An Act adopting the Uniform Fiduciary Income and Principal Act; repealing the Alaska Principal and Income Act; relating to fiduciary income and principal; relating to the probate jurisdiction of court; relating to trust administration; and relating to transfers of trust interests.

SB 234 replaces Alaska's existing "Alaska Principal and Income Act" with the Uniform Fiduciary Income and Principal Act. It directly affects trust administrators, courts, beneficiaries, and estates by changing how trust income and principal are managed and split. The bill updates key rules for court orders in trust and estate cases, clarifying who is legally bound by court decisions (e.g., trustees binding beneficiaries, conservators binding estates). This is a concrete policy change to modernize trust administration procedures under Alaska law.