Section 13.38.310. Judicially approved conversion; beneficiary request for conversion.

   (a) A trustee may petition the court to approve the conversion to a unitrust if
        (1) a beneficiary timely objects to the conversion to a unitrust;
        (2) there is not a sui juris beneficiary who is currently eligible under AS 13.38.300(2)(A) or who would be eligible under AS 13.38.300(2)(B) or (C); or
        (3) the trustee is a beneficiary.
   (b) A beneficiary may request a trustee to convert to a unitrust. If the trustee does not convert, the beneficiary may petition the superior court to order the conversion.
   (c) The superior court shall approve the conversion or direct the requested conversion if the court concludes that the conversion will enable the trustee to better carry out the intent of the settlor or testator and the purposes of the trust.

Notes

History

(Sec. 2 ch 145 SLA 2003; am Sec. 19 ch 45 SLA 2013)