00 SENATE BILL NO. 166                                                                                                   
01 "An Act relating to the amendment and revocation of spouses' community                                                  
02 property agreements and community property trusts; and providing for an effective                                       
03 date."                                                                                                                  
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
05    * Section 1.  AS 34.77.090(e) is amended to read:                                                                  
06  (e)  A community property agreement may not be amended or revoked unless                                              
07 the agreement itself provides for  amendment or  revocation [ON A PARTICULAR                                          
08 DATE OR ON THE OCCURRENCE OF A PARTICULAR EVENT], or unless the                                                         
09 agreement is amended or revoked by a later community property agreement.  To                                            
10 amend or revoke the agreement, the later community property agreement is not                                            
11 required to declare any property of the spouses as community property.  The amended                                     
12 agreement or the revocation is enforceable without consideration.   However,                                           
13 notwithstanding the other provisions of this subsection, unless the community                                           
14 property agreement expressly provides otherwise, if a community property                                                
01 agreement provides for the nontestamentary disposition of property without                                              
02 probate, at any time after the death of the first spouse the surviving spouse may                                       
03 amend the community property agreement with regard to the surviving spouse's                                            
04 property to be disposed of at the surviving spouse's death.  In this subsection,                                        
05 "surviving spouse's property" means the property that consists of the surviving                                         
06 spouse's separate property and the surviving spouse's share of the community                                            
07 property determined as of the date of the first spouse's death.                                                        
08    * Sec. 2.  AS 34.77.100(e) is amended to read:                                                                     
09  (e)  A community property trust may not be amended or revoked unless the                                              
10 agreement itself provides for  amendment or  revocation ,  [ON A PARTICULAR DATE                                    
11 OR ON THE OCCURRENCE OF A PARTICULAR EVENT] or unless the agreement                                                     
12 is amended or revoked by a later community property trust.  To amend or revoke the                                      
13 trust, the later community property trust is not required to declare any property held                                  
14 by the trustee as community property.  The amended trust or the revocation is                                           
15 enforceable without consideration.   However, notwithstanding the other provisions                                     
16 of this subsection, unless the community property trust expressly provides                                              
17 otherwise, at any time after the death of the first spouse the surviving spouse may                                     
18 amend the community property trust with regard to the surviving spouse's                                                
19 property to be disposed of at the surviving spouse's death.  In this subsection,                                        
20 "surviving spouse's property" means the property that consists of the surviving                                         
21 spouse's separate property and the surviving spouse's share of the community                                            
22 property determined as of the date of the first spouse's death.                                                        
23    * Sec. 3.  This Act applies to community property agreements and community property                                
24 trusts that are entered into or created under AS 34.77 before, on, or after the effective date of                       
25 this Act.                                                                                                               
26    * Sec. 4.  This Act takes effect immediately under AS 01.10.070(c).