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When a person dies, the estate they leave behind will often have to go through a legal process known as probate. In probate court, all assets are reviewed to determine who should rightfully own them or if they must be collected to resolve outstanding debts that the deceased left behind. This is required whether or not the deceased individual left a will. However, if you’re looking to proactively avoid probate in Alaska, here are three effective strategies you can discuss with your estate planning attorney. 

How Alaskans Can Keep Their Estate Out of Probate

1. Transfer Assets on Death

Several essential assets in your estate may be automatically transferred to a specific beneficiary if you pass away. For example, you can keep your house out of probate by equipping the property with a transfer-on-death deed. Similarly, you can register a vehicle with the Alaska DMV with transfer-on-death instructions. If you want to do the same with your accounts, ask your bank to make them payable on death to your selected beneficiary. 

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2. Establish a Living Trust 

Similar to wills, revocable—or living—trusts detail instructions on how your estate will be managed if you pass away. However, the living trust can transfer property to beneficiaries without the need for probate. Additionally, the process will be kept out of the public record. Instead, the legal document will identify a selected individual—known as a trustee—to ensure assets are managed and transferred according to your wishes. 

3. Designate Estate as Community Property 

Married individuals can establish assets in an estate as community property. When one spouse passes away, all community property will automatically transfer to the surviving spouse without the need for probate. To make these arrangements, work with an estate planning attorney to create a “right-of-survivorship” agreement that recognizes assets as joint property. 

 

When you need an effective estate plan that you and your loved ones can count on, consult with Darryl L. Jones, Attorney at Law. Serving clients throughout Anchorage and the Matanuska-Susitna area, AK, this general practice attorney will introduce you to the best legal solutions to simplify your future estate management needs—such as by creating trusts to avoid probate or minimize tax liabilities. Jones and his team are also equipped to establish many other important parts of an estate plan—including health care and financial powers of attorney. For more details on these services or to schedule a convenient consultation, call (907) 746-9851. 

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