Sec. 13.36.365. Uneconomical irrevocable trust.

130 words·~1 min read·/ak/title-13/chapter-36/13-36-365

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Notwithstanding the other provisions of AS 13.36.338 — 13.36.365, if the value of the property of an irrevocable trust is less than $50,000, the trustee may terminate the trust unless the trust instrument provides otherwise.

(b)Notwithstanding the other provisions of AS 13.36.338 — 13.36.365 and the terms of the trust, on petition to the superior court by a trustee, settlor, or beneficiary, the court may modify or terminate an irrevocable noncharitable trust, or remove the trustee and appoint a different trustee, if the court determines that the value of the trust property is insufficient to justify the cost of administration.

(c)Upon termination of a trust under this section, the trustee shall distribute the trust property in accordance with the settlor's probable intent.