Bill > SB225

This bill makes several changes to Alaska's trust laws, primarily focusing on enhancing the flexibility and privacy of trusts. Key provisions include allowing for nonjudicial settlement agreements, which are binding agreements between parties involved in a trust matter that do not require court approval unless requested, covering a wide range of issues from trust interpretation to trustee appointments and termination. It also introduces a "notice of proposed action" procedure, enabling fiduciaries (like trustees) to inform beneficiaries of significant actions they plan to take, and if no objections are raised within a specified timeframe, the fiduciary is generally protected from liability for that action, though this protection doesn't cover fraud or bad faith. The bill also expands the powers of trustees to appoint trust assets to new trusts, offering more flexibility in managing and distributing wealth, and clarifies definitions related to trusts and fiduciaries. Additionally, it modifies rules regarding fraudulent asset transfers, shortening the time frame for creditors to bring claims, and requires settlors (the person creating the trust) to provide a sworn affidavit attesting to their solvency and good faith when transferring assets to certain types of trusts. Finally, the bill clarifies that certain provisions apply to trusts created on or after its effective date.

Business and Industry

Rules (Senate)

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