AK SB191

Allows trustees to divide multi-settlor trusts into separate trusts before or after a settlor's death, treating each settlor as sole settlor of their contributed portion if the trustee maintains detailed contribution records and Alaska law governs the trust.

Expands trustee powers to include insuring trustees against liability with respect to beneficiaries of the trust and clarifies that discretionary distributions may be treated as made first from capital gains realized during the year.

Authorizes enforceable promises to transfer specific amounts of money to qualifying trusts without consideration if the promise is written, signed, delivered to the trustee within 9 months of the promisor's death, and the trust holds at least $10,000 and has a qualified trustee.

Amends community property trust law to clarify that appreciation and income from property transferred to a community property trust is community property unless expressly declared otherwise in the trust document.

New provisions apply to trusts created on or after the effective date; community property trust amendments apply retroactively to May 23, 1998.