"An Act relating to loans from trust property; relating to a trustee's power to appoint the principal of a trust to another trust; relating to challenges to, claims against, and liabilities of trustees, beneficiaries, and creditors of trusts and of trusts and estates; relating to individual retirement accounts and plans; relating to certain trusts in divorce and dissolutions of marriage situations; and providing for an effective date. "
"Our laws encourage Alaskan's to keep their trust assets here in the state. Moreover, capital is attracted to Alaska from all over the country creating greater job and investment opportunities for residents of our state."
- Sen. Seekins
Senate Bill 298 revises Titles 13 and 34 pertaining to the administration of trust assets. Updates incorporated into Title 13 include the addition of clarifying language relating to: (1) the various powers conferred upon the trustee; (2) trustee reporting requirements, and; (3) claims made against trust assets.
Updates integrated into Title 34 include language pertaining to: (1) the exemption from transfer provisions for certain IRA trust assets; (2) technical corrections made to AS 34.40.110(b), and; (3) the handling of trust assets in cases of divorce or dissolution.
Since 1997, the Alaska State Legislature has consistently worked to update and improve laws regarding the use and administration of trusts. As a result, Alaska is considered one of the premier trust jurisdictions in the country.
But, it is a very competitive environment. In fact, at least seven other states - Delaware, Missouri, Nevada, Oklahoma, Rhode Island, South Dakota and Utah - have enacted legislation similar to our own.
The updates proposed in this Bill are in keeping with revisions made to Alaska's Trust Laws in 1997 and 2003. They are intended to preserve Alaska's leading position within the universe of trust products and services offered nationwide.
Our laws encourage Alaskan's to keep their trust assets here in the state. Moreover, capital is attracted to Alaska from all over the country creating greater job and investment opportunities for residents of our state.
Senate Bill 298 clarifies prior trust legislation, makes the administration of trusts in Alaska more efficient and cost effective, and will keep Alaska as the jurisdiction of choice for trust administration.