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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. Exempt property is payable to the surviving spouse of the person who died, if any.
Signed by the person making the Will. Signed by two witnesses within a reasonable time after they watch the person sign the Will or after the person making the Will tells the witnesses that the signature on the Will belongs to him or her.
If you create a revocable trust, you will need to choose a Trustee and decide how the property will be managed after you die. 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.
Are Handwritten Wills Legal in Alaska? In Alaska, a handwritten Will, also called a holographic Will, can be valid and enforceable. The same rules apply to handwritten Wills as apply to typed Wills, except with respect to the witness requirement.
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.
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).
How to Create a Living Trust in Alaska Select the trust that best suits your current situation. ... Take inventory on your property and assets. ... Select a trustee to oversee your trust. ... Create the trust document. ... Sign the trust document in front of a notary public.
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.