(a) In Alaska Stat. § 13.36.105 – 13.36.220, unless the context or subject matter otherwise requires,

will 560x170

Need help with a review of a will?
Have it reviewed by a lawyer, get answers to your questions and move forward with confidence.
Connect with a lawyer now

Terms Used In Alaska Statutes 13.36.215

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Inter vivos: Transfer of property from one living person to another living person.
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • 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
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
  • Trustee: A person or institution holding and administering property in trust.
(1) “affiliate” means a person directly or indirectly controlling or controlled by another person or a person under direct or indirect common control with another person, including a person with whom a trustee has an express or implied agreement regarding the purchase of trust investments by each from the other, directly or indirectly, except a broker or stock exchange;
(2) “relative” means a spouse, ancestor, descendant, brother, or sister;
(3) “trust” means an express trust only;
(4) “trustee” includes a trustee that is a corporation or a natural person and a successor or substitute trustee.
(b) In AS 13.36.157 – 13.36.159,

(1) “appointed trust” means an irrevocable trust that receives principal from an invaded trust under AS 13.36.157, including a new trust created by the settlor of the invaded trust or by the trustees, acting in that capacity, of the invaded trust;
(2) “authorized trustee” means, with regard to an invaded trust, a trustee with the authority to pay trust principal to or for a current beneficiary; in this paragraph, “trustee” does not include a settlor or a beneficiary to whom income or principal must be paid, currently or in the future, or who is or will become eligible to receive a distribution of income or principal in the discretion of the trustee other than by the exercise of a power of appointment held in a nonfiduciary capacity;
(3) “current beneficiary” means a person or, with regard to a class of persons, a person who is a member of the class, to whom a trustee may distribute principal when exercising a power under AS 13.36.157;
(4) “invade” means pay directly to the beneficiary of a trust or apply to the benefit of a beneficiary;
(5) “invaded trust” means an irrevocable inter vivos or testamentary trust the principal of which is appointed under AS 13.36.157;
(6) “pooled trust” means a trust described in 42 U.S.C. § 1396p(d)(4)(C) that meets the requirements for a pooled trust under the regulations of this state relating to the Medicaid treatment of trusts;
(7) “principal” means the assets of a trust, including accrued and accumulated income, but excluding income that is currently required to be distributed;
(8) “special needs trust” means a trust under 42 U.S.C. § 1396p(d)(4)(A) that meets the requirements for a special needs trust under the regulations of this state relating to the Medicaid treatment of trusts;
(9) “third-party trust” means a trust that is

(A) established by a third party with the assets of the third party to provide for supplemental needs for a person eligible when the trust is created or at a future time for needs-based public assistance; and
(B) exempt from the provisions of the regulations of this state relating to the Medicaid treatment of trusts;
(10) “unlimited discretion” means the unlimited right to distribute principal if the right is not restricted by an ascertainable standard under 26 C.F.R. § 25.2514-1.
  Previous section
Next section  
 Article 3 Contents