How to create a Basic Will in Alaska
Creating a will in Alaska involves several steps. Here is an overview of the general process to create a Will in Alaska:
- Eligibility: To create a will in Alaska, you must be at least 18 years old and be of sound mind, meaning you have the capacity to understand the nature of the act you are undertaking.
- Gather Information: Before meeting with an attorney or starting the process on your own, compile information about your assets, debts, and beneficiaries. Create a list of your properties, bank accounts, investments, personal belongings, and other assets you want to include in the will.
- Choose an Executor: Select someone you trust to be the executor of your will. The executor will be responsible for ensuring that your wishes are carried out and handling the legal and financial aspects of distributing your estate after your death.
- Draft the Will: Whether you’re working with an attorney or using an online template, when you draft your will, ensure it includes your name, address, and a clear statement that it is your last will and testament. The will should also name your chosen executor and specify how you want your assets distributed among beneficiaries.
- Witnesses and Signatures: To be deemed valid in Alaska, the will must bear your signature (the testator’s). Additionally, the will should be signed by at least two unbiased witnesses who are 18 years or older. These witnesses must certify that you acted with sound judgment, executed the will of your own volition, and that they observed the signing. It’s optimal for both witnesses to be concurrently present during the signing.
- Safekeeping: Once completed, store your will in a secure yet accessible location. Ensure your executor is aware of the will’s location. It might be kept with an attorney, in a secure place at home, or in a safe deposit box—though if using the latter, ensure easy accessibility for the executor.
- Keep the Will Updated: Regularly review and, if necessary, revise your will, especially following significant life events like marriage, divorce, the birth of children, the death of beneficiaries or named executors, or the acquisition or disposition of substantial assets.
How to create a Will online for free
Following the steps outlined above, you can create your own Last Will and Testament online for free. Our template below is suitable for most family situations. Though it’s always recommended to have an attorney review your Will when possible.
What are the different types of Wills you can create in Alaska?
This is the most basic and common type of will. It outlines how your assets will be distributed among your beneficiaries, and it may include provisions for guardianship of minor children. Simple wills are suitable for individuals with straightforward estate plans.
A holographic will is handwritten and signed by the testator (the person making the will) but may not have been witnessed. Some jurisdictions recognize holographic wills, but they can be subject to stricter requirements and may not be accepted in all situations.
A conditional will includes specific conditions that must be met for the will’s instructions to take effect. For example, the will might state that a certain beneficiary will inherit only if they reach a certain age or fulfill certain obligations.
In some jurisdictions, an unsolemn will is a will that has not been formally witnessed, but it may still be considered valid under certain circumstances, such as if the testator was in danger of death.
What are the benefits of creating a simple Will in Alaska?
- Control and autonomy: Creating a will lets you decide who will inherit your assets, including money, property, and personal belongings. You have the power to ensure your things go to the people or causes you care about the most.
- Guardianship of minors: If you have young children, a will allows you to appoint a guardian to care for them if both parents pass away. It gives you peace of mind knowing your kids will be taken care of by someone you trust.
- Avoiding family conflicts: By laying out your wishes clearly in a will, you can help minimize potential disagreements among your family members regarding the division of your assets.
- Efficient probate process: With a will in place, the legal process of distributing your estate, known as probate, can be more streamlined and faster, reducing stress for your loved ones during a difficult time.
- Executor appointment: You can nominate an executor in your will, someone responsible for making sure your wishes are carried out and your estate is distributed properly.
- Philanthropic opportunities: Through a will, you have the chance to leave part of your estate to charitable organizations or causes you support, leaving a positive impact on society.
- Peace of mind: By creating a will, you gain the satisfaction of knowing you’ve taken steps to plan for the future and safeguard your loved ones’ interests.
How much does it cost to create a Last Will & Testament in Alaska?
The cost of crafting a will varies considerably based on its complexity, the service route you opt for, and even the area in which you reside. Whether you’re looking for a straightforward, self-drafted document or a detailed, attorney-guided testament, the associated costs can range significantly. Below, you’ll find a pricing table that breaks down the average potential expenses
|Will Lawyers||Will Software||DIY Online Forms|
$200-$500+ per hour
Legal requirements for a basic Will in Alaska
Creating a valid will in Alaska requires adherence to certain legal requirements.
- Age Requirement: The person creating the will, known as the testator, must be at least 18 years old or an emancipated minor.
- Mental Capacity: The testator must be of sound mind, which means they understand the nature of the will, know the nature and extent of their property, and recognize their relation to living descendants, spouse, and others whose interests are affected by the will.
- Written Document: Alaska recognizes written wills, and both typewritten and holographic wills are valid.
- Typewritten Will: This should ideally be prepared with legal oversight or through a reliable template to ensure it covers all necessary aspects.
- Holographic Will: In Alaska, a holographic will is valid if the signature and the material terms are in the handwriting of the testator, even if not witnessed.
- Witnesses: A typewritten will must be signed by the testator and witnessed by at least two individuals who both:
- Were present at the same time when the testator signed or acknowledged the will.
- Understand that the document is the testator’s will.
In Alaska, witnesses may be beneficiaries without invalidating their witnessing. Generally, however, witnesses should not be beneficiaries in the will as this can create potential conflicts or disputes.
- Signature: The will must be signed by the testator.
- Self-Proving Affidavit: While not a requirement, including a self-proving affidavit can expedite the probate process. This affidavit is a notarized document signed by the testator and witnesses, affirming the authenticity of the will.
- No Requirement for Notarization: Alaska does not require wills to be notarized to be considered valid. However, if the will contains a self-proving affidavit, notarization is necessary for that part.
- Revocation or Alteration: A will can be revoked or changed by the testator during their lifetime through various methods, such as creating a subsequent will or codicil or intentionally burning, tearing, canceling, obliterating, or destroying it.
- Oral Wills: Alaska recognizes oral wills under limited circumstances, primarily when made during a testator’s last illness.
It’s essential to keep in mind that while understanding these requirements provides a foundation, drafting a will is a critical legal task. Errors can have significant implications for asset distribution and loved ones. Therefore, it’s advisable to consult with a Alaska-based estate planning attorney when creating or updating a will.
Notarizing a Will in Alaska
In Alaska, there is no legal requirement to notarize a will for it to be considered valid. However, the decision to notarize a will can have implications based on the presence of a “self-proving affidavit.”
Self-Proving Affidavit and Notarization: While the will itself doesn’t need to be notarized, a self-proving affidavit attached to the will should be. A self-proving affidavit is a notarized document signed by the testator and the witnesses that verifies they all properly executed the will. This affidavit can expedite the probate process because, with it, the court can accept the will without having to contact the signing witnesses to confirm the will’s authenticity.
If I move to another state, is my Alaska Will still valid?
If you move to another state, your Alaska will generally remains valid, especially if it was validly executed according to Alaska’s laws. However, there are some important considerations to bear in mind:
- Different State Laws: While many states have similar basic requirements for will validity, such as the testator’s age and mental capacity and the need for witnesses, the specific details can vary. Some states may have nuances in their requirements, such as the number of witnesses needed, that could potentially impact the validity or interpretation of certain provisions in your will.
- Property and Specific References: If you acquired property in your new state or have specific references in your will that are tied to Alaska, these might need reconsideration and revision to suit your new state’s laws or context.
- Executor/Appointee Regulations: Some states have regulations concerning out-of-state executors or other appointees. If your will names an Alaska resident as your executor, the new state might impose additional requirements or restrictions on them.
- Marital Property: If you move from a common law property state like Alaska to a community property state (or vice versa), it could affect how marital property is viewed and divided. This change could have implications for how assets are distributed in your will.
- Updates and Life Changes: Moving to a new state is a significant life event, and it’s a good time to review your will. Other changes might have occurred in your life, such as births, deaths, marriages, or divorces, which might also warrant updates to your estate plans.
- New State’s Provisions for Out-of-State Wills: Some states have provisions that specifically address the validity of wills executed in other states. These provisions might explicitly validate out-of-state wills if they were validly executed under the laws of the originating state.
- Recommendation: While your Alaska will might remain valid after moving, it’s wise to consult with an estate planning attorney in your new state. They can review your will to ensure it complies with the new state’s laws, and they can advise on any updates or revisions that might be beneficial or necessary. This proactive approach can save potential complications and disputes down the road.
What are the executor requirements for a Will in Alaska?
In Alaska, the law sets forth certain requirements and considerations for individuals to serve as executors of a will. Here are the primary requirements and considerations for an executor in Alaska:
Age: The personal representative must be at least 18 years old.
- Mental Competency: The individual must be of sound mind, indicating they understand the duties and responsibilities they’re assuming as a personal representative.
- No Felony Convictions: Unlike some states, Alaska does not categorically exclude individuals with felony convictions from serving as personal representatives. However, the probate court retains the right to assess the appropriateness of a potential representative, taking into account aspects like the nature of their crime and its relevance to their role in estate administration.
- Non-Residents: In Alaska, a non-resident can serve as a personal representative. However, they might need to appoint a resident agent in the state for the service of process. This agent will receive official communications on behalf of the out-of-state representative.
- Bonding: Alaska law might necessitate personal representatives to post a bond unless it’s waived by the will or all the interested persons. This bond serves as a safeguard to protect beneficiaries and creditors from potential malfeasance by the personal representative. The amount typically hinges on the estate’s value and can be determined by the probate court.
- No Conflicts of Interest: The court might assess potential conflicts of interest. For instance, if an individual could inappropriately benefit from their role as a personal representative, the court might reconsider their appointment.
- Court Discretion: It’s paramount to understand that, even if an individual fulfills all legal prerequisites, the court possesses discretion to gauge whether someone is apt to serve as a personal representative. Its prime concern remains the diligent and adept administration of the estate.
- Willingness to Serve: Importantly, just because one is named as a personal representative in a will doesn’t bind them to the role. If they’re disinclined or feel incapacitated to embrace the duties, they can renounce the appointment.
If you’re considering naming an executor in your will or have been named as one, it’s a good idea to consult with an estate planning attorney in Alaska to fully understand the responsibilities and legal implications.
Living Trust Vs Will: Which one is better?
To put it simply, Living Trusts are significantly better than Wills in many aspects but the most important reason is that a Trust allows you to bypass the probate process, which is the expensive, lengthy, and stressful 6-12 month process where courts validate Wills and distribute assets to beneficiaries. This process can be extremely stressful for your family. Both tools can be used simultaneously in estate planning, with a Will often serving as a “backup” to capture any assets unintentionally left out of a trust. Deciding between a Will, a Trust, or using both depends on individual circumstances and objectives. Read more about The Benefits of a Living Trust
Here is a breakdown of the differences:
- Will: A legal document that specifies how an individual’s assets will be distributed upon their death.
- Trust: A legal entity where one party, the trustor, grants another party, the trustee, the right to hold and manage assets for the benefit of third parties, the beneficiaries.
- Will: Assets specified in a Will go through the probate process, where a court ensures the deceased person’s wishes (as specified in the will) are followed. This can take 6-12 months and be very expensive.
- Trust: Assets held in a trust typically bypass the probate process. This can result in a significantly faster, less costly asset distribution. Saving your family from expensive legal fees.
- Will: Because it goes through probate, a will becomes a public record, which means anyone can access its contents.
- Trust: Remains private, and its details aren’t usually accessible to the public. You can also create a Trust using an anonymous name to increase privacy further.
- Will: Provides instructions for asset distribution upon death.
- Trust: With a living trust, you can set specific conditions on how your assets are managed and distributed. For example, you can stagger distributions to beneficiaries or set up provisions to protect assets for minor children or beneficiaries with special needs. This level of flexibility is often more challenging to achieve with a will.
- Will: Does not provide any particular protection against creditors or lawsuits.
- Trust: Certain types, like irrevocable trusts, can offer protection against creditors or legal claims. As well as protection from family disputes.
- Will: No tax benefits.
- Trust: Certain trusts can provide tax advantages or help in estate tax planning.