(a) A trustee may release the power conferred by AS 13.38.300 to convert to a unitrust if the trustee
(1) is uncertain about whether possessing or exercising the power will cause a result described in AS 13.38.380(a)(3), (4), or (5); or
(2) determines that possessing or exercising the power will or may deprive the trust of a tax benefit or impose a tax burden not described in AS 13.38.380.
(b) The release of a power under (a) of this section may be permanent or for a specified period, including a period measured by the life of an individual.
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.