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Updated Will Guide: Essential Information for All Family Structures

Comprehensive guide to updating your will for blended families, same-sex couples, parents, and individuals with significant assets. Learn why an updated will is crucial for protecting your loved ones and assets.

Introduction

An updated will is one of the most important legal documents you can create to protect your family and assets. This legal instrument ensures your wishes are carried out after your passing, providing clear instructions about how your property should be distributed, who will care for minor children, and how your affairs should be managed. Without an updated will, state laws determine what happens to your assets and dependents, which may not align with your intentions. This guide explains the importance of keeping your will current, especially for blended families, same-sex couples, parents with minor children, and individuals with significant assets. Understanding the basics of an updated will can help you make informed decisions to protect your loved ones and provide peace of mind for your family's future.

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Key Things to Know

  1. 1

    Without an updated will, state intestacy laws determine how your assets are distributed, which may not align with your wishes for your family members.

  2. 2

    For blended families, an updated will is essential to ensure all children (biological and step-children) are provided for according to your intentions.

  3. 3

    Same-sex couples benefit from the legal protections an updated will provides, especially in regions where legal recognition may be evolving.

  4. 4

    Naming guardians for minor children is one of the most important functions of a will for parents.

  5. 5

    Your will should be reviewed and potentially updated after every major life event (marriage, divorce, birth of children, significant asset acquisition).

  6. 6

    For those with significant assets, an updated will should work in conjunction with trusts and other estate planning tools to minimize taxes and maximize asset protection.

  7. 7

    Digital assets, pets, and sentimental items should be specifically addressed in your updated will to avoid confusion or conflict.

  8. 8

    Working with an estate planning attorney familiar with your specific family structure is highly recommended to ensure your will accomplishes your goals.

Key decisions before you file

Before you file a Updated Will in Alaska, a few decisions shape the document: which option to choose and what each one means. The Updated Will guide walks through them.

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Alaska Requirements for Updated Will

  • Testamentary Capacity (Alaska Statutes § 13.12.501)

    Under Alaska law, the testator must be at least 18 years old and of sound mind when executing a will. Sound mind means understanding the nature and extent of property, the natural objects of one's bounty, and the disposition being made.

  • Will Execution Requirements (Alaska Statutes § 13.12.502)

    Alaska requires wills to be in writing, signed by the testator (or by someone else in the testator's presence and at their direction), and witnessed by at least two competent individuals who also sign the will.

  • Self-Proved Will (Alaska Statutes § 13.12.504)

    Alaska allows for self-proved wills, which require the testator and witnesses to sign affidavits before a notary public, simplifying the probate process by eliminating the need for witness testimony.

  • Holographic Wills (Alaska Statutes § 13.12.502(b))

    Alaska recognizes holographic wills (handwritten by the testator) as valid even without witness signatures, provided the signature and material portions of the document are in the testator's handwriting.

  • Revocation of Wills (Alaska Statutes § 13.12.507)

    A will or any part of it may be revoked by a subsequent will that revokes the prior will explicitly or by inconsistency, or by performing a revocatory act on the will with the intent to revoke it.

  • Spouse's Elective Share (Alaska Statutes § 13.12.202)

    A surviving spouse has the right to elect against the will and take a percentage of the augmented estate, which varies based on the length of the marriage.

  • Homestead Allowance (Alaska Statutes § 13.12.402)

    A surviving spouse is entitled to a homestead allowance of $27,000. If there is no surviving spouse, minor or dependent children are entitled to share the allowance equally.

  • Family Allowance (Alaska Statutes § 13.12.404)

    The surviving spouse and minor children whom the decedent was obligated to support are entitled to a reasonable family allowance for maintenance during the administration of the estate.

  • Exempt Property (Alaska Statutes § 13.12.403)

    The surviving spouse is entitled to up to $10,000 in value of household furniture, automobiles, furnishings, appliances, and personal effects from the estate.

  • Intestate Succession (Alaska Statutes § 13.12.101)

    If any portion of the estate is not effectively disposed of by the will, Alaska's intestate succession laws determine how that property is distributed.

  • Pretermitted Children (Alaska Statutes § 13.12.302)

    Children born or adopted after the execution of a will who are not provided for in the will may be entitled to a share of the estate as if the testator had died intestate.

  • Guardian Nominations (Alaska Statutes § 13.26.132)

    A will may appoint a guardian for minor children. The court gives preference to the testamentary appointment unless it finds the appointment would be contrary to the best interests of the minor.

  • Personal Representative Appointment (Alaska Statutes § 13.16.065)

    A will may designate an executor/personal representative to administer the estate. The court will generally honor this designation unless there is good cause not to do so.

  • Alaska Trust Act Provisions (Alaska Statutes § 34.40.110)

    Alaska allows for the creation of self-settled spendthrift trusts and other asset protection trusts within a will, which can provide significant protection from creditors.

  • Community Property (Alaska Statutes § 34.77.030)

    Alaska is an opt-in community property state. If spouses have signed a community property agreement, this affects how property can be distributed in a will.

  • No-Contest Clauses (Alaska Statutes § 13.12.517)

    Alaska generally enforces no-contest clauses in wills, which can disinherit beneficiaries who challenge the will, unless the contest is brought in good faith and with probable cause.

  • Federal Estate Tax Considerations (26 U.S.C. § 2001)

    Wills should address federal estate tax planning for estates exceeding the federal exemption amount ($12.92 million in 2023), including marital deduction planning and portability elections.

  • Generation-Skipping Transfer Tax (26 U.S.C. § 2601)

    Wills that create trusts or make distributions to grandchildren or more remote descendants should consider the impact of the federal generation-skipping transfer tax.

  • Digital Assets (Alaska Statutes § 13.63.010)

    Alaska has adopted the Revised Uniform Fiduciary Access to Digital Assets Act, allowing testators to give executors authority to access and manage digital assets.

  • Choice of Law Provisions (Alaska Statutes § 13.12.703)

    For testators with property in multiple states, the will should include a choice of law provision specifying that Alaska law governs the interpretation and effect of the will.

Frequently Asked Questions