An Act adopting the Uniform Fiduciary Income and Principal Act; repealing the Alaska Principal and Income Act; relating to fiduciary income and principal; relating to the probate jurisdiction of court; relating to trust administration; and relating to transfers of trust interests.
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill adopts the Uniform Fiduciary Income and Principal Act, replacing Alaska’s existing Principal and Income Act. It clarifies rules for how fiduciaries manage trust income and principal, including how orders bind parties involved in trust proceedings. The bill also establishes a new chapter in the Alaska Statutes dedicated to fiduciary income and principal, outlining duties and providing guidance on adjustments and capital gains. It aims to modernize trust administration practices within the state.
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Primary sponsor
Senate Judiciary
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