Legislature Passes Bill Modernizing Trust and Estate Laws
SB65 brings millions to the state while creating jobs within the trust, banking, insurance and legal fields
JUNEAU-The Alaska State Legislature has unanimously passed legislation to modernize the state’s trust and estate laws. Senate Bill 65, sponsored by Senator John Coghill, R-North Pole, updates and improves laws, which will help and touch all Alaskans and bring millions of dollars to the State. The bill will also create jobs within the trust, banking, insurance and legal fields.
“Trust laws are evolving across the country all the time,” said Senator Coghill. “Like all laws, including our own criminal statutes, you need to periodically update them. People want ‘smart justice’ in the criminal statutes. They should also want ‘smart’ trust provisions.”
Here are just a few examples of the changes under SB65:
- Extends protection for retirement plan assets to the beneficiaries of retirement plans (often the surviving spouse).
- Amends the 2003 Alaska Principal and Income Act to conform to current IRS regulations.
- Makes conforming amendments to Alaska’s laws regarding insurable interests to align with changes to the Uniform Trust Code.
“When we first updated our trust laws in 1997, Alaska became a premiere place for trust planning,” said Senator Coghill. “Periodically, these laws need to be updated. Senate Bill 65 accomplished that goal. Senate Bill 65 ensures that Alaska remains at the forefront of trust planning and retains its status as a leader in this sector of the economy.”
Senate Bill 65 now heads to Governor Parnell for his signature.