In this chapter,

(1) “party in interest” means, if the trust is

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Terms Used In Alaska Statutes 13.36.390

  • 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
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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
  • 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
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • 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.
(A) revocable and if the settlor is incapacitated, the settlor’s legal representative under applicable law or the settlor’s agent under a durable power of attorney; or
(B) irrevocable,

(i) each trustee serving at the time;
(ii) each beneficiary entitled to receive a mandatory distribution of income or principal from a trust or, if a beneficiary entitled to receive a mandatory distribution of income or principal from a trust is not 19 years of age or is incapacitated, the beneficiary’s legal representative under applicable law or the beneficiary’s agent under a durable power of attorney; and
(iii) each vested remainder beneficiary in existence at the time or, if a vested remainder beneficiary is not 19 years of age or is incapacitated, the vested remainder beneficiary’s legal representative under applicable law or the vested remainder beneficiary’s agent under a durable power of attorney;
(2) “qualified beneficiary” means a beneficiary who

(A) on the date the beneficiary’s qualification is determined, is entitled or eligible to receive a distribution of trust income or principal; or
(B) would be entitled to receive a distribution of trust income or principal if the event causing the trust’s termination occurs;
(3) “qualified person” means

(A) an individual who, except for brief intervals, military service, attendance at an educational or training institution, or for absences for good cause shown, resides in this state, whose true and permanent home is in this state, who does not have a present intention of moving from this state, and who has the intention of returning to this state when away;
(B) a trust company that is organized under Alaska Stat. Chapter 06.26 and that has its principal place of business in this state; or
(C) a bank that is organized under Alaska Stat. Chapter 06.05, or a national banking association that is organized under 12 U.S.C. § 21 – 216d, if the bank or national banking association possesses and exercises trust powers and has its principal place of business in this state;
(4) “settlor” means a person who transfers property in trust and includes a person who furnishes the property transferred to a trust even if the trust is created by another person;
(5) “state jurisdiction provision” means a provision that the laws of this state govern the validity, construction, and administration of a trust and that the trust is subject to the jurisdiction of this state.
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