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Sen. Matt Klayman's bill to modernize Alaska trust law presented to Senate committee
Summary
Senate Bill 234 would replace Alaska's current fiduciary income law with an updated Alaska Fiduciary Income and Principal Act (AS 13.39), expand judicial discretion, modernize unit-trust treatment, and apply to existing trusts; Peak Trust Company and trust-law professionals backed the change.
Senator Matt Klayman presented Senate Bill 234 to the Senate Labor and Commerce Committee on April 27, describing it as a comprehensive update to Alaska's fiduciary income and principal law intended to modernize trust administration and keep Alaska competitive as a trust jurisdiction.
Klayman said the bill would replace the existing Alaska Fiduciary and Income Act with the Alaska Fiduciary Income and Principal Act to allow fiduciaries to employ modern portfolio theory and to update…
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