Estate planning rules in Alaska

Alaska will requirements

An Alaska will usually requires a writing, an adult testator of sound mind, the testator's signature, and two witnesses who see or hear acknowledgment of the signature.

Alaska law lets a will incorporate a writing that existed when the will was executed if the will indicates that intent and identifies the writing sufficiently. A will may also refer to a signed writing or list to dispose of certain tangible personal property, if it identifies items and devisees with reasonable certainty.

A change of circumstances does not revoke a will or part of it under Alaska law, subject to the stated statutory exceptions.

Alaska law says a will may validly devise property to a trustee of a trust established during the testator's lifetime. A devise to the trustee at death also qualifies when the trust is identified in the document. The trust may be funded or unfunded, including a life insurance trust.

Intestacy when a will does not cover everything

Alaska passes the portion of an estate not effectively disposed of by will through intestate succession, subject to the will's modifications. With a partial intestacy, property that the will leaves undisposed passes through intestacy, and the remainder passes under the will's terms.

A surviving spouse receives the entire estate in specified cases, including when no descendant or parent survives, or when all surviving descendants are shared and the spouse has no other surviving descendants. In other cases the spouse's share depends on surviving relatives and includes specified dollar amounts plus a fraction of the balance.

Stepparents, stepchildren and stepsiblings do not inherit under Alaska intestacy, however long the stepfamily lived together.

Surviving spouse elective share

A surviving spouse of a decedent domiciled in Alaska may elect an amount equal to one-third of the augmented estate, subject to statutory limitations and conditions.

For a decedent domiciled outside Alaska, the law of the domicile governs any elective-share right in Alaska property.

Probate timing and process

Alaska generally bars specified probate, testacy, or appointment proceedings begun more than three years after death, subject to listed exceptions.

Alaska guidance says most no-will cases use informal probate when interested persons agree about the representative and whether a valid will exists. Disagreements call for formal probate.

Powers of attorney and guardianship

Alaska defines a durable power of attorney as one that is not terminated by the principal's incapacity.

Alaska court guidance says a power of attorney grants another person power to conduct business the grantor could do themselves. A power of attorney is often time-limited, requires the grantor to have capacity, and has no court oversight.

A guardian may be appointed in Alaska only if the person is incapacitated, needs help with specified decisions, and alternative methods are inadequate.

Estate tax and basis

Alaska court guidance states that Alaska does not collect a state estate tax. Tax may be due elsewhere if the decedent lived in or owned property in another state.

Thresholds and rates change.

Thresholds and rates change. Check the state's own current figures.