Definition of "Alaska trust act"
Enacted on April 1, 1997; provides protection against creditors for irrevocable trusts provided that the trust has a grantor who is a discretionary beneficiary. In order for the statute of the Alaska Trust to be applicable, the following requirements must be met:
- At least one if the trustees must reside in Alaska or have his or her principal place of business in Alaska.
- A percentage of the assets of the trust is required to be on deposit in a checking account, brokerage account, or other similar account.
- The records of the trust must be physically located in Alaska and a percentage of the administration of the trust must take place in Alaska.
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