9084 / What special requirements apply to an Alaska trust where the settlor is also named as trust beneficiary?

The settlor of an Alaska trust who is also named trust beneficiary is required to sign a sworn affidavit before the assets are transferred to the trust. This affidavit must state that the settlor has full right, title and authority to transfer the assets to the trust, and that the transfer will not render the settlor insolvent. The settlor must also verify that he or she does not plan on filing for bankruptcy relief.Further, the affidavit must state that the settlor does not intend to defraud any creditors through the transfer, and that no pending or threatened court actions exist (unless the actions are identified and attached to the affidavit). Similarly, the settlor must verify that he or she is not involved in any administrative proceedings unless they are identified and attached to the affidavit.

The settlor must also verify that the settlor is not in default on child support payments by more than 30 days, and that the assets being transferred were not obtained from unlawful activities.¹

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1.Alaska Stat. § 34.40.110(j).