Alaska State Specific Information

Will, Trust, Power of Attorney, and Estate Planning

Official state laws:

Minimum age requirement to:

Holographic will recognized (Section 13.12.502)

State Taxes:

Estate tax: Equal to federal credit for state death taxes (Section 43.31.011 to 43.31.430)
State gift tax:Inheritance tax: No inheritance tax (Section 43.31.011 to 43.31.430)
- No state gift tax (Section 43.31.011 to 43.31.430)
- Anatomical Gift Act (Section 123.50.10 through 13.50.090)
Inheritance tax: No inheritance tax (Section 43.31.011 to 43.31.430)

Default Rules: How property is distributed if there is no will, i.e. laws of intestate succession: (Section 13.12.102 to 13.12.103)

No surviving spouse, but there are surviving children:
- All of the estate goes to the surviving children split equally among them or to their children in accordance to their per stirpes share
Surviving spouse and
- Children of surviving spouse:
  - All of the estate goes to the surviving spouse
  - Children not of the surviving spouse (for example your children from a previous marriage):
    - one-half (1/2) to surviving spouse, and
    - the other one-half (1/2), split equally among the surviving children or grandchildren according to their per stirpes share
    - No children and both of your parents of deceased:
      - All of your estate will pass to your spouse
    - No children, but at least one of your parents survives you:
      - $200,000 and three-fourths (3/4) to surviving spouse, and
      - the other one-fourth (1/4), split equally among the surviving parents
At least one parent survives you, but no surviving spouse or children:
- All of your estate will pass to your surviving parents equally
No spouse, children, or parents:
- Siblings (brothers and sisters) according to their per stirpes share. If none, then one-half to paternal grandparents and other half to maternal grandparents and to their children according to their per stirpes share

Who must be named as a beneficiary in your will:

Surviving spouse (Section 13.12.302), andChildren, born or adopted (Section 13.12.202)
- Surviving spouse must be given one-third (1/3) of your “augmented” estate. Augmented estate refers to all property in your will as well as other legal documents that pass property such as a living trust or joint tenancy. (Section 13.12.202 and 13.12.203)
Children, born or adopted (Section 13.12.202)

Effects of changes in your marital status on your will:

You are divorced from the surviving spouse:
- Revokes will as to divorced surviving spouse, unless will expressly provides for divorced surviving spouse (Section 13.12.802)
You get married without changing your will that does not provide for your new spouse:
- Revokes will as to spouse, unless will expressly provides for spouse, but surviving spouse may still be entitled to shares under state intestate law (Section 13.12.301)

Witnesses:

Minimum number of witnesses required: Two (Section 13.12.502)
Are witnesses allowed to be beneficiaries?: Yes (Section 13.12.505)
Requirements to be a witness, witnesses must:
- Must be an adult or a notary public,
- Sign your Declaration, or direct another to sign the Declaration, and
- Not be related to you by blood or marriage

Property Ownership (Sections 34.15.110, 34.15.730, and 13.12.103:

Common law state, but by a written agreement, spouses can agree all or part of their property is held as community property
No joint tenancy in personal property
Real estate is held as tenancy in common if persons have undivided interests, but spouses who acquire real estate hold as tenants by the entirety unless otherwise agreed
Bank account deposits held jointly are payable to any survivor named in the bank account

Other types of wills:

Self-proving wills recognized: Yes, recognized (Section 13.12.504)
Living will: Declaration Relating to Use of Life-Sustaining Procedures (Section 18.12.010) requires a determination by two physicians that you condition is terminal and without life-sustaining procedures, you will die. Then your physician must document your diagnoses and the contents of your Declaration Relating to Use of Life-Sustaining Procedures in your medical record
Durable Power of Attorney: Durable Power of Attorney Act (Section 13.26.332)
Durable Power of Attorney for Healthcare (Section 13.26.338 through 13.26.353)