(a) On petition by a trustee, settlor, or beneficiary, a court may modify the administrative or dispositive terms of an irrevocable trust or terminate an irrevocable trust if, because of circumstances not anticipated by the settlor, modification or termination would substantially further the settlor’s purposes in creating the trust.
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Terms Used In Alaska Statutes 13.36.345

  • 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
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • Trustee: A person or institution holding and administering property in trust.
(b) Upon termination of a trust under this section, the trust property shall be distributed in accordance with the settlor’s probable intention.
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