AK HB277

Court records for noncharitable trust proceedings must be sealed and kept from public inspection, with access limited to settlors, trustees, beneficiaries, their attorneys, judges, court staff, and others only by court order showing compelling public interest

Creates new framework for nonjudicial settlement agreements allowing indispensable parties to resolve trust matters—including interpretation, trustee compensation, trust modifications, mergers, and terminations—without court involvement, provided the agreement doesn't violate a material purpose of the trust

Establishes notice of proposed action procedure requiring fiduciaries to mail notice to adult beneficiaries at least 30 days before taking trust administration actions, with failure to object barring future claims against the fiduciary for that action

Expands and clarifies trustee powers to "decant" trust principal to appointed trusts, including ability to establish different distribution standards, appoint to special needs trusts, and grant powers of appointment to beneficiaries authorized to receive principal outright

Reduces statute of limitations for fraudulent transfer claims against self-settled trusts from four years to one year after transfer (or six months after discovery for pre-existing creditors), and allows settlors to periodically renew solvency affidavits with a presumption of solvency for subsequent transfers