FREE ALASKA LAST WILL AND TESTAMENT

 


 

What is a Last Will and Testament

 

A Alaska Last Will and Testament, when prepared and executed properly by a person who is an adult of sound mind with legal responsibility for his- or herself, is a formal document that specifies how their assets or estate will be managed and distributed after their death. The person who dies is formally referred to as the decedent. If the decedent has minor children, the Last Will and Testament may also be used to designate who they want to care for their children and who they wish to handle their children’s inheritance/finances until each child comes of age (usually 18, but you can designate a different age) to handle their finances on their own.

In a Last Will and Testament, the decedent usually also names a personal representative—or co-personal representatives (two or more persons acting together in this capacity)—to manage the matters of the estate. The personal representative is the person who gathers all of the information about the decedent’s debts and assets, pays outstanding debts using the assets on behalf of the estate, and ensures that the decedent’s property is distributed as specified in the Will, so this is a job with a lot of responsibility, and the personal representative selected is usually someone the decedent really trusts to follow through on the details and with his or her wishes.

If a person dies without having a valid Last Will and Testament (which usually—in most states—means it must be properly witnessed, as well—not just signed), someone will usually be appointed by the court to be the personal representative and will pay the decedent’s debts, liquidizing assets as necessary to do so. Then the remaining assets will be distributed among the decedent’s heirs according to the laws of the state the decedent lived in.

In some states, if one spouse dies leaving behind a husband or wife, that living spouse will inherit all of the decedent’s property in the absence of a Last Will and Testament stating to the contrary. In other cases, the decedent may have specified a particular beneficiary to inherit a life insurance policy, retirement account, or other asset, and that beneficiary designation will dictate who receives those assets in the absence of a Alaska Last Will and Testament.

The important thing to note is that anyone who wishes to designate how their assets will be distributed after their death should prepare and properly execute a Last Will and Testament to ensure their wishes are known and honored. If they don’t, they may be leaving it up to chance, the laws of the state in which they reside at the time of their death, or a court of law as to how their final affairs will be settled.  Alaska free information on last will and testament forms.

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:

  1. The compiler of a will must be over 18 years of age.

  2. The compiler must be of sound mind and create the last will of their own free will.

  3. The document must be in writing, and any other form is not legal.

  4. 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).

  5. The signatures of two witnesses who are not beneficiaries, according to this document, are required.

  6. 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:

  • Jointly owned property with inheritance rights;

  • 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;

  • 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;

  • 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:

  1. Drafting a new document that will undo the action of the previous one, or

  2. Revocation of a will, which may include destruction, burning, erasure, or tearing of the document.

 

 

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