A trustee shall allocate to principal any of the following:
(1) to the extent not allocated to income under this chapter, assets received from
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 13.38.630
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
Contract: A legal written agreement that becomes binding when signed.
Trustee: A person or institution holding and administering property in trust.
(A) a transferor during the transferor’s lifetime;(B) a decedent‘s estate;(C) a trust with a terminating income interest; or(D) a payor under a contract naming the trust or its trustee as beneficiary;(2) money or other property received from a principal asset’s sale, exchange, liquidation, or change in form, including realized profit subject to Alaska Stat. § 13.38.600 – 13.38.750;(3) amounts recovered from third parties to reimburse the trust because of disbursements described in Alaska Stat. § 13.38.810(a)(8) or for other reasons, to the extent not based on the loss of income, except that a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;(4) net income received in an accounting period during which there is not a beneficiary to whom a trustee may or must distribute income;(5) other receipts as provided in Alaska Stat. § 13.38.680 – 13.38.750.
