Alaska Will Creation: A Guide to Protecting Your Assets and Loved Ones

Making a Will is a crucial step in ensuring the welfare of your loved ones after your passing. Without a Will, all your assets will be distributed according to Alaska state laws, leaving you little control over the process.

A Will is a legal document that ensures you control how your personal property is distributed after you pass away. A Will also allows you to name a guardian for your children, providing peace of mind in the event of your unexpected passing.

This article will explore the process of creating a Will, including what should be included and how to state laws in Alaska come into play. By understanding the importance of a Will and the steps to create one, you can take control of your assets and ensure that your loved ones are cared for even after you're gone.

Legal Requirements for a Valid Will in Alaska

In Alaska, any individual at least 18 years old and of sound mind has the legal right to write a last Will and testament. To be considered mentally capable, the person must not have been previously declared incompetent by a court of law.

It's important to note that a will must be written and signed by the testator and at least two witnesses.

If the testator cannot sign their name, they may direct another individual to do so on their behalf. However, this individual cannot be considered one of the required witnesses.

Both witnesses must either witness the testator's signature or be informed by the testator that the signature on the Will belongs to them. In either case, they must sign the Will while in the other witness and testator's presence.

By following these guidelines, an Alaskan resident can ensure that their final wishes are properly documented and carried out after his or her death.

Contents of a Will

Beneficiaries

The distribution of assets is a crucial component of any will. It involves carefully considering who should inherit one's personal property, belongings, high-value assets, and even real estate property. Beneficiaries can be designated to include family members, friends, charities, businesses, and trusts.

It is highly recommended to include a contingent beneficiary, who would be entitled to receive the assets in the event the primary beneficiary is deceased or unable to claim them.

Additionally, if you're in a domestic partnership or civil union, you should ensure that you name your partner as a beneficiary to protect their inheritance rights, which may not be recognized under state law.

Legal guardians

If you have minor children or other dependents that require care, it is crucial to consider appointing a legal guardian for them in the event of your passing. This ensures that they are cared for by someone you trust.

It is important to note that the appointment of a guardian is not limited to minor children. You can also name a guardian for an adult child with disabilities or an elderly parent who requires care.

If you fail to appoint a guardian in your Will, the court will select one on your behalf, which may not align with your wishes.

Therefore, you must take the necessary steps to name a guardian for your dependents in your Will. By doing so, you can rest assured that your loved ones will be cared for by someone you trust, should the worst happen.

An executor or personal representative

When creating your Will, it is essential to choose an executor or personal representative responsible for carrying out the instructions outlined in your Will. The executor's duties include:

• Identifying and valuing your assets.
• Settling any outstanding debts or taxes.
• Distributing your remaining assets to your designated beneficiaries.

Selecting the right executor is crucial in ensuring your final wishes are fulfilled as intended. You should choose a trustworthy individual who has the necessary skills and expertise to handle the responsibilities required of them.

While choosing a family member or friend as your executor may be tempting, it is important to consider whether they have the qualifications and knowledge to carry out the duties involved. Sometimes, appointing a professional executor, such as an attorney or financial advisor, may be more appropriate.

Signatures of testators and witnesses

To create a valid Will in most states, you need to sign it in the presence of two witnesses who also sign to confirm your identity and mental capacity to create a will.

Handwritten wills, also known as holographic wills, don't require witness signatures as long as the signature and material portions are in the testator's handwriting.

What not to include in Wills

When creating your Will, knowing which assets can and cannot be included is vital. Assets that already have a designated way of being transferred to someone should not be included in your Will.

This includes financial assets like retirement accounts or bank accounts with a designated beneficiary and life insurance policies.

It is important to note that some assets may not be subject to your Will because they are owned jointly with someone else or are held in a trust.

These assets will be distributed to the designated beneficiaries or co-owners according to their individual agreements or trust documents rather than through the Will. Excluding them from your Will can help avoid causing confusion and potential conflicts.

However, it is still essential to ensure that all of your assets are accounted for and that your beneficiaries are clearly identified, even if they are designated outside of your Will.

Notarizing your Alaska Will

If you're in Alaska and want to create a legally valid will, you should know that notarization is not mandatory.

However, you can make your will "self-proving," which can speed up the probate process.

To do this, you'll need to visit a notary public. The notary will require you and your witnesses to sign an affidavit that confirms your identities and acknowledges that each person was aware they were signing the Will.

This process allows the court to accept the Will without needing to contact the witnesses who signed it, which can save significant time during probate proceedings.

Reasons to Update or Change a Will

Here are six reasons why you may need to update your Will:

Changes in Relationships: Over time, relationships with family members, friends, and romantic partners can change. You may want to adjust your Will to reflect these changes, including naming new executors or beneficiaries.

Changes in Family Situation: If there have been changes in your family, such as the birth of a child or the passing of a family member, it's important to update your Will to ensure your assets are distributed according to your current wishes.

Changes in Tax or Estate Laws: Tax and estate laws are subject to change, and these changes could impact your current estate plans. Understanding the laws and making updates to your Will and overall estate plan is crucial to ensure assets are transferred effectively.

Moving or Acquiring Out-of-State Assets: Estate planning laws can vary depending on where you live or where you own property. If you've recently moved or acquired out-of-state assets, it may be necessary to consult with an attorney to ensure your Will is still valid.

Change of Heart: It's common for individuals to make adjustments to their Will based on changes in personal circumstances, such as a change of heart about how assets should be distributed or a new perspective on relationships and family dynamics. Whatever the reason, careful thought and consideration can prompt changes to your Will that align with your current wishes.

Changes in Asset Value: If your assets have significantly increased or decreased, it may be necessary to reevaluate the distribution of your assets in your Will. You may want to consider creating a trust to avoid probate or adjust your distribution plans for beneficiaries.

How to update or revoke your Alaska Will

Alaska's laws regarding Wills offer flexibility when it comes to changing or revoking a will. As a resident of Alaska, you have the ability to modify or revoke your Will at any time.

There are two ways to revoke your Will in Alaska. One way is to perform a "revocatory act" such as tearing, burning, or destroying the Will in part or whole, with the intention of revoking it. This act can be carried out by you or by someone else with your permission.

Alternatively, you can create a new will that specifically states it is revoking the original Will. Even if it is not specifically mentioned, if the new Will contains conflicting terms, the previous Will is automatically revoked.

The Bottom Line

Making a will is important for everyone, and it's not as complicated as you might think. Having a will can save your loved ones from a lengthy process with a probate court, where your assets will be distributed according to state rules instead of your final wishes.

Reviewing your Will every three to five years or after significant life events like getting married or divorced, having a child, or losing a loved one.

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.