1999 Alaska Statutes
Title 13 DECEDENTS' ESTATES, GUARDIANSHIPS, TRANSFERS, AND TRUSTS
Chapter 13.36. TRUST ADMINISTRATION
Sec. 13.36.157. Trustee's special power to appoint to other trust.
Sec. 13.36.157. Trustee's special power to appoint to other trust.
(a) Unless the terms of the instrument expressly provide otherwise, a trustee who has the absolute discretion under the terms of a testamentary instrument or irrevocable inter vivos agreement to invade the principal of a trust for the benefit of the beneficiary who is eligible or entitled to the income of the trust may exercise without prior court approval the trustee's discretion by appointing part or all of the principal of the trust in favor of a trustee of a trust under an instrument other than that under which the power to invade was created if the exercise of this discretion
(1) does not reduce any fixed income interest of an income beneficiary of the trust;
(2) is in favor of the beneficiary of the trust; and
(3) does not violate the limitations on validity under AS 34.27.050(a).
(b) This section applies to a trust governed by the laws of this state, including a trust whose governing jurisdiction is transferred to this state.
(c) The exercise of the power to invade the principal of a trust under (a) of this section is considered to be the exercise of a special power of appointment.
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