(a) A trustee may petition the court to approve the conversion to a unitrust if

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Terms Used In Alaska Statutes 13.38.310

  • 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
  • Testator: A male person who leaves a will at death.
  • Trustee: A person or institution holding and administering property in trust.
(1) a beneficiary timely objects to the conversion to a unitrust;
(2) there is not a sui juris beneficiary who is currently eligible under AS 13.38.300(2)(A) or who would be eligible under AS 13.38.300(2)(B) or (C); or
(3) the trustee is a beneficiary.
(b) A beneficiary may request a trustee to convert to a unitrust. If the trustee does not convert, the beneficiary may petition the superior court to order the conversion.
(c) The superior court shall approve the conversion or direct the requested conversion if the court concludes that the conversion will enable the trustee to better carry out the intent of the settlor or testator and the purposes of the trust.
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