(a) Except as otherwise provided in the trust instrument, a vacancy in a trusteeship occurs if

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Terms Used In Alaska Statutes 13.36.073

  • 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
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • 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
  • Trustee: A person or institution holding and administering property in trust.
(1) a person designated as a trustee rejects the trusteeship or is considered to have rejected the trusteeship under Alaska Stat. § 13.36.071;
(2) a person designated as a trustee cannot be identified or does not exist;
(3) a trustee resigns;
(4) a trustee is disqualified or removed under Alaska Stat. § 13.36.076;
(5) a trustee dies;
(6) a guardian or conservator is appointed for an individual serving as a trustee.
(b) Except as otherwise provided in the trust instrument, if one or more co-trustees remain in office, it is not necessary to fill a vacancy in a trusteeship, but a vacancy in a trusteeship shall be filled if the trust does not have a remaining trustee.
(c) A vacancy in a trusteeship of a noncharitable trust that is required to be filled shall be filled in the following order of priority:

(1) under the terms of the trust;
(2) by a person, other than a beneficiary, appointed by unanimous agreement of the qualified beneficiaries; or
(3) by a person appointed by the court.
(d) A vacancy in a trusteeship of an exclusively charitable trust that is required to be filled shall be filled in the following order of priority:

(1) under the terms of the trust;
(2) by a person selected by the unanimous consent of the charitable organizations expressly designated to receive distributions under the terms of the trust; or
(3) by a person appointed by the court.
(e) Except as otherwise provided in the trust instrument, a qualified beneficiary who may be represented and bound by another person under Alaska Stat. § 13.06.120 may have the qualified beneficiary’s consent to the appointment of a trustee as specified in this section given by the person who may represent the qualified beneficiary under Alaska Stat. § 13.06.120.
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