2026-01-23                     Senate Journal                      Page 1520
SB 225                                                                                                                        
SENATE BILL NO. 225 BY THE SENATE RULES COMMITTEE                                                                               
BY REQUEST OF THE GOVERNOR, entitled:                                                                                           
                                                                                                                                
          "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 and Commerce and                                                              
Judiciary Committees.                                                                                                           
                                                                                                                                
The following fiscal information was published today:                                                                           
 Fiscal Note No. 1, zero, Department of Commerce, Community                                                                     
  and  Economic Development                                                                                                     
                                                                                                                                
Governor's transmittal letter dated January 22:                                                                                 
                                                                                                                                
Dear President Stevens:                                                                                                         
                                                                                                                                
Under the authority of Article III, Section 18, of the Alaska                                                                   
Constitution, I am transmitting a bill enacting trust law reform in                                                             
Alaska.                                                                                                                         

2026-01-23                     Senate Journal                      Page 1521
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