Bill > SB225

This bill allows for nonjudicial settlement agreements, which are agreements made between parties involved in a trust without court involvement, to resolve various trust matters, including investment decisions, trustee compensation, and even termination of the trust, as long as these agreements do not violate a material purpose of the trust and are agreed upon by all "indispensable parties" (meaning anyone whose consent would be needed for a court to approve the settlement). It also modifies existing law to clarify that claims against a trustee can be barred if a report disclosing potential claims is approved by a beneficiary through one of these nonjudicial settlement agreements, and it creates a rebuttable presumption that modifying or terminating an irrevocable trust is in the best interest of the trust's purposes if the settlor consents to the change.

Business and Industry, Justice

Rules (Senate)

https://www.akleg.gov/basis/Bill/Detail/34?Root=SB225