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Alaska Living Trust Forms – Irrevocable & Revocable

The Alaska living trust is a document that can be used to bypass the probate process after someone dies. After the death of the creator of the Trust (the Grantor), the assets therein will be distributed to the Beneficiaries by an appointed Trustee (or Successor Trustee if applicable). All property listed in the trust will not be subject to any probate process in Alaska, which means that after death, the transfer of the listed Grantor’s property and assets will transfer immediately. All other property will be transferred in accordance to a “pour-over” Will

LawsTitle 13, Chapter 36

Will (Last Will and Testament) – Transfers all property and assets not listed in the Living Trust to the Beneficiaries. Unlike a Living Trust, all property in the Will must go through the probate process.

Registration (AS 13.36.005) – Form P-200 must be filed with the Trustee’s Local Court.

Types

Irrevocable – This type of Trust cannot be altered after it has been created. All assets and property placed in an Irrevocable Trust are no longer considered under the ownership of the Grantor and it is common for the Trust to have its own tax identification number (EIN).

Revocable – May be changed at anytime after it has been created. With a Revocable Trust, the Grantor may act as the Trustee and continue to make all necessary decisions on behalf of the assets.

Individual Roles

There are four (4) roles that are included in most Trusts:

Grantor (or “Settlor”) – The person that is making the Trust and the original owner of all property and real estate.

Trustee – For Revocable Trusts, this is often the same person as the Grantor. The Trustee will have control of all assets and property placed in the Trust until the Grantor’s death.

Successor Trustee – Individual in charge of managing trust if initial Trustee becomes incapacitated or dies. The Successor Trustee does not have to go through probate before transferring any assets.

Beneficiaries – The individuals who will receive all personal property and real estate as described for distribution in the Trust.

How to Make a Living Trust in Alaska

Anyone over the age of 18 may create a Trust in the State of Alaska by downloading and completing the preferred form. The form must be filled in with information regarding the assets being transferred to the trust as well as the names of the Grantor, Trustee, Successor Trustee, and the Beneficiaries. The individuals mentioned in the document should sign in the presence of a Notary Public and Two (2) Witnesses. In addition, a Trust must be registered in accordance with AS 13.36.010 along with the registration of Form P-200 in the Alaska Court of the Trustee. After creation, it is required that the property is placed in the name of the Trust.

Motor Vehicles – An Alaska Bill of Sale must be used to change the ownership of an automobile that is to be placed in the Trust.

Real Estate – If a residential home or commercial property is placed in the Trust, it should be done via the Alaska Deed and filed accordingly with the District Recorder’s Office.

Websites – The domain name must change ownership with the information registered with ICANN / WHOIS. This can be done by logging into your account located with your registrar (such as GoDaddy) and changing the administration and contact information.

Do I Need a Living Trust?

Under Alaska law, § 13.16.680, if an individual has less than $100,000 in the value of their vehicles and less than $50,000 in all other property types, they can avoid the process of going through probate court. However, should the individual have a larger estate, or if they wish to provide specific provisions detailing the distribution of assets and property following their death, they would be well advised to create a Living Trust.

In the event that the Grantor decides not to create a Living Trust due to the assets being below the threshold made by the State of Alaska, the Heirs may be able to get access after the Grantor’s death through the Small Estate Affidavit.

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