(a) On petition by a trustee, settlor, or beneficiary, a court may modify the administrative or dispositive terms of an irrevocable trust or terminate an irrevocable trust if, because of circumstances not anticipated by the settlor, modification or termination would substantially further the settlor's purposes in creating the trust.
(b) Upon termination of a trust under this section, the trust property shall be distributed in accordance with the settlor's probable intention.
Structure Alaska Statutes
Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions
Chapter 36. Trust Administration
Article 5. Miscellaneous Provisions.
Sec. 13.36.300. Administration of certain trusts with respect to federal law.
Sec. 13.36.310. Challenges to trusts.
Sec. 13.36.320. Nonqualified persons serving as trustees.
Sec. 13.36.330. Penalty clause.
Sec. 13.36.335. Application of special distribution provisions.
Sec. 13.36.338. Presumption of revocability.
Sec. 13.36.340. Modification and revocation of revocable trusts.
Sec. 13.36.350. Reformation to correct mistakes in irrevocable trusts.
Sec. 13.36.355. Construction or modification of trust to achieve settlor's tax objectives.
Sec. 13.36.360. Modification or termination of irrevocable trust by consent.
Sec. 13.36.365. Uneconomical irrevocable trust.
Sec. 13.36.368. Claims against revocable trusts.
Sec. 13.36.370. Trust protector.