Section 13.36.365. Uneconomical irrevocable trust.

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   (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.

Notes

History

(Sec. 2 ch 104 SLA 2000)

                    
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