(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.
Structure Alaska Statutes
Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions
Chapter 38. Alaska Principal and Income Act
Sec. 13.38.300. Power to convert to unitrust.
Sec. 13.38.310. Judicially approved conversion; beneficiary request for conversion.
Sec. 13.38.320. Factors to be considered.
Sec. 13.38.330. Directions after conversion.
Sec. 13.38.340. Trustee's discretionary powers regarding unitrust.
Sec. 13.38.350. Unitrust deductions and distributions.
Sec. 13.38.360. Court orders regarding unitrust.
Sec. 13.38.370. Effects of conversion.
Sec. 13.38.380. Prohibited conversions; exception.
Sec. 13.38.390. Permissible conversion where otherwise prohibited.
Sec. 13.38.400. Reconversion from a unitrust.
Sec. 13.38.410. Release of power to convert to unitrust.
Sec. 13.38.420. Express total return unitrusts.
Sec. 13.38.430. Power to treat gains as part of distribution of principal.