AK SB225

Court records for noncharitable trust proceedings must be sealed and restricted to parties directly involved (settlors, trustees, beneficiaries, and their attorneys), with public access only upon court order showing compelling public interest

Creates nonjudicial settlement agreements allowing indispensable parties to resolve trust matters—including interpretation, trustee appointments, compensation, trust modifications, and terminations—without court involvement, provided terms don't violate the trust's material purpose

Establishes formal notice of proposed action procedures requiring fiduciaries to mail notices to adult beneficiaries at least 30 days before taking trust administration actions, with liability protection for fiduciaries when no objection is received

Expands trustee "decanting" powers to appoint trust principal to new trusts with different distribution standards, including special needs trusts, and allows trustees with discretionary (non-ascertainable standard) powers to reduce beneficiary interests or grant powers of appointment to non-beneficiaries

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