Free Alaska Last Will and Testament
What is a Last Will and Testament?
On the assumption that it's created and executed properly by a person of legal age and of sound mind, an Alaska Last Will and Testament is a legal document that stipulates the way your assets will be managed after your death. The person who passes away is formally called the decedent. When the decedent has minor children, the Will may also be used to assign a person they would like to look after their children and who they wish to manage their children’s inheritance and budget right until every child reaches adulthood (generally 18, but it is possible to indicate a specific age) to deal with their finances on their own.
If an individual passes away without any legitimate Alaska Last Will and Testament (which for most states implies it must be correctly witnessed, not only signed), somebody will generally be designated by the probate court to be the personal agent and pay off the decedent’s debt, using assets as needed to do so. Afterward, the remaining assets will be spread amongst the decedent’s heirs in accordance with the legislation of the state the will creator lived in.
In some states, if one spouse passes away leaving behind their husband or wife, that living spouse will end up with the decedent’s property without a Will document instructing the opposite. Additionally, the testator could have selected a particular individual to obtain a life insurance policy, retirement account, or other asset, and that inheritor designation will dictate who is given those assets even without a Last Will and Testament.
The thing to be aware of is the fact that anybody who wishes to indicate how their belongings will be handled after their passing should create and correctly execute a Will to make sure their wishes are known and respected. With no will, you may be leaving it up to chance, the rules of the state, or a lawcourt in respect of just how your last matters will be wrapped up.
Alaska Last Will Paper
In the modern world, we are used to keeping everything under control, and legal documents allow us to do this even after death. If you want to be sure that your inheritance will go to someone who deserves it, then you should compose Last Will and Testament. This document includes your will regarding the division of your savings, real estate, business interests, and other assets.
Should You Compose Last Will in Alaska?
The answer will be yes for all those who want to have control over their property after death and pass their inheritance into the right hands. If you do not leave any written instructions, your inheritance will be divided according to state laws. And as you know, the will of a person is not always similar to legal prescriptions.
Using this document, you can not only divide your assets among relatives or friends but also make a charitable gift or appoint a guardian for your children. Also, Alaska laws provide for the creation of a trust for children or spouses, or even for pets. Such a trust will be used to provide proper care for the animal and must have a term of 21 years or less. Such a trust expires on the death of the last animal named on it.
So you can use Last Will in Alaska not only to take care of the people you love but also to provide care for your animals after you die.
Legal Requirements to Form a Last Will in Alaska
For the court to recognize the document as valid, certain requirements must be fulfilled:
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The compiler of a will must be over 18 years of age.
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The compiler must be of sound mind and create the last will of their own free will.
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The document must be in writing, and any other form is not legal.
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The Testator is obliged to sign the document on their own (signing by a third party on behalf of the testator and in their presence is possible).
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The signatures of two witnesses who are not beneficiaries, according to this document, are required.
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There are no rules regarding the beneficiary, and it can be any person.
What Are the Restrictions in Alaska?
In Alaska, there are some exceptions to what you can include in your last will. Please see below a list of property that you cannot bequeath:
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Jointly owned property with inheritance rights;
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Homestead allowance — a living spouse, continues to be eligible for this benefit of $ 27,000. If there is no alive spouse, then this right passes to underage children;
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Spousal elective share — according to Alaska law, a living spouse is entitled to 1/3 of the value of the property. True, only the amount is considered minus administrative and funeral expenses, family and homestead allowances, enforceable claims against the estate, and exempt property;
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Exempt property — a living spouse claims $ 10,000. This is money on account of household appliances, furniture, cars, and personal belongings.
If There Is No Last Will
If you do not draw up this document in Alaska, then all your property will go to your living spouse or children. If there are none, the court will look for your other close relatives — parents, siblings, grandparents, and beyond. The proportion of their inheritance will depend on your relationship with the document’s creator.
If you do not want such a situation, then you should take care of the future of your assets in advance and draw up the last will.
Changes or Cancellations of Last Will in Alaska
Some people are afraid to draw up such a document because they think that they can change their minds. But that is okay. At any time before your death, you can make any changes or completely cancel the document.
To make changes, you need to compose a codicil. This is another document that will be attached to the main one and make some adjustments to the first one.
You can cancel your last will in two ways:
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Drafting a new document that will undo the action of the previous one, or
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Revocation of a will, which may include destruction, burning, erasure, or tearing of the document.
