FAQs

 

  • What is a trust?
    • A trust is a legal arrangement where one person (trustee) holds property for the benefit of other persons (beneficiaries). There are many different kinds of trust, however the most common for is the personal trust. The personal trust is created for non-business reasons for the benefit and protection of individuals. The trustee in a personal trust acts in accordance with the law and the instructions set forth in the governing instrument by the person who created the trust. The primary responsibilities of the trustee are to manage and protect the assets in the trust for the best interests of the beneficiaries. The management and protection responsibilities include proper investment of assets, collection of income, maintenance of accurate books and records, filing of tax returns and other reports, and payment of income and trust property to the beneficiaries in accordance with the terms of the trust.
  • What do trusts provide?
    • Trusts provide many advantages, however the most common are:
      • Reduce, and in some cases, eliminate gift, estate and income taxes
      • Preserve assets for the family
      • Accomplish the desires of the family
      • Provide asset protection
      • Improve quality of life by allowing use of trust assets by beneficiaries
  • What services does Alaska Trust Company offer?
    • Alaska Trust Company offers estate, financial planning and retirement planning, customized investment management, trustee services, probate administration, charitable gift planning, custodial services, and managed IRAs.
  • Can I put real estate in my trust?
    • Yes, however it is not the most effective way to hold real estate. The preferred method is for it to be transferred into a LLC (Limitied Liability Company) or LP (Limited Partnership) and then transferred to a trust.
  • Do I have to live or come to Alaska to setup a trust?
    • No, you don’t have to live in Alaska or come to Alaska to benefit from its laws. The trust simply needs to be domiciled in Alaska.
  • How many assets does Alaska Trust Company have?
    • We have approximately $4 billion in assets and we actively manage about $1 billion.
  • When was Alaska Trust Company created?
    • Alaska Trust Company was created in 1996.
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  •  Do I have to have a trust to have an account with Alaska Trust Company?
    • No, you can set up a managed investment account, IRA account or a custodial account.
  •  Do I need an attorney in Alaska to setup a trust?
    • No, you can use your own personal attorney or we can refer you to one in Alaska.