provided by the terms of the trust; or
(2) if the terms of the trust do not provide a method, or the method provided in the terms of the trust is not expressly made exclusive, and except as otherwise provided by the trust instrument, by accepting delivery of the trust property, exercising powers as a trustee, performing duties as a trustee, or otherwise indicating acceptance of the trusteeship.
(b) A person designated as a trustee who has not yet accepted the trusteeship may reject the trusteeship. A person designated as a trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is considered to have rejected the trusteeship.
(c) A person designated as a trustee, without accepting the trusteeship, may act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified beneficiary.
(d) A person designated as a trustee, without accepting the trusteeship, may inspect or investigate trust property to determine potential liability under environmental or other law or for another purpose.
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