(a) Notwithstanding the other provisions of AS 13.36.338 - 13.36.365, if the value of the property of an irrevocable trust is less than $50,000, the trustee may terminate the trust unless the trust instrument provides otherwise.
(b) Notwithstanding the other provisions of AS 13.36.338 - 13.36.365 and the terms of the trust, on petition to the superior court by a trustee, settlor, or beneficiary, the court may modify or terminate an irrevocable noncharitable trust, or remove the trustee and appoint a different trustee, if the court determines that the value of the trust property is insufficient to justify the cost of administration.
(c) Upon termination of a trust under this section, the trustee shall distribute the trust property in accordance with the settlor's probable intent.
Section: Previous 13.36.320 13.36.330 13.36.335 13.36.338 13.36.340 13.36.345 13.36.350 13.36.355 13.36.360 13.36.365 13.36.368 13.36.370 13.36.375 13.36.390 NextLast modified: November 15, 2016