Revocable Living Trust – Allows a person to create an entity while living and make themselves the grantor (‘creator’) and trustee (‘beneficiary’). Signing Requirements – Required to be signed with at least two (2) witnesses present.The Will also has the option of specifically excluding people from receiving any items as well as creating a trust for minors so that they can only get ahold of their portion once they get to a certain age. Last Will and Testament (‘Will’) – Allows an individual to write a document outlining all their property and specify exactly who it should go to after their death. If a person wants to convey their estate after their death there are two (2) options: and other requests as allowed within the State by the Principal.Voter registration and absentee ballot requests and.Benefits from government programs and military service.Bonds, shares, and commodities transactions.Transactions involving tangible personal property, chattels, and goods.Signing Requirements – Must be signed by the principal and a notary public.The term ‘durable’ means that even if the principal can no longer speak for themselves, the agent selected may continue to act. The decisions can be unlimited and wide-ranging from simply paying bills to being able to buy or sell real estate if the agent feels it’s in the best interests of the principal.ĭurable (Financial) Power of Attorney – Standard form for allowing someone else to ‘step in your shoes’ and make any type of financial decision in the best interests of the principal. This is often for the same reason a person will select a health care agent when they no longer have the capacity of mind to make clear and sound decisions for themselves. Even though an attorney is not required, it’s highly recommended especially if the individual has a high net worth.Ī financial agent is selected to act in the best interests of someone else when he or she is no longer able to do so. Use the following guide to administer one’s best interests while entering their later years while also being able to decide how their personal possessions, assets, and real estate is distributed after death. How to Create an Estate Plan in Alaska (6 steps) When transferring one’s assets and property, the Last Will and Testament or Revocable Living Trust should be used depending on the financial status of the individual. For medical requests, the Advance Health Care Directive should be used and for financial the Durable Power of Attorney must be completed. An Alaska estate planning checklist provides a list of documents that a person uses to set their medical and financial requests for later in life, as well as assign the beneficiaries who will inherit their assets and property after their death.
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