A will is a legal document that specifies how your assets and affairs should be handled after your death. It allows you to designate beneficiaries who will inherit your property, money, and other assets, ensuring that your wishes are carried out. Additionally, a will enables you to appoint an executor to manage your estate, settle debts, and oversee the distribution of assets. If you have minor children or dependents, you can also name a guardian to care for them. By having a properly drafted will, you maintain control over your estate and provide clarity for your loved ones, helping to prevent disputes and ensure a smooth transition of your assets. Wills have to be signed in a specific way in order to be valid.

If you die without a will (or trust) Alaska law of descent and distribution determines who will receive what property. That plan may or may not reflect your actual wishes, so it is important for everyone to have their preferences in writing prior to death in a valid legal instrument.

A will has its limitations, however. A will won’t govern the transfer of certain types of assets, called non-probate property (for example, real estate and other assets with owned rights of survivorship). Schedule your free 30-minute probate consult today to learn more!!

A trust is a legal agreement in which the owner of property (the settlor) transfers ownership and control of that property to another person (the trustee). The trustee is responsible for managing the assets according to the terms set by the settlor, ensuring they are used for the benefit of one or more designated individuals (the beneficiaries). Trusts can be structured in different ways to serve various purposes, such as protecting assets, controlling how and when distributions are made, avoiding probate, and minimizing estate taxes. They can be revocable, allowing the settlor to modify or terminate the trust during their lifetime, or irrevocable, meaning the terms generally cannot be changed once established. By creating a trust, individuals can ensure their assets are managed and distributed according to their wishes while also potentially providing financial security for their loved ones.

A common misconception is that trusts are only for the wealthy. However, this is simply untrue. For example, many young parents elect to make trusts for the benefit of their children incase one or both parents die because trusts permit the trust assets to be held as a single undivided fund to be used for the support and education of minor children according to their respective needs, with eventual division of the trust among the children when the youngest has reached a specified age.

Trusts are usually more complex than wills. If you want to avoid probate, a trust may be for you. Call 907-390-0004 today and schedule your free consult!!!

You need a power of attorney (POA) when you want to give someone you trust the legal authority to act on your behalf in financial, medical, or legal matters. This is especially important if you become unable to make decisions due to illness, injury, or absence.
A financial POA allows someone to manage your money, pay bills, and handle property transactions, while a medical POA lets a trusted person make healthcare decisions for you if you’re unable to do so yourself. You might need a POA if you’re planning for the future, traveling for an extended time, facing a serious medical condition, or simply want peace of mind knowing someone can step in when needed.

Anyone of sound mind over 18.

Will storage is extremely important. Under the Alaska Rules of Probate Procedure, you have the option of depositing your will at the courthouse (See Alaska Rule of Probate Procedure 5). If you choose to do this, you’ll be required to sign an agreement setting forth the names and addresses of the person or persons to receive the will upon death.

The purpose of depositing a will with the courthouse is to provide a safe place for it. It is not required by law, and the acceptance of the will for safekeeping by the court does not ensure the validity of any provisions of the will. The will is a confidential document before the testator dies and cannot be released except to the testator or someone with the testator’s written authority. Upon notification of death of the testator, the court shall contact the person designated to receive the will and will mail a copy to that person. The original will must be kept on file as a public document and, when a probate case is opened on the decedent, the clerk shall place the will in the file. Upon written notification by another court that the original will is needed for filing in an estate, the original will must be transferred to the other court. A copy must be retained.

The first step is consenting to be a personal representative. Under the Alaska Rules of Probate Procedure, the acceptance must include acknowledgement of the duty of the personal representative to: take possession and control of the decedent’s property as required by AS 13.16.380, determine the liabilities of the estate, and complete an inventory as required by AS 13.16.365; provide notice to heirs and devisees; provide notice to creditors; advise he court in writing of the personal representative’s address and phone number; file returns for state estate taxes; file returns for state estate taxes; pay homestead, exempt property and family allowances; close the estate as soon as appropriate. You can charge a reasonable fee for your services.

This may involve a legal analysis of the facts and circumstances of your particular situation. Intestate succession is guided by Title 13, Chapter 12 of the Alaska statutes.

Per the applicable statutes, if someone dies without a will, their surviving spouse’s share of the estate depends on the family situation. The spouse inherits everything if the deceased had no living children or parents, or if all of the deceased’s children are also the spouse’s children and the spouse has no other children from a different relationship. If the deceased had no children but at least one living parent, the spouse receives the first $200,000 plus 75% of the remaining estate. If all of the deceased’s children are also the spouse’s children, but the spouse has children from another relationship, the spouse gets the first $150,000 plus 50% of the remaining estate. If the deceased had children who are not the spouse’s children, the spouse receives the first $100,000 plus 50% of the remaining estate. For Alaska Native Claims Settlement Act (ANCSA) stock, if the deceased had no children, the spouse inherits all of the stock. However, if the deceased had children, the spouse receives half of the stock.

If a person writes a will and later gets married, their surviving spouse is generally entitled to receive a portion of the estate as if the deceased had no will. However, this only applies to the part of the estate that is not specifically left to a child from before the marriage (who is not also the child of the surviving spouse) or to that child’s descendants. This rule does not apply if any of the following exceptions are met:

1. The will was created with the upcoming marriage in mind, as shown by the will or other evidence.
2. The will specifically states that it remains valid even if the testator gets married later.
3. The testator provided for the spouse through other means, such as financial transfers outside the will, and it is clear that these transfers were meant to replace any inheritance from the will.

To meet the surviving spouse’s entitled share, any assets already left to them in the will are used first. If that is not enough, other gifts in the will are reduced as needed, except for gifts made to a child from before the marriage (who is not also the child of the surviving spouse) or that child’s descendants.