Comprehensive Guide to the Last Will and Testament in AlaskaHave you been brushing off the thought of making a last will and testament in Alaska? If that is the case, think about this for a minute: would you want your kids to be under the care of someone you don't trust, even if you are blood relatives? Would you leave your property to a stranger? You see, this may not have sunk in yet but, without written documentation, an Alaska last will and testament, to be specific, you cannot control anything that happens to your hard-earned money, lovely kids, or even pets. It is a powerful document, isn't it? So, how do you define it? A last will and statement Alaska refers to the legal instrument that determines who gets what from your estate after your demise. It may also appoint a legal guardian for your children or one for your pets. Being a legal document, you have to know the legal terms used. In the last will form, you are the testator and the person responsible for executing your wishes is the executor under the laws governing Alaska last will. A court appoints an executor if the testator does not.
What else can use a will for?
- A will gives you the legal right to gift a charity organization
- You could also use it to create a trust for your children (testamentary trusts)
- The state laws also allow the use of a will to create a pet trust. This pet trust lasts 21 years and terminates after the death of the animal covered by the trust last.
Conditions for the validity of Free Alaska last will and testament
- The testator should be 18 years or older
- Testator should be of sound mind and capable of making reasonable decisions
- The testator must sign it although someone else could sign it in the testator's name and in their presence, and only under the directions of the testator.
- It should have signatures of at least two witnesses who should sign the will within a reasonable time
- It must be in writing
- The beneficiaries of the testator's estate
- In the state, holographic wills are valid. Holographic wills are handwritten. However, it's only valid if the written material provisions of the will and the signature are the testator's. Whether signed with witnesses present or not doesn't matter. The other type of will is the nuncupative (oral) will. The courts do not recognize it. Other types of wills include the complex, simple, codicil, and contract wills.
- The other condition for the validity of the free last will and testament Alaska is that its validity must be proven in the probate court. Probate refers to the court-supervised process necessary for the distribution of the deceased estate. In Alaska, an informal probate that bypasses the main court exists. The other legal process for asset distribution is the supervised administration (the court oversees the distribution of property).
What happens if you die without a will?A deceased person without a will is intestate. Intestate invokes the strict Alaska state laws of intestacy. What this means is that: your surviving spouse and children (if any) will inherit your property after death. And if you don't have a surviving spouse or children (descendants), your closest relatives (siblings or grandparents) inherit your property. The share inherited by relatives depends on how close they were to you. Since this legal process often causes family conflicts, you should get a will.
Preparing a willBefore you write down anything in the last will form, you should take stock of your assets and debts. You also need to list all your beneficiaries and select a trustworthy person as the executor. You may have to involve your lawyers here.
Are there exemptions to distributing property
- Even with a free last will and statement Alaska, the state laws have a different set of rules for the distribution of property, e.g., if owned in joint tenancy.
- Restrictions also apply to:
- Homestead allowance where the surviving spouse gets $27,000. This amount goes to kids in the absence of a surviving spouse.
- You also have a spousal elective share (1/3 value of the estate), and the exempt property (household items, appliances, furniture, or personal effects).
Revoking the will
- The last will gets revoked by:
- The execution of a subsequent will
- Performing a revocatory act like canceling, obliterating, tearing, or burning.