Alaska Complex Will - Income Trust for Spouse
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How to fill out Complex Will - Income Trust For Spouse?
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FAQ
Exempt property is personal property of the person who died, worth up to $10,000, that the Personal Representative must give to certain family members.
No, in Alaska, you do not need to notarize your will to make it legal. However, Alaska allows you to make your will "self-proving" and you'll need to go to a notary if you want to do that. A self-proving will speeds up probate because the court can accept the will without contacting the witnesses who signed it.
Living trusts A living trust is often the best choice for a large estate or if there are many beneficiaries. To avoid probate, most people create a living trust commonly called a revocable living trust.
Expenses that CAN be paid from the trust Cable TV, Phone and Internet. Clothing for the beneficiary. Haircuts. Eyeglasses. Cigarettes. Computer hardware and software, television, or other electronic equipment. Entertainment and recreation tickets and fees.
In fact, many estates can be settled without any court involvement at all. Estates valued at less than $50,000, plus $100,000 worth of motor vehicles, can often avoid the probate process in court, provided the estate contains no real property (land or a home).
If you want to avoid probate, you will also need to transfer ownership of all of your property to the revocable trust or name the revocable trust as a beneficiary of your property.
A probate is required when a person dies and owns property that does not automatically pass to someone else, or the estate doesn't qualify to use the Affidavit for Collection of Personal Property procedure. A probate allows a Personal Representative to transfer legal title of that property to the proper persons.
The Alaska Trust Act can save estate taxes, and the assets of the trust can be immunized from the claims of unknown future creditors. The trustee must either be a bank or trust company with its principal place of business in Alaska, or an individual who is a resident of Alaska.