Sec. 13.38.980. Definitions.

425 words·~2 min read·/ak/title-13/chapter-38/13-38-980

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

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;

(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 AS 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.