In this chapter, unless the context clearly indicates otherwise,
(1) “accounting period” means a calendar year, unless another 12-month period is selected by a fiduciary, and includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends;
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Terms Used In Alaska Statutes 13.38.980
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
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Decedent: A deceased person.
Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Fiduciary: A trustee, executor, or administrator.
Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
Legatee: A beneficiary of a decedent
Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
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
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.
Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).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.
(2) “beneficiary” includes, in the case of
(A) a decedent‘s estate, an heir, legatee, or devisee; and(B) a trust, an income beneficiary and a remainder beneficiary;(3) “fiduciary” means a personal representative or a trustee;(4) “income” means money or property that a fiduciary receives as current return from a principal asset, and includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in Alaska Stat. § 13.38.600 – 13.38.750;(5) “income beneficiary” means a person to whom net income of a trust is or may be payable;(6) “income interest” means the right of an income beneficiary to receive all or part of net income, whether the governing instrument requires it to be distributed or authorizes it to be distributed in the trustee’s discretion;(7) “mandatory income interest” means the right of an income beneficiary to receive net income that the governing instrument requires the fiduciary to distribute;(8) “net income” means the total receipts allocated to income during an accounting period, minus disbursements made from income during the period, and plus or minus transfers under this chapter to or from income during the period;(9) “person” means an individual, a corporation, a business trust, an estate, a trust, a partnership, a limited liability company, an association, a joint venture, a government, a governmental subdivision, an agency or instrumentality, a public corporation, or another legal or commercial entity;(10) “principal” means property held in trust for distribution to a remainder beneficiary when the trust terminates, or property held in trust in perpetuity;(11) “remainder beneficiary” means a person entitled to receive principal when an income interest ends;(12) “sui juris beneficiary” includes
(A) a court-appointed guardian of an incapacitated beneficiary;(B) an agent for an incompetent beneficiary; and(C) a court-appointed guardian of a minor beneficiary’s estate;(13) “trust” includes a revocable trust, an irrevocable trust, and a legal life estate arrangement;(14) “trustee” includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court;(15) “unitrust” means a trust from which a fixed percentage of the net fair market value of the trust’s assets, valued annually, is paid not less often than annually to a beneficiary.
