How to Make a Will in Alaska

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Making a will in Alaska is less expensive than dying intestate. You can write a will yourself, consult an attorney, or hire LegalPen. An adult intending to make a will in Alaska can follow the steps detailed in this article.  

What Are the Steps to Create a Will in Alaska?

The following are the steps to create a will in Alaska:

1. Make a list of all your assets, including but not limited to bank accounts, investments, real estate, personal property
2. Make a list of your beneficiaries, including your spouse, children, parents, friends, and charitable organisations.
3. Choose an executor or personal representative
4. Choose a guardian for your minor children
5. Consult with an attorney on the type of will you would like to create
6. Choose the will you would like to draft and draft the will
7. Sign the will in the presence of two credible witnesses
8. Store the will safely

What Happens If I Don’t Have a Will in Alaska?

When you do not have a will in Alaska, you are considered to have died intestate. When you die intestate, the laws of intestacy are invoked. Under the intestacy laws, your close family members inherit your property. The surviving spouse, children, siblings, parents, and grandparents will inherit your estate. The share of inheritance of your estate depends on the closeness of their relation to you.

What Are the Requirements for Writing a Last Will and Testament in Alaska?

The requirements for making a will in Alaska are:

1. The testator should be an adult of sound mind;
2. The will should be in writing;
3. The testator must sign the will; and
4. Two competent witnesses must witness the will.

How Often Should You Review and Update Your Alaska Will? 

You should review and update your Alaska will regularly, preferably once every year. Periodic reviewing ensures the will is up to date by covering changing life circumstances such as a beneficiary’s death, loss of property, purchase of property, birth of a child, or acquisition of a loan. 

How to Revise and Update Your Will in Alaska?

You can revise and update your will in Alaska by either writing a new will or creating a codicil to make minor changes to the will.  When writing a new will, you should expressly revoke all wills that existed before this new one. The latest will and codicil should be executed in the same manner as the old will.

You can revise and update the will yourself, or you can consult LegalPen, an online will writing company. 

What Makes a Will Valid in Alaska?

A will that is valid in Alaska must meet the following legal requirements:

1. The will must be in writing (printed or typed)
2. The testator must sign it;
3. Two competent witnesses must witness the will, and they should be present to witness the maker’s execution of the document.
4. The will must be made by an adult of eighteen years and above who is of sound kind.

Sound mind means someone not deemed incompetent in a prior legal proceeding. 

Can a Handwritten Will Be Valid in Alaska?

Yes, a handwritten will is valid in Alaska. For it to be considered valid, it must be written in the testator’s handwriting and signed by the testator. In Alaska, signing a handwritten or holographic will does not have to be witnessed by two credible witnesses.  

How Do I Sign My Alaska Will?

You sign your Alaska will be signing at the end of the will. The will should be signed in the presence of two credible witnesses who should sign the will within a reasonable time after witnessing your signature. Unlike other states, a beneficiary under a will in Alaska can be a witness, and they will not lose their bequest under the will. 

What Can I Include in an Online Will in Alaska?

You can include the following in your online Alaska will:

1. A list of your assets
2. A list of your beneficiaries
3. A list of your debts and liabilities
4. A list of your creditors and your preferred mode of payment
5. A guardian for your minor children
6. A guardian for your pets
7. Your will should name an executor or personal representative
8. Your death and funeral wishes
9. Any special bequests.

Property that is jointly owned should not be included in the will. Also, the will should not include homestead allowance and spousal elective share.

Types of Assets Covered in an Alaska Will

The types of assets to be included in an Alaska Will are:

1. Real Estate, such as land, apartments, and your primary house, among others
2. Business stakes, business ownership and assets
3. Stocks, Mutual Funds and Bonds
4. Physical cash
5. Personal property of monetary value, such as jewellery
6. Digital Assets such as cryptocurrency and online social media accounts such as X, Instagram, Facebook, YouTube, and Bitcoin. 

Can I Revoke or Change My Will in Alaska?

Yes, you can revoke or change your will in Alaska by writing a new will that revokes an existing will or performing a revocatory act such as burning, cancelling, destroying or obliterating the will. 

How Do You Revoke or Change Your Will in Alaska?

You can revoke your will in Alaska by:

1. By writing a new will that expressly revokes an existing will and
2. By burning, tearing, cancelling, destroying or obliterating the will yourself or ordering someone else to do it in your presence and under your direction.

Changing a will depends on the changes you would like to make to the will. Minor changes to a will can be made by drafting an instrument known as a codicil executed in the same manner as the original will. Major changes to a will can be made by writing a new will.  The latest will outrightly revoke the existing will. 

For a will to be considered valid, the person revoking it must intend to revoke it. 

Can I Make a Digital or Electronic Will in Alaska?

No, you can not make a digital or electronic will in Alaska. However, you can make a will using online digital resources. One is LegalPen, an online will-writing company that gives Alaska residents the help they need to write their wills online. 

Who Can Witness a Will in Alaska?

An adult in Alaska can witness the signing of a will. Unlike other states, a beneficiary under a will can also witness the signing of a will. The witness should affix their signature on the will within minutes of the testator’s signing.

In Alaska, a will should be witnessed by two credible witnesses, such as a lawyer, a friend, a family member, a business partner or any adult of sound mind and reasoning, 

Should My Will Name an Executor?

Yes, your will should name an executor or a personal representative. The executor will be in charge of the probate process; they will gather your assets upon your passing, pay your creditors, and transfer your property as provided in the will. 

What Are the Alaska Will Executor Requirements?

Alaska requires that the executor be an adult of at least 19 years. The executor can be a professional, an organisation such as a trust company or a bank, or a family member or friend. The executor should be trustworthy, responsible with finances, organized, fair-minded, and a good communicator.

What Happens to a Will After Death in Alaska?

After death in Alaska, a petition is filed with the probate court to admit the will in probate. After the petition is filed, a notice is issued to all the beneficiaries under the will. The notification may be published in local newspapers to alert potential creditors of the descendant’s passing. The executor then makes an inventory of the deceased’s estate, pays the estate debts, and distributes the remaining assets according to the wishes of the descendant as provided in the will. 

What is the Impact of Marriage and Divorce on Your Alaska Will?

Divorce and marriage revoke a will. After executing a will, if the testator is divorced or their marriage annulled, any will made during the subsistence of the marriage is revoked. Any disposition made to a former spouse or any clause appointing a former spouse as a power of attorney is revoked and voided.

Do All Wills in Alaska Have to Go Through Probate?

Yes, all wills have to go through probate. However, the probate process differs depending on the complexity of the estate. Alaska has informal and formal probate processes. The informal probate process takes less than six months, and the formal probate process may take up to 3 years.

Is Alaska a Community Property State?

No, Alaska is not a community property state; it is an equitable division state. In an equitable state, judges in family court consider the parties’ contributions to the acquisition of the property, the length of the marriage, the earning capacity of each party, the number and age of the children, non-monetary contributions, and the economic circumstances of each party. 

How is Alaska Intestate Succession Done?

In Alaska, intestate succession is done when a person dies without a will or leaves an invalid will. Intestate succession is done as follows:

1. When the deceased person leaves children but no spouse, the children inherit everything.
2. When the deceased person leaves a spouse with no descendants and parents, the spouse inherits everything.
3. When the spouse has parents but no children or spouse, the parents inherit everything. 
4. When the spouse leaves siblings, no spouse or children or parents, the siblings inherit everything.
5. When a deceased person leaves behind a spouse and parents, the spouse inherits the first $200,000 and ¾ of the remainder of the balance. The parents inherit the rest. 

How is Estate and Inheritance Tax in Alaska Done? 

Alaska does not have an estate and inheritance tax. Beneficiaries of the deceased’s estate are not required to pay tax on assets they inherit from the deceased. However, federal tax applies for estates whose value is above $13.8 Million.