Irrevocable Trust - Alaska

IRREVOCABLE TRUST AGREEMENT

This Irrevocable Trust Agreement is signed on [__/__/____] by [SETTLOR FULL NAME], of [ADDRESS] (Settlor), and [INITIAL TRUSTEE FULL NAME], of [ADDRESS] (Trustee), for [LIFETIME BENEFICIARY FULL NAME] (Lifetime Beneficiary).

1. Present transfer and trust

Settlor now transfers to Trustee the property listed on Schedule A. Trustee accepts that property and shall hold it, together with later accepted additions, as the [TRUST NAME] under this agreement. Settlor reserves no unilateral right to revoke, amend, or withdraw property from this trust. Settlor is not a beneficiary. No later addition changes the interests specified here unless a lawful instrument expressly does so.

The principal place of administration is [ALASKA CITY AND ADDRESS]. Alaska law governs administration, subject to any mandatory law that applies to particular property.

2. Lifetime distributions

During Lifetime Beneficiary's life, Trustee may distribute income and principal to or for that person's health, education, maintenance, and support, considering other resources known to Trustee. Trustee shall exercise discretion in good faith for the trust's purposes and the beneficiary's interests. Unused income is added to principal. Lifetime Beneficiary has no right to demand a distribution at a particular time or in a particular amount.

3. Spendthrift restriction

Before payment or delivery by Trustee, a beneficiary may not voluntarily transfer an interest in this trust, and that interest may not be involuntarily transferred, to the extent AS 34.40.110 permits. This restriction is subject to that statute's exceptions and does not promise absolute protection from creditors.

4. Trustee administration

Trustee may retain, invest, sell, lease, insure, repair, and manage property, employ advisers, and make authorized distributions, subject to Alaska fiduciary duties and AS 13.36.107 and AS 13.36.109. Trustee shall keep trust assets and records separate from personal assets and provide beneficiary information and accounts required by AS 13.36.080. Trustee shall keep beneficiaries reasonably informed, provide the statute's written acceptance notice where required, and respond to reasonable requests for trust terms, asset information, and accounts as that section requires. This instrument does not restrict information to adult beneficiaries alone.

Trustee shall receive compensation of [AMOUNT OR METHOD], plus reimbursement of proper administration expenses, subject to court review under Alaska law. Trustee shall file returns and pay taxes for which the trust is responsible. Federal grantor trust treatment depends on the actual powers and interests under 26 C.F.R. § 1.671-2 and related rules; signing this instrument does not elect a tax status.

5. Successor trustees

If Trustee cannot or will not serve, [FIRST SUCCESSOR FULL NAME AND ADDRESS] shall serve. If that person cannot or will not serve, [SECOND SUCCESSOR FULL NAME AND ADDRESS] shall serve. A successor shall accept in writing and receive the trust property and records. If no named successor serves, the vacancy shall be filled under AS 13.36.073(c). A departing trustee's liabilities are not discharged merely by leaving office. If co-trustees serve, they shall act under AS 13.36.072 unless a later lawful trust term provides otherwise.

6. Death remainder and termination

At Lifetime Beneficiary's death, Trustee shall pay proper trust expenses and taxes, then distribute 100% of the remaining property to [PRIMARY REMAINDER BENEFICIARY FULL NAME AND ADDRESS]. If that person does not survive Lifetime Beneficiary, distribute 100% to [ALTERNATE REMAINDER BENEFICIARY FULL NAME AND ADDRESS]. If neither survives, distribute 100% to [NAMED CHARITY, ADDRESS, AND EIN]; if it no longer exists, Trustee shall select a substantially similar charity. Trustee shall provide a final account as required by law and close the trust after distribution. No general 1,000-year termination date is supplied by AS 34.27.051.

7. Disputes and severability

An interested person may bring a proceeding concerning the trust's internal affairs in the Alaska Superior Court under AS 13.36.035. This agreement imposes no arbitration, cure period, automatic fee award, or cap on a trustee's personal liability. It does not waive a jury right available under AS 13.06.085 and Alaska Probate Rule 11. If a term is invalid, the remaining terms shall continue to the extent lawful and consistent with the trust's purpose.

Schedule A — Property transferred now

Settlor confirms ownership and transfer of the listed property. Trustee acknowledges receipt of it or the separate instrument conveying it.

Signatures

Settlor: ______________________________ Date: [__/__/____]

Printed name: [SETTLOR FULL NAME]

Trustee acceptance: ______________________________ Date: [__/__/____]

Printed name: [INITIAL TRUSTEE FULL NAME]