(a) A trust that is revocable by the settlor may be modified or revoked in whole or in part by

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Terms Used In Alaska Statutes 13.36.340

  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • Trustee: A person or institution holding and administering property in trust.
  • writing: includes printing. See Alaska Statutes 01.10.060
(1) substantial compliance with a method of modification or revocation provided in the trust instrument; or
(2) a writing, other than a will, signed by the settlor and delivered to the trustee during the lifetime of the settlor, except that, if the trust instrument expressly makes the method of revocation provided in the trust instrument the exclusive method of revocation, the trust may not be revoked under this paragraph.
(b) Unless otherwise provided in the trust instrument, if a trust that is revocable by the settlor is created by or funded by more than one settlor,

(1) the trust may be modified or revoked as provided in Alaska Stat. § 34.77.100 to the extent the trust consists of community property under Alaska Stat. Chapter 34.77 (Alaska Community Property Act);
(2) each settlor may modify or revoke the trust as to the portion of the trust property contributed by that settlor that is not community property under Alaska Stat. Chapter 34.77.
(c) A revocable trust may not be modified or revoked by an attorney-in-fact under a power of attorney unless the modification or revocation is expressly permitted by the trust instrument.
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