2026-01-23                     House Journal                      Page 1482
HB 277                                                                                                                        
HOUSE BILL NO. 277 by the House Rules Committee by request of                                                                   
the Governor, entitled:                                                                                                         
                                                                                                                                
                                                                                                                                

2026-01-23                     House Journal                      Page 1483
     "An Act relating to trusts; relating to trust proceedings; relating to                                                     
     nonjudicial settlement agreements in trust matters; relating to the                                                        
     powers of trustees; and providing for an effective date."                                                                  
                                                                                                                                
was read the first time and referred to the Labor & Commerce and                                                                
Finance Committees.                                                                                                             
                                                                                                                                
The following fiscal note(s) apply:                                                                                             
                                                                                                                                
1. Zero, Dept. of Commerce, Community, & Economic                                                                               
 Development                                                                                                                    
                                                                                                                                
The Governor's transmittal letter dated January 22 follows:                                                                     
                                                                                                                                
"Dear Speaker Edgmon:                                                                                                           
                                                                                                                                
Under the authority of Article III, Section 18 of the Alaska                                                                    
Constitution, I am transmitting a bill enacting trust law reform in                                                             
Alaska.                                                                                                                         
                                                                                                                                
This bill modernizes Alaska trust law to provide clearer, more efficient                                                        
trust administration. It (1) requires automatic sealing of trust                                                                
administration cases; (2) permits non-judicial settlement agreements                                                            
for trust administration matters; (3) adopts notice-based procedures                                                            
that can reduce fiduciary liability for trust administration actions; (4)                                                       
updates Alaska’s decanting statutes to expand trustee powers and                                                                
clarify definitions and tax guardrails; and (5) shortens creditor-notice                                                        
time periods and clarifies solvency affidavit provisions.                                                                       
                                                                                                                                
These updates help keep Alaska competitive as a premier trust                                                                   
jurisdiction and provide Alaskans with modern options for managing                                                              
and protecting assets across generations.                                                                                       
                                                                                                                                
I urge your prompt and favorable action on this measure.                                                                        
                                                                                                                                
Sincerely,                                                                                                                      
/s/                                                                                                                             
Mike Dunleavy                                                                                                                   
Governor"