CSHB 308(JUD): "An Act relating to the Uniform Probate Code, including nonprobate transfers, guardianships, trusts, and multiple-party accounts; relating to the Uniform Simultaneous Death Act; and providing for an effective date."
00CS FOR HOUSE BILL NO. 308(JUD) 01 "An Act relating to the Uniform Probate Code, including nonprobate transfers, 02 guardianships, trusts, and multiple-party accounts; relating to the Uniform 03 Simultaneous Death Act; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 13.06.035 is repealed and reenacted to read: 06 Sec. 13.06.035. EVIDENCE OF DEATH OR STATUS. In addition to the 07 Alaska Rules of Evidence, the following rules relating to a determination of death and 08 status apply: 09 (1) death occurs when an individual has sustained either irreversible 10 cessation of circulatory and respiratory functions or irreversible cessation of all 11 functions of the entire brain, including the brain stem; a determination of death shall 12 be made under accepted medical standards; 13 (2) a certified or authenticated copy of a death certificate purporting to 14 be issued by an official or agency of the place where the death purportedly occurred
01 is prima facie evidence of the fact, place, date, and time of death and the identity of 02 the decedent; 03 (3) a certified or authenticated copy of a record or report of a 04 governmental agency, domestic or foreign, that an individual is missing, detained, 05 dead, or alive is prima facie evidence of the status and of the dates, circumstances, and 06 places disclosed by the record or report; 07 (4) in the absence of prima facie evidence of death under (2) or (3) of 08 this section, the fact of death may be established by clear and convincing evidence, 09 including circumstantial evidence; 10 (5) an individual whose death is not established under (1) - (4) of this 11 section and who is absent for a continuous period of five years, during which the 12 individual has not been heard from, and whose absence is not satisfactorily explained 13 after diligent search or inquiry, is presumed to be dead; the individual's death is 14 presumed to have occurred at the end of the period unless there is sufficient evidence 15 for determining that death occurred earlier; 16 (6) in the absence of evidence disputing the time of death stated on a 17 document described in (2) or (3) of this section, a document described in (2) or (3) of 18 this section that states a time of death 120 hours or more after the time of death of 19 another individual, however the time of death of the other individual is determined, 20 establishes by clear and convincing evidence that the individual survived the other 21 individual by at least 120 hours. 22 * Sec. 2. AS 13.06.050 is repealed and reenacted to read: 23 Sec. 13.06.050. GENERAL DEFINITIONS FOR AS 13.06 - AS 13.36. 24 Subject to additional definitions contained in AS 13.06 - AS 13.36 that are applicable 25 to specific provisions of AS 13.06 - AS 13.36, and unless the context otherwise 26 requires, in AS 13.06 - AS 13.36 27 (1) "agent" includes an attorney-in-fact under a durable or nondurable 28 power of attorney and an individual authorized to make decisions concerning another's 29 health care; 30 (2) "application" means a written request to the registrar for an order 31 of informal probate or appointment under AS 13.16.080 - 13.16.130;
01 (3) "beneficiary," as it relates to a trust beneficiary, includes a person 02 who has a present or future interest, vested or contingent, and also includes the owner 03 of an interest by assignment or other transfer; as it relates to a charitable trust, 04 "beneficiary" includes a person entitled to enforce the trust; as it relates to a 05 "beneficiary of a beneficiary designation," "beneficiary" means a beneficiary of an 06 insurance or annuity policy, of an account with payment on death designation under 07 AS 13.33, of a security registered in beneficiary form under AS 13.33, or of a pension, 08 profit-sharing, retirement, or similar benefit plan, or of another nonprobate transfer at 09 death; and, as it relates to a "beneficiary designated in a governing instrument," 10 "beneficiary" includes a grantee of a deed, a devisee, a trust beneficiary, a beneficiary 11 of a beneficiary designation, a donee, appointee, or taker in default of a power of 12 appointment, and a person in whose favor a power of attorney or a power held in an 13 individual, fiduciary, or representative capacity is exercised; 14 (4) "beneficiary designation" means a governing instrument naming a 15 beneficiary of an insurance or annuity policy, of an account with payment on death 16 designation under AS 13.33, of a security registered in beneficiary form under 17 AS 13.33, or of a pension, profit-sharing, retirement, or similar benefit plan, or of 18 another nonprobate transfer at death; 19 (5) "child" includes an individual entitled to take as a child under 20 AS 13.06 - AS 13.36 by intestate succession from the parent whose relationship is 21 involved, and excludes a person who is only a stepchild, a foster child, a grandchild, 22 or a more remote descendant; 23 (6) "claims," in respect to estates of decedents and protected persons, 24 includes liabilities of the decedent or protected person, whether arising in contract, in 25 tort, or in another way, and liabilities of the estate that arise at or after the death of the 26 decedent or after the appointment of a conservator, including funeral expenses and 27 expenses of administration; "claims" does not include estate or inheritance taxes, or 28 demands or disputes regarding title of a decedent or protected person to specific assets 29 alleged to be included in the estate; 30 (7) "court" means the superior court in this state; 31 (8) "conservator" means a person who is appointed by a court to
01 manage the estate of a protected person; 02 (9) "descendant" of an individual means all of the individual's 03 descendants of all generations, with the relationship of parent and child at each 04 generation being determined by the definition of child and parent contained in 05 AS 13.06 - AS 13.36; 06 (10) "devise," when used as a noun, means a testamentary disposition 07 of real or personal property and, when used as a verb, means to dispose of real or 08 personal property by will; 09 (11) "devisee" means a person designated in a will to receive a devise; 10 in AS 13.16, in the case of a devise to an existing trust or trustee, or to a trust or 11 trustee described by will, the trust or trustee is the devisee and the beneficiaries are not 12 devisees; 13 (12) "disability" means a cause for a protective order as described in 14 AS 13.26.165; 15 (13) "distributee" means a person who has received property of a 16 decedent from the decedent's personal representative other than as a creditor or 17 purchaser; "distributee" includes a testamentary trustee only to the extent of the 18 distributed assets, or increment to the distributed assets, remaining in the hands of the 19 testamentary trustee; "distributee" includes a beneficiary of a testamentary trust to 20 whom the trustee has distributed property received from a personal representative; in 21 this paragraph, "testamentary trustee" includes a trustee to whom assets are transferred 22 by will, to the extent of the devised assets; 23 (14) "estate" includes the property of the decedent, trust, or other 24 person whose affairs are subject to AS 13.06 - AS 13.36 as originally constituted and 25 as it exists from time to time during administration; 26 (15) "exempt property" means the property of a decedent's estate that 27 is described in AS 13.12.403; 28 (16) "fiduciary" includes a personal representative, guardian, 29 conservator, and trustee; 30 (17) "foreign personal representative" means a personal representative 31 appointed by another jurisdiction;
01 (18) "formal proceedings" means proceedings conducted before a judge 02 with notice to interested persons; 03 (19) "governing instrument" means a deed, a will, a trust, an insurance 04 or annuity policy, an account with payment on death designation under AS 13.33, a 05 security registered in beneficiary form under AS 13.33, a pension, profit-sharing, 06 retirement, or similar benefit plan, an instrument creating or exercising a power of 07 appointment or a power of attorney, or a dispositive, appointive, or nominative 08 instrument of a similar type; 09 (20) "guardian" means a person who has qualified as a guardian of a 10 minor or incapacitated person in accordance with testamentary or court appointment, 11 but excludes a person who is merely a guardian ad litem; 12 (21) "heirs," except as controlled by AS 13.12.711, means a person, 13 including the surviving spouse and the state, who is entitled under the statutes of 14 intestate succession to the property of a decedent; 15 (22) "incapacitated person" has the meaning given in AS 13.26.005; 16 (23) "informal proceedings" means those proceedings conducted without 17 notice to interested persons by an officer of the court acting as a registrar for probate 18 of a will or appointment of a personal representative; 19 (24) "interested person" includes heirs, devisees, children, spouses, 20 creditors, beneficiaries, and other persons having property rights in or claims against 21 a trust estate or the estate of a decedent, ward, or protected person; "interested person" 22 also includes persons having priority for appointment as personal representative, and 23 other fiduciaries representing interested persons; "interested person," as it relates to 24 particular persons, may vary from time to time and its meaning shall be determined 25 according to the particular purposes of, and matter involved in, a proceeding; 26 (25) "issue" of a person means a descendant under (9) of this section; 27 (26) "joint tenants with the right of survivorship" includes co-owners 28 of property held under circumstances that entitle one or more of the co-owners to the 29 whole of the property on the death of one or more of the other co-owners, but excludes 30 forms of co-ownership registration in which the underlying ownership of each party 31 is in proportion to that party's contribution;
01 (27) "lease" includes an oil, gas, or mineral lease; 02 (28) "letters" includes letters testamentary, letters of guardianship, 03 letters of administration, and letters of conservatorship; 04 (29) "minor" means a person who is under 19 years of age; 05 (30) "mortgage" means a conveyance, agreement, or arrangement in 06 which property is encumbered or used as security; 07 (31) "nonresident decedent" means a decedent who was domiciled in 08 another jurisdiction at the time of the decedent's death; 09 (32) "organization" means a corporation, business trust, estate, trust, 10 partnership, joint venture, association, government or governmental subdivision or 11 agency, or another legal or commercial entity; 12 (33) "parent" includes a person entitled to take, or who would be 13 entitled to take if a child dies without a will, as a parent under AS 13.06 - AS 13.36 14 by intestate succession from the child whose relationship is in question, and excludes 15 a person who is only a stepparent, foster parent, or grandparent; 16 (34) "payor" means a trustee, insurer, business entity, employer, 17 government, governmental agency or subdivision, or another person authorized or 18 obligated by law or a governing instrument to make payments; 19 (35) "personal representative" includes an executor, an administrator, 20 a successor personal representative, a special administrator, and a person who performs 21 substantially the same function under the law governing their status; "general personal 22 representative" excludes a special administrator; 23 (36) "petition" means a written request to the court for an order after 24 notice; 25 (37) "proceeding" includes an action at law and a suit in equity; 26 (38) "property" means anything that may be the subject of ownership, 27 and includes both real and personal property and an interest in real or personal 28 property; 29 (39) "protected person" has the meaning given in AS 13.26.005; 30 (40) "protective proceeding" has the meaning given in AS 13.26.005; 31 (41) "registrar" means the official of the court designated to perform
01 the functions of registrar under AS 13.06.090; 02 (42) "security" includes a note, a stock, a treasury stock, a bond, a 03 debenture, an evidence of indebtedness, a certificate of interest or participation in an 04 oil, gas, or mining title or lease or in payments out of production under an oil, gas, or 05 mining title or lease, a collateral trust certificate, a transferable share, a voting trust 06 certificate, an interest or instrument commonly known as a security, or a certificate of 07 interest or participation in, a temporary or interim certificate, receipt, or certificate of 08 deposit for, or a warrant or right to subscribe to or purchase, one of the items 09 identified in this paragraph; 10 (43) "settlement," in reference to a decedent's estate, includes the full 11 process of administration, distribution, and closing; 12 (44) "special administrator" means a personal representative as 13 described by AS 13.16.310 - 13.16.330; 14 (45) "state" means a state of the United States, the District of 15 Columbia, the Commonwealth of Puerto Rico, or a territory or insular possession 16 subject to the jurisdiction of the United States; 17 (46) "successor personal representative" means a personal 18 representative, other than a special administrator, who is appointed to succeed a 19 previously appointed personal representative; 20 (47) "successor" means a person, other than a creditor, who is entitled 21 to property of a decedent under the decedent's will or AS 13.06 - AS 13.36; 22 (48) "supervised administration" refers to the proceedings described in 23 AS 13.16.215 - 13.16.235; 24 (49) "survive" means to not predecease an event, including the death 25 of another individual, or to not be considered to predecease an event under 26 AS 13.12.104 or 13.12.702; "survive" includes its derivatives, including "survives," 27 "survived," "survivor," and "surviving"; 28 (50) "testacy proceeding" means a proceeding to establish a will or 29 determine intestacy; 30 (51) "testator" includes an individual of either sex; 31 (52) "trust" includes an express trust, private or charitable, with "An
01 Act additions to the trust, wherever and however created; "trust" also includes a trust 02 created or determined by judgment or decree under which the trust is to be 03 administered in the manner of an express trust; "trust" excludes other constructive 04 trusts, resulting trusts, conservatorships, personal representatives, trust accounts that 05 are POD designation accounts under AS 13.33.201 - 13.33.227, custodial arrangements 06 under AS 13.26 or AS 13.46, business trusts providing for certificates to be issued to 07 beneficiaries, common trust funds, voting trusts, security arrangements, liquidation 08 trusts, trusts for the primary purpose of paying debts, dividends, interest, salaries, 09 wages, profits, pensions, or employee benefits of any kind, and any arrangement under 10 which a person is nominee or escrowee for another; 11 (53) "trustee" includes an original, additional, or successor trustee, 12 whether or not appointed or confirmed by a court; 13 (54) "ward" has the meaning given in AS 13.26.005; 14 (55) "will" includes a codicil and a testamentary instrument that merely 15 appoints an executor, revokes or revises another will, nominates a guardian, or 16 expressly excludes or limits the right of an individual or class to succeed to property 17 of the decedent passing by intestate succession. 18 * Sec. 3. AS 13 is amended by adding a new chapter to read: 19 CHAPTER 12. INTESTACY, WILLS, AND DONATIVE TRANSFERS. 20 ARTICLE 1. INTESTATE SUCCESSION. 21 Sec. 13.12.101. INTESTATE ESTATE. (a) A part of a decedent's estate not 22 effectively disposed of by will passes by intestate succession to the decedent's heirs 23 as prescribed in AS 13.06 - AS 13.36, except as modified by the decedent's will. 24 (b) A decedent by will may expressly exclude or limit the right of an 25 individual or class to succeed to property of the decedent passing by intestate 26 succession. If that individual or a member of that class survives the decedent, the 27 share of the decedent's intestate estate to which that individual or class would have 28 succeeded passes as if that individual or each member of that class had disclaimed the 29 intestate share of the individual or member. 30 Sec. 13.12.102. SHARE OF SPOUSE. (a) Except as provided in (b) of this 31 section, the intestate share of a decedent's surviving spouse is
01 (1) the entire intestate estate if 02 (A) no descendant or parent of the decedent survives the 03 decedent; or 04 (B) all of the decedent's surviving descendants are also 05 descendants of the surviving spouse and there is no other descendant of the 06 surviving spouse who survives the decedent; 07 (2) the first $200,000, plus three-fourths of any balance of the intestate 08 estate, if no descendant of the decedent survives the decedent, but a parent of the 09 decedent survives the decedent; 10 (3) the first $150,000, plus one-half of any balance of the intestate 11 estate, if all of the decedent's surviving descendants are also descendants of the 12 surviving spouse and the surviving spouse has one or more surviving descendants who 13 are not descendants of the decedent; 14 (4) the first $100,000, plus one-half of any balance of the intestate 15 estate, if one or more of the decedent's surviving descendants are not descendants of 16 the surviving spouse. 17 (b) The intestate share of the surviving spouse in settlement common stock or 18 other inalienable stock in a corporation organized under the laws of the state under 43 19 U.S.C. 1601 - 1641 (Alaska Native Claims Settlement Act) is 20 (1) all of it if there is no surviving issue; or 21 (2) one-half of it if the decedent is survived by issue. 22 Sec. 13.12.103. SHARE OF HEIRS OTHER THAN SURVIVING SPOUSE. 23 A part of the intestate estate not passing to the decedent's surviving spouse under 24 AS 13.12.102, or the entire intestate estate if there is no surviving spouse, passes in 25 the following order to the individuals designated below who survive the decedent: 26 (1) to the decedent's descendants by representation; 27 (2) if there is no surviving descendant, to the decedent's parents equally 28 if both survive, or to the surviving parent; 29 (3) if there is no surviving descendant or parent, to the descendants of 30 the decedent's parents or either of them by representation; 31 (4) if there is no surviving descendant, parent, or descendant of a
01 parent, but the decedent is survived by one or more grandparents or descendants of 02 grandparents, half of the estate passes to the decedent's paternal grandparents equally 03 if both survive, or to the surviving paternal grandparent, or to the descendants of the 04 decedent's paternal grandparents or either of them if both are deceased, the 05 descendants taking by representation; and the other half passes to the decedent's 06 maternal relatives in the same manner; but if there is no surviving grandparent or 07 descendant of a grandparent on either the paternal or the maternal side, the entire 08 estate passes to the decedent's relatives on the other side in the same manner as the 09 half. 10 Sec. 13.12.104. REQUIREMENT THAT HEIR SURVIVE DECEDENT FOR 11 120 HOURS. An individual who fails to survive the decedent by 120 hours is 12 considered to have predeceased the decedent for purposes of homestead allowance, 13 exempt property, and intestate succession, and the decedent's heirs are determined 14 accordingly. If it is not established by clear and convincing evidence that an 15 individual who would otherwise be an heir survived the decedent by 120 hours, it is 16 considered that the individual failed to survive for the required period. This section 17 is not to be applied if its application would result in a taking of intestate estate by the 18 state under AS 13.12.105. 19 Sec. 13.12.105. NO TAKER. If there is no taker under this chapter, 20 (1) personal property in the intestate estate passes to the state and is 21 subject to AS 34.45.280 - 34.45.780; if notice to heirs, substantially equivalent to that 22 required by AS 34.45.310, has been given by the personal representative or other 23 person, AS 34.45.310 does not apply; 24 (2) real property in the intestate estate passes to the state and is subject 25 to AS 38.95.200 - 38.95.270. 26 Sec. 13.12.106. REPRESENTATION. (a) If, under AS 13.12.103(1), all or 27 part of a decedent's intestate estate passes by representation to the decedent's 28 descendants, the estate or part of the estate passing is divided into as many equal 29 shares as there are 30 (1) surviving descendants in the generation nearest to the decedent that 31 contains one or more surviving descendants; and
01 (2) deceased descendants in the same generation who left surviving 02 descendants, if any. 03 (b) Under (a) of this section, each surviving descendant in the nearest 04 generation is allocated one share, and the remaining shares, if any, are combined and 05 then divided in the same manner among the surviving descendants of the deceased 06 descendants as if the surviving descendants who were allocated a share and their 07 surviving descendants had predeceased the decedent. 08 (c) If, under AS 13.12.103(3) or (4), all or part of a decedent's intestate estate 09 passes by representation to the descendants of the decedent's deceased parents or either 10 of them or to the descendants of the decedent's deceased paternal or maternal 11 grandparents or either of them, the estate or part of the estate passing is divided into 12 as many equal shares as there are 13 (1) surviving descendants in the generation nearest the deceased parents 14 or either of them, or the deceased grandparents or either of them, that contains one or 15 more surviving descendants; and 16 (2) deceased descendants in the same generation who left surviving 17 descendants, if any. 18 (d) Under (c) of this section, each surviving descendant in the nearest 19 generation is allocated one share, and the remaining shares, if any, are combined and 20 then divided in the same manner among the surviving descendants of the deceased 21 descendants as if the surviving descendants who were allocated a share and their 22 surviving descendants had predeceased the decedent. 23 (e) In this section, "deceased descendant," "deceased parent," or "deceased 24 grandparent" means a descendant, parent, or grandparent who either predeceased the 25 decedent or is considered to have predeceased the decedent under AS 13.12.104. 26 Sec. 13.12.107. KINDRED OF HALF BLOOD. Relatives of the half blood 27 inherit the same share they would inherit if the were of the whole blood. 28 Sec. 13.12.108. AFTER-BORN HEIRS. An individual in gestation at a 29 particular time is treated as living at that time if the individual lives 120 hours or more 30 after birth. 31 Sec. 13.12.109. ADVANCEMENTS. (a) If an individual dies intestate as to
01 all or a portion of the individual's estate, property the decedent gave during the 02 decedent's lifetime to an individual who, at the decedent's death, is an heir is treated 03 as an advancement against the heir's intestate share only if 04 (1) the decedent declared in a contemporaneous writing or the heir 05 acknowledged in writing that the gift is an advancement; or 06 (2) the decedent's contemporaneous writing or the heir's written 07 acknowledgment otherwise indicates that the gift is to be taken into account in 08 computing the division and distribution of the decedent's intestate estate. 09 (b) For purposes of (a) of this section, property advanced is valued as of the 10 time the heir came into possession or enjoyment of the property or as of the time of 11 the decedent's death, whichever first occurs. 12 (c) If the recipient of the property fails to survive the decedent, the property 13 is not taken into account in computing the division and distribution of the decedent's 14 intestate estate, unless the decedent's contemporaneous writing provides otherwise. 15 Sec. 13.12.110. DEBTS TO DECEDENT. A debt owed to a decedent is not 16 charged against the intestate share of any individual except the debtor. If the debtor 17 fails to survive the decedent, the debt is not taken into account in computing the 18 intestate share of the debtor's descendants. 19 Sec. 13.12.111. ALIENAGE. An individual is not disqualified to take as an 20 heir because the individual or another individual through whom the individual claims 21 is or has been an alien. 22 Sec. 13.12.113. INDIVIDUALS RELATED TO DECEDENT THROUGH 23 TWO LINES. An individual who is related to the decedent through two lines of 24 relationship is entitled to only a single share based on the relationship that would 25 entitle the individual to the larger share. 26 Sec. 13.12.114. PARENT AND CHILD RELATIONSHIP. (a) Except as 27 provided in (b) - (d) of this section, for purposes of intestate succession by, through, 28 or from a person, an individual is the child of the individual's natural parents, 29 regardless of their marital status, and the parent and child relationship may be 30 established as indicated under AS 25.20.050. 31 (b) An adopted individual is the child of the individual's adopting parent or
01 parents and not of the individual's natural parents, but adoption of a child by the 02 spouse of either natural parent does not affect 03 (1) the relationship between the child and that natural parent; or 04 (2) the right of the child or a descendant of the child to inherit from 05 or through the other natural parent. 06 (c) Inheritance from or through a child by either natural parent or the natural 07 parent's kindred is precluded unless that natural parent has openly treated the child as 08 the natural parent's child, and has not refused to support the child. 09 (d) To the extent there is a conflict between this section and either 10 AS 25.20.050 or AS 25.23.130, this section controls. 11 ARTICLE 2. ELECTIVE SHARE OF SURVIVING SPOUSE. 12 Sec. 13.12.201. DEFINITIONS. (a) In AS 13.12.201 - 13.12.204 and 13 13.12.206 - 13.12.214, "decedent's nonprobate transfers to others" means the amounts 14 that are included in the augmented estate under AS 13.12.205. 15 (b) In AS 13.12.201 - 13.12.214, 16 (1) "fractional interest in property held in joint tenancy with the right 17 of survivorship," whether the fractional interest is unilaterally severable or not, means 18 the fraction, the numerator of which is one and the denominator of which, if the 19 decedent was a joint tenant, is one plus the number of joint tenants who survive the 20 decedent, and which, if the decedent was not a joint tenant, is the number of joint 21 tenants; 22 (2) "marriage," as it relates to a transfer by the decedent during 23 marriage, means a marriage of the decedent to the decedent's surviving spouse; 24 (3) "nonadverse party" means a person who does not have a substantial 25 beneficial interest in the trust or other property arrangement that would be adversely 26 affected by the exercise or nonexercise of the power that the person possesses 27 respecting the trust or other property arrangement; a person having a general power of 28 appointment over property is considered to have a beneficial interest in the property; 29 (4) "power" or "power of appointment" includes a power to designate 30 the beneficiary of a beneficiary designation; 31 (5) "presently exercisable general power of appointment" means a
01 power of appointment under which, at the time in question, the decedent, whether or 02 not the decedent then had the capacity to exercise the power, held a power to create 03 a present or future interest in the decedent, the decedent's creditors, the decedent's 04 estate, or the creditors of the decedent's estate, and includes a power to revoke or 05 invade the principal of a trust or another property arrangement; 06 (6) "probate estate" means property that would pass by intestate 07 succession if the decedent died without a valid will; 08 (7) "property" includes values subject to a beneficiary designation; 09 (8) "right to income" includes a right to payments under a commercial 10 or private annuity, an annuity trust, a unitrust, or a similar arrangement; 11 (9) "transfer," as it relates to a transfer by or of the decedent, includes 12 (A) an exercise or release of a presently exercisable general 13 power of appointment held by the decedent; 14 (B) a lapse at death of a presently exercisable general power of 15 appointment held by the decedent; and 16 (C) an exercise, release, or lapse of 17 (i) a general power of appointment that the decedent 18 created in self; and 19 (ii) a power described in AS 13.12.205(2)(B) that the 20 decedent conferred on a nonadverse party. 21 Sec. 13.12.202. ELECTIVE SHARE. (a) The surviving spouse of a decedent 22 who dies domiciled in this state has a right of election, under the limitations and 23 conditions stated in AS 13.12.201 - 13.12.214, to take an elective share amount equal 24 to one-third of the augmented estate. 25 (b) If the sum of the amounts described in AS 13.12.207, 13.12.209(a)(1), and 26 that part of the elective share amount payable from the decedent's probate estate and 27 nonprobate transfers to others under AS 13.12.209(b) - (c) is less than $50,000, the 28 surviving spouse is entitled to a supplemental elective share amount equal to $50,000, 29 minus the sum of the amounts described in AS 13.12.207 and 13.12.209(a)(1), (b), and 30 (c). The supplemental elective share amount is payable from the decedent's probate 31 estate and from recipients of the decedent's nonprobate transfers to others in the order
01 of priority set out in AS 13.12.209(b) - (c). 02 (c) If the right of election is exercised by or on behalf of the surviving spouse, 03 the surviving spouse's homestead allowance, exempt property, and family allowance, 04 if any, are not charged against but are in addition to the elective share and 05 supplemental elective share amounts. 06 (d) The right, if any, of the surviving spouse of a decedent who dies domiciled 07 outside this state to take an elective share in property in this state is governed by the 08 law of the decedent's domicile at death. 09 Sec. 13.12.203. COMPOSITION OF THE AUGMENTED ESTATE. Subject 10 to AS 13.12.208, the value of the augmented estate, to the extent provided in 11 AS 13.12.204 - 13.12.207, consists of the sum of the values of all property, whether 12 real or personal, movable or immovable, tangible or intangible, wherever situated, that 13 constitute the decedent's net probate estate, the decedent's nonprobate transfers to 14 others, the decedent's nonprobate transfers to the surviving spouse, and the surviving 15 spouse's property and nonprobate transfers to others. 16 Sec. 13.12.204. DECEDENT'S NET PROBATE ESTATE. The value of the 17 augmented estate includes the value of the decedent's probate estate, reduced by 18 funeral and administration expenses, homestead allowance, family allowances, exempt 19 property, and enforceable claims. 20 Sec. 13.12.205. DECEDENT'S NONPROBATE TRANSFERS TO OTHERS. 21 The value of the augmented estate includes the value of the decedent's nonprobate 22 transfers to others, not included under AS 13.12.204, of any of the following types, in 23 the amount provided respectively for each type of transfer: 24 (1) property owned or owned in substance by the decedent immediately 25 before death that passed outside probate at the decedent's death; property included 26 under this category consists of 27 (A) property over which the decedent alone, immediately before 28 death, held a presently exercisable general power of appointment; the amount 29 included is the value of the property subject to the power, to the extent the 30 property passed at the decedent's death, by exercise, release, lapse, default, or 31 otherwise, to or for the benefit of a person other than the decedent's estate or
01 surviving spouse; 02 (B) the decedent's fractional interest in property held by the 03 decedent in joint tenancy with the right of survivorship; the amount included 04 is the value of the decedent's fractional interest, to the extent that the fractional 05 interest passed by right of survivorship at the decedent's death to a surviving 06 joint tenant other than the decedent's surviving spouse; 07 (C) the decedent's ownership interest in property or accounts 08 held in pay on death, transfer on death, or co-ownership registration with the 09 right of survivorship; the amount included is the value of the decedent's 10 ownership interest, to the extent the decedent's ownership interest passed at the 11 decedent's death to or for the benefit of a person other than the decedent's 12 estate or surviving spouse; 13 (D) proceeds of insurance, including accidental death benefits, 14 on the life of the decedent, if the decedent owned the insurance policy 15 immediately before death or if and to the extent the decedent alone and 16 immediately before death held a presently exercisable general power of 17 appointment over the policy or its proceeds; the amount included is the value 18 of the proceeds, to the extent the proceeds were payable at the decedent's death 19 to or for the benefit of a person other than the decedent's estate or surviving 20 spouse; 21 (2) property transferred in any of the following forms by the decedent 22 during marriage: 23 (A) an irrevocable transfer in which the decedent retained the 24 right to the possession or enjoyment of, or to the income from, the property, 25 if and to the extent the decedent's right terminated at or continued beyond the 26 decedent's death; the amount included is the value of the fraction of the 27 property to which the decedent's right related, to the extent the fraction of the 28 property passed outside probate to or for the benefit of a person other than the 29 decedent's estate or surviving spouse; 30 (B) a transfer in which the decedent created a power over the 31 income or property, exercisable by the decedent alone or in conjunction with
01 another person, or exercisable by a nonadverse party, to or for the benefit of 02 the decedent, the decedent's creditors, the decedent's estate, or creditors of the 03 decedent's estate; the amount included with respect to a power over property 04 is the value of the property subject to the power, and the amount included with 05 respect to a power over income is the value of the property that produces or 06 produced the income, to the extent the power in either case was exercisable at 07 the decedent's death to or for the benefit of a person other than the decedent's 08 surviving spouse or to the extent the property passed at the decedent's death, 09 by exercise, release, lapse, default, or otherwise, to or for the benefit of a 10 person other than the decedent's estate or surviving spouse; if the power is a 11 power over both income and property and the preceding provision defining the 12 amount included produces different amounts, the amount included is the greater 13 amount; and 14 (3) property that passed during marriage and during the two-year period 15 next preceding the decedent's death as a result of a transfer by the decedent if the 16 transfer was of any of the following types: 17 (A) property that passed as a result of the termination of a right 18 or interest in, or power over, property that would have been included in the 19 augmented estate under (1)(A), (B), or (C) or (2) of this section, if the right, 20 interest, or power had not terminated until the decedent's death; the amount 21 included is the value of the property that would have been included under 22 (1)(A), (B), or (C) or (2) of this section, if the property were valued at the time 23 the right, interest, or power terminated, and is included only to the extent the 24 property passed upon termination to or for the benefit of a person other than 25 the decedent or the decedent's estate, spouse, or surviving spouse; as used in 26 this subparagraph, termination, with respect to a right or interest in property, 27 occurs when the right or interest terminated by the terms of the governing 28 instrument or the decedent transferred or relinquished the right or interest, and, 29 with respect to a power over property, occurs when the power terminated by 30 exercise, release, lapse, default, or otherwise, but, with respect to a power 31 described in (1)(A) of this section, termination occurs when the power
01 terminated by exercise or release, but not otherwise; 02 (B) a transfer of or relating to an insurance policy on the life 03 of the decedent if the proceeds would have been included in the augmented 04 estate under (1)(D) of this section had the transfer not occurred; the amount 05 included is the value of the insurance proceeds to the extent the proceeds were 06 payable at the decedent's death to or for the benefit of a person other than the 07 decedent's estate or surviving spouse; 08 (C) a transfer of property, to the extent not otherwise included 09 in the augmented estate, made to or for the benefit of a person other than the 10 decedent's surviving spouse; the amount included is the value of the property 11 transferred to a person to the extent that the aggregate transfers to that person 12 in either of the two years exceeded $10,000. 13 Sec. 13.12.206. DECEDENT'S NONPROBATE TRANSFERS TO THE 14 SURVIVING SPOUSE. Excluding property passing to the surviving spouse under 42 15 U.S.C. 301 - 1397f (Social Security Act), the value of the augmented estate includes 16 the value of the decedent's nonprobate transfers to the decedent's surviving spouse, 17 which consist of all property that passed outside probate at the decedent's death from 18 the decedent to the surviving spouse by reason of the decedent's death, including: 19 (1) the decedent's fractional interest in property held as a joint tenant 20 with the right of survivorship, to the extent that the decedent's fractional interest 21 passed to the surviving spouse as surviving joint tenant; 22 (2) the decedent's ownership interest in property or accounts held in 23 co-ownership registration with the right of survivorship, to the extent the decedent's 24 ownership interest passed to the surviving spouse as surviving co-owner; and 25 (3) all other property that would have been included in the augmented 26 estate under AS 13.12.205(1) or (2) had it passed to or for the benefit of a person 27 other than the decedent's spouse, the decedent's surviving spouse, the decedent, or the 28 decedent's creditors, estate, or estate creditors. 29 Sec. 13.12.207. SURVIVING SPOUSE'S PROPERTY AND NONPROBATE 30 TRANSFERS TO OTHERS. (a) Except to the extent included in the augmented 31 estate under AS 13.12.204 or 13.12.206, the value of the augmented estate includes the
01 value of 02 (1) property that was owned by the decedent's surviving spouse at the 03 decedent's death, including 04 (A) the surviving spouse's fractional interest in property held 05 in joint tenancy with the right of survivorship; 06 (B) the surviving spouse's ownership interest in property or 07 accounts held in co-ownership registration with the right of survivorship; and 08 (C) property that passed to the surviving spouse by reason of 09 the decedent's death, but not including the spouse's right to homestead 10 allowance, family allowance, exempt property, or payments under 42 U.S.C. 11 301 - 1397f (Social Security Act); and 12 (2) property that would have been included in the surviving spouse's 13 nonprobate transfers to others, other than the spouse's fractional and ownership 14 interests included under (1)(A) or (B) of this subsection, had the spouse been the 15 decedent. 16 (b) Property included under this section is valued at the decedent's death, 17 taking the fact that the decedent predeceased the spouse into account, but, for purposes 18 of (a)(1)(A) and (B) of this section, the values of the spouse's fractional and ownership 19 interests are determined immediately before the decedent's death if the decedent was 20 then a joint tenant or a co-owner of the property or accounts. For purposes of (a)(2) 21 of this section, proceeds of insurance that would have been included in the spouse's 22 nonprobate transfers to others under AS 13.12.205(1)(D) are not valued as if the 23 spouse were deceased. 24 (c) The value of property included under this section is reduced by enforceable 25 claims against the surviving spouse. 26 Sec. 13.12.208. EXCLUSIONS, VALUATION, AND OVERLAPPING 27 APPLICATION. (a) The value of property is excluded from the decedent's 28 nonprobate transfers to others 29 (1) to the extent the decedent received adequate and full consideration 30 in money or money's worth for a transfer of the property; or 31 (2) if the property was transferred with the written joinder of, or if the
01 transfer was consented to in writing by, the surviving spouse. 02 (b) The value of property 03 (1) included in the augmented estate under AS 13.12.205, 13.12.206, 04 or 13.12.207 is reduced in each category by enforceable claims against the included 05 property; and 06 (2) includes the commuted value of any present or future interest and 07 the commuted value of amounts payable under a trust, life insurance settlement option, 08 annuity contract, public or private pension, disability compensation, death benefit or 09 retirement plan, or any similar arrangement, exclusive of 42 U.S.C. 301 - 1397f (Social 10 Security Act). 11 (c) In case of overlapping application to the same property of the provisions 12 of AS 13.12.205, 13.12.206, or 13.12.207, the property is included in the augmented 13 estate under the provision yielding the greatest value, and under only one overlapping 14 provision if all of the overlapping provisions yield the same value. 15 Sec. 13.12.209. SOURCES FROM WHICH ELECTIVE SHARE PAYABLE. 16 (a) In a proceeding for an elective share, the following are applied first to satisfy the 17 elective share amount and to reduce or eliminate any contributions due from the 18 decedent's probate estate and recipients of the decedent's nonprobate transfers to 19 others: 20 (1) amounts included in the augmented estate under AS 13.12.204 that 21 pass or have passed to the surviving spouse by testate or intestate succession, and 22 amounts included in the augmented estate under AS 13.12.206; and 23 (2) amounts included in the augmented estate under AS 13.12.207, up 24 to two-thirds of the augmented estate. 25 (b) If, after the application of (a) of this section, the elective share amount is 26 not fully satisfied or the surviving spouse is entitled to a supplemental elective share 27 amount, amounts included in the decedent's probate estate and in the decedent's 28 nonprobate transfers to others, other than amounts included under AS 13.12.205(3)(A) 29 or (C), are applied first to satisfy the unsatisfied balance of the elective share amount 30 or the supplemental elective share amount. The decedent's probate estate and that 31 portion of the decedent's nonprobate transfers to others shall be applied so that liability
01 for the unsatisfied balance of the elective share amount or for the supplemental elective 02 share amount is equitably apportioned among the recipients of the decedent's probate 03 estate and of that portion of the decedent's nonprobate transfers to others in proportion 04 to the value of the recipients' interests in the decedent's probate estate and that portion 05 of the decedent's nonprobate transfers to others. 06 (c) If, after the application of (a) and (b) of this section, the elective share or 07 supplemental elective share amount is not fully satisfied, the remaining portion of the 08 decedent's nonprobate transfers to others shall be applied so that liability for the 09 unsatisfied balance of the elective share or supplemental elective share amount is 10 equitably apportioned among the recipients of that remaining portion of the decedent's 11 nonprobate transfers to others in proportion to the value of the recipients' interests in 12 the decedent's nonprobate transfers to others. 13 Sec. 13.12.210. PERSONAL LIABILITY OF RECIPIENTS. (a) Only original 14 recipients of the decedent's nonprobate transfers to others, and the donees of the 15 recipients of the decedent's nonprobate transfers to others, to the extent the donees 16 have the property or its proceeds, are liable to make a proportional contribution toward 17 satisfaction of the surviving spouse's elective share or supplemental elective share 18 amount. A person liable to make contribution may choose to give up the person's 19 proportional part of the decedent's nonprobate transfers to others or to pay the value 20 of the amount for which the person is liable. 21 (b) If a provision of AS 13.12.201 - 13.12.214 is preempted by federal law 22 with respect to a payment, an item of property, or another benefit included in the 23 decedent's nonprobate transfers to others, a person who, not for value, receives the 24 payment, item of property, or other benefit is obligated to return the payment, item of 25 property, or benefit, or is personally liable for the amount of the payment or the value 26 of that item of property or benefit, as provided in AS 13.12.209, to the person who 27 would have been entitled to it if that provision were not preempted. 28 Sec. 13.12.211. PROCEEDING FOR ELECTIVE SHARE; TIME LIMIT. (a) 29 Except as provided in (b) of this section, the election shall be made by filing in the 30 court and mailing or delivering to the personal representative, if any, a petition for the 31 elective share within nine months after the date of the decedent's death, or within six
01 months after the probate of the decedent's will, whichever limitation expires later. The 02 surviving spouse shall give notice of the time and place set for hearing to persons 03 interested in the estate and to the distributees and recipients of portions of the 04 augmented estate whose interests will be adversely affected by the taking of the 05 elective share. Except as provided in (b) of this section, the decedent's nonprobate 06 transfers to others are not included within the augmented estate for the purpose of 07 computing the elective share if the petition is filed more than nine months after the 08 decedent's death. 09 (b) Within nine months after the decedent's death, the surviving spouse may 10 petition the court for an extension of time for making an election. If, within nine 11 months after the decedent's death, the spouse gives notice of the petition to all persons 12 interested in the decedent's nonprobate transfers to others, the court for cause shown 13 by the surviving spouse may extend the time for election. If the court grants the 14 spouse's petition for an extension, the decedent's nonprobate transfers to others are not 15 excluded from the augmented estate for the purpose of computing the elective share 16 and supplemental elective share amounts, if the spouse makes an election by filing in 17 the court and mailing or delivering to the personal representative, if any, a petition for 18 the elective share within the time allowed by the extension. 19 (c) The surviving spouse may withdraw the surviving spouse's demand for an 20 elective share at any time before entry of a final determination by the court. 21 (d) After notice and hearing, the court shall determine the elective share and 22 supplemental elective share amounts, and shall order payment of these amounts from 23 the assets of the augmented estate or by contribution as appears appropriate under 24 AS 13.12.209 and 13.12.210. If it appears that a fund or property included in the 25 augmented estate has not come into the possession of the personal representative, or 26 has been distributed by the personal representative, the court nevertheless shall fix the 27 liability of a person who has an interest in the fund or property or who has possession 28 of the fund or the property, whether as trustee or otherwise. The proceeding may be 29 maintained against fewer than all persons against whom relief could be sought, but a 30 person is not subject to contribution in a greater amount than the person would have 31 been under AS 13.12.209 and 13.12.210 if relief had been secured against all persons
01 subject to contribution. 02 (e) An order or judgment of the court may be enforced as necessary in suit for 03 contribution or payment in other courts of this state or other jurisdictions. 04 Sec. 13.12.212. RIGHT OF ELECTION PERSONAL TO SURVIVING 05 SPOUSE; INCAPACITATED SURVIVING SPOUSE. (a) The right of election may 06 be exercised only by a surviving spouse who is living when the petition for the 07 elective share is filed in the court under AS 13.12.211(a). If the election is not 08 exercised by the surviving spouse personally, it may be exercised on the surviving 09 spouse's behalf by the surviving spouse's conservator, guardian, or agent under the 10 authority of a power of attorney. 11 (b) If the election is exercised on behalf of a surviving spouse who is an 12 incapacitated person, the portion of the elective share and supplemental elective share 13 amounts due from the decedent's probate estate and recipients of the decedent's 14 nonprobate transfers to others under AS 13.12.209(b) and (c) shall be placed in a 15 custodial trust for the benefit of the surviving spouse under AS 13.60 (Alaska Uniform 16 Custodial Trust Act), except as provided in (c) - (e) of this section. For the purposes 17 of this subsection, an election on behalf of a surviving spouse by an agent under a 18 durable power of attorney is presumed to be on behalf of a surviving spouse who is 19 an incapacitated person. For the purposes of the custodial trust established by this 20 subsection, 21 (1) the electing guardian, conservator, or agent is the custodial trustee; 22 (2) the surviving spouse is the beneficiary; and 23 (3) the custodial trust is determined to have been created by the 24 decedent spouse by written transfer that takes effect at the decedent spouse's death and 25 that directs the custodial trustee to administer the custodial trust as for an incapacitated 26 beneficiary. 27 (c) An incapacitated beneficiary or a person acting on behalf of an 28 incapacitated beneficiary may not terminate a custodial trust established under (b) of 29 this section; but if the beneficiary regains capacity, the beneficiary then acquires the 30 power to terminate the custodial trust by delivering to the custodial trustee a writing 31 signed by the beneficiary declaring the termination. If not previously terminated, the
01 custodial trust terminates on the death of the beneficiary. 02 (d) Expenditures by the custodial trustee of the property of a custodial trust 03 established under (b) of this section shall be made with regard to other support, 04 income, and property of the beneficiary and benefits of medical or other forms of 05 assistance from any state or federal government or governmental agency for which the 06 beneficiary must qualify on the basis of need. 07 (e) Upon the beneficiary's death, the custodial trustee shall transfer the 08 unexpended property of a custodial trust established under (b) of this section in the 09 following order: 10 (1) under the residuary clause, if any, of the will of the beneficiary's 11 predeceased spouse against whom the elective share was taken, as if the predeceased 12 spouse died immediately after the beneficiary; 13 (2) to the predeceased spouse's heirs under AS 13.12.711. 14 Sec. 13.12.213. WAIVER OF RIGHT TO ELECT AND OF OTHER RIGHTS. 15 (a) The right of election of a surviving spouse and the rights of the surviving spouse 16 to homestead allowance, exempt property, and family allowance, or to any of them, 17 may be waived, wholly or partially, before or after marriage, by a written contract, 18 agreement, or waiver signed by the surviving spouse. 19 (b) A surviving spouse's waiver is not enforceable if the surviving spouse 20 proves that 21 (1) the surviving spouse did not execute the waiver voluntarily; or 22 (2) the waiver was unconscionable when it was executed and, before 23 execution of the waiver, the surviving spouse 24 (A) was not provided a fair and reasonable disclosure of the 25 property or financial obligations of the decedent; 26 (B) did not voluntarily and expressly waive, in writing, a right 27 to disclosure of the property or financial obligations of the decedent beyond the 28 disclosure provided; and 29 (C) did not have, or reasonably could not have had, an adequate 30 knowledge of the property or financial obligations of the decedent. 31 (c) An issue of unconscionability of a waiver is for decision by the court as
01 a matter of law. 02 (d) Unless it provides to the contrary, a waiver of "all rights," or equivalent 03 language, in the property or estate of a present or prospective spouse or a complete 04 property settlement entered into after or in anticipation of separation or divorce is a 05 waiver of all rights of elective share, homestead allowance, exempt property, and 06 family allowance by each spouse in the property of the other and a renunciation by 07 each of all benefits that would otherwise pass to the spouse from the other by intestate 08 succession or by virtue of a will executed before the waiver or property settlement. 09 Sec. 13.12.214. PROTECTION OF PAYORS AND OTHER THIRD 10 PARTIES. (a) Although under AS 13.12.205 a payment, item of property, or other 11 benefit is included in the decedent's nonprobate transfers to others, a payor or other 12 third party is not liable for having made a payment or transferred an item of property 13 or other benefit to a beneficiary designated in a governing instrument, or for having 14 taken other action in good faith reliance on the validity of a governing instrument, 15 upon request and satisfactory proof of the decedent's death, before the payor or other 16 third party received written notice from the surviving spouse or spouse's representative 17 of an intention to file a petition for the elective share or that a petition for the elective 18 share has been filed. A payor or other third party is liable for payments made or other 19 actions taken after the payor or other third party received written notice of an intention 20 to file a petition for the elective share or that a petition for the elective share has been 21 filed. 22 (b) The written notice under (a) of this section of intention to file a petition 23 for the elective share or that a petition for the elective share has been filed shall be 24 mailed to the payor's or other third party's main office or home by registered or 25 certified mail, return receipt requested, or served upon the payor or other third party 26 in the same manner as a summons in a civil action. Upon receipt of written notice of 27 intention to file a petition for the elective share or that a petition for the elective share 28 has been filed, a payor or other third party may pay any amount owed or transfer or 29 deposit an item of property held by it to or with the court having jurisdiction of the 30 probate proceedings relating to the decedent's estate, or if proceedings have not been 31 commenced, to or with the court located in the judicial district of the decedent's
01 residence. The court shall hold the funds or item of property and, upon its 02 determination under AS 13.12.211(d), shall order disbursement in accordance with the 03 determination. If a petition is not filed in the court within the specified time under 04 AS 13.12.211(a) or, if filed, the demand for an elective share is withdrawn under 05 AS 13.12.211(c), the court shall order disbursement to the designated beneficiary. 06 Payments or transfers to the court or deposits made into court discharge the payor or 07 other third party from all claims for amounts so paid or the value of property so 08 transferred or deposited. 09 (c) Upon petition to the court by the beneficiary designated in a governing 10 instrument, a court may order that all or part of the property paid or transferred into 11 court under (b) of this section be paid to the beneficiary in an amount and subject to 12 conditions consistent with AS 13.12.201 - 13.12.214. 13 ARTICLE 3. SPOUSE AND CHILDREN UNPROVIDED FOR 14 IN WILLS. 15 Sec. 13.12.301. ENTITLEMENT OF SPOUSE; PREMARITAL WILL. (a) 16 If a testator's surviving spouse married the testator after the testator executed the 17 testator's will, the surviving spouse is entitled to receive, as an intestate share, no less 18 than the value of the share of the estate the surviving spouse would have received if 19 the testator had died intestate as to that portion of the testator's estate, if any, that 20 neither is devised to a child of the testator who was born before the testator married 21 the surviving spouse and who is not a child of the surviving spouse nor is devised to 22 a descendant of such a child or passes under AS 13.12.603 or 13.12.604 to such a 23 child or to a descendant of such a child, unless 24 (1) it appears from the will or other evidence that the will was made 25 in contemplation of the testator's marriage to the surviving spouse; 26 (2) the will expresses the intention that it is to be effective 27 notwithstanding a subsequent marriage; or 28 (3) the testator provided for the spouse by transfer outside the will and 29 the intent that the transfer be in lieu of a testamentary provision is shown by the 30 testator's statements or is reasonably inferred from the amount of the transfer or other 31 evidence.
01 (b) In satisfying the share provided by this section, devises made by the will 02 to the testator's surviving spouse, if any, are applied first, and other devises, other than 03 a devise to a child of the testator who was born before the testator married the 04 surviving spouse and who is not a child of the surviving spouse or a devise or 05 substitute gift under AS 13.12.603 or 13.12.604 to a descendant of the child, abate as 06 provided in AS 13.16.540. 07 Sec. 13.12.302. OMITTED CHILDREN. (a) Except as provided in (b) of 08 this section, if a testator fails to provide in the testator's will for the testator's children 09 born or adopted after the execution of the will, the omitted after-born or after-adopted 10 child receives a share in the estate as follows: 11 (1) if the testator did not have a child living when the testator executed 12 the will, an omitted after-born of after-adopted child receives a share in the estate 13 equal in value to that which the child would have received had the testator died 14 intestate, unless the will devised all or substantially all of the estate to the other parent 15 of the omitted child and that other parent survives the testator and is entitled to take 16 under the will; 17 (2) if the testator had one or more children living when the testator 18 executed the will, and the will devised property or an interest in property to one or 19 more of the then living children, an omitted after-born or after-adopted child is entitled 20 to share in the testator's estate as follows: 21 (A) the portion of the testator's estate in which the omitted 22 after-born or after-adopted child is entitled to share is limited to devises made 23 to the testator's then living children under the will; 24 (B) the omitted after-born or after-adopted child is entitled to 25 receive the share of the testator's estate, as limited in (A) of this paragraph, 26 that the child would have received had the testator included all omitted after- 27 born and after-adopted children with the children to whom devises were made under the will 28 and had given an equal share of the estate to each child; 29 (C) to the extent feasible, the interest granted an omitted after- 30 born or after-adopted child under this section must be of the same character, whether equitable 31 or legal, or present or future, as that devised to the testator's then living children under the
01 will; 02 (D) in satisfying a share provided by this paragraph, devises to 03 the testator's children who were living when the will was executed abate 04 ratably; in abating the devises of the then living children, the court shall 05 preserve to the maximum extent possible the character of the testamentary plan 06 adopted by the testator. 07 (b) Neither (a)(1) nor (a)(2) of this section applies if 08 (1) it appears from the will that the omission was intentional; or 09 (2) the testator provided for the omitted after-born or after-adopted 10 child by transfer outside the will and the intent that the transfer be in lieu of a 11 testamentary provision is shown by the testator's statements or is reasonably inferred 12 from the amount of the transfer or other evidence. 13 (c) If at the time of execution of the will the testator fails to provide in the 14 testator's will for a living child solely because the testator believes the child to be 15 dead, the child is entitled to share in the estate as if the child were an omitted after- 16 born or after-adopted child. 17 (d) In satisfying a share provided by (a)(1) of this section, devises made by 18 the will abate under AS 13.16.540. 19 ARTICLE 4. EXEMPT PROPERTY AND ALLOWANCES. 20 Sec. 13.12.401. APPLICABLE LAW. AS 12.13.401 - 12.13.405 apply to the 21 estate of a decedent who dies domiciled in this state. Rights to homestead allowance, 22 exempt property, and family allowance for a decedent who dies not domiciled in this 23 state are governed by the law of the decedent's domicile at death. 24 Sec. 13.12.402. HOMESTEAD ALLOWANCE. A decedent's surviving 25 spouse is entitled to a homestead allowance of $27,000. If there is no surviving 26 spouse, each minor child and each dependent child of the decedent is entitled to a 27 homestead allowance amounting to $27,000 divided by the number of minor and 28 dependent children of the decedent. The homestead allowance is exempt from and has 29 priority over all claims against the estate. Homestead allowance is in addition to a 30 share passing to the surviving spouse or minor or dependent child by the will of the 31 decedent, unless otherwise provided, by intestate succession, or by way of elective
01 share. 02 Sec. 13.12.403. EXEMPT PROPERTY. In addition to the homestead 03 allowance, the decedent's surviving spouse is entitled from the estate to a value, not 04 exceeding $10,000 in excess of security interests in the items, in household furniture, 05 automobiles, furnishings, appliances, and personal effects. If there is no surviving 06 spouse, the decedent's children are entitled jointly to the same value. If encumbered 07 chattels are selected and the value in excess of security interests, plus that of other 08 exempt property, is less than $10,000, or if there is not $10,000 worth of exempt 09 property in the estate, the spouse or children are entitled to other assets of the estate, 10 if any, to the extent necessary to make up the $10,000 value. Rights to exempt 11 property and assets needed to make up a deficiency of exempt property have priority 12 over all claims against the estate, but the right to assets to make up a deficiency of 13 exempt property abates as necessary to permit earlier payment of homestead allowance 14 and family allowance. These rights are in addition to a benefit or share passing to the 15 surviving spouse or children by the decedent's will, unless otherwise provided, by 16 intestate succession, or by way of elective share. 17 Sec. 13.12.404. FAMILY ALLOWANCE. (a) In addition to the right to 18 homestead allowance and exempt property, the decedent's surviving spouse and minor 19 children whom the decedent was obligated to support and children who were in fact 20 being supported by the decedent are entitled to a reasonable allowance in money out 21 of the estate for their maintenance during the period of administration. The allowance 22 may not continue for longer than one year if the estate is inadequate to discharge 23 allowed claims. The allowance may be paid as a lump sum or in periodic installments. 24 It is payable to the surviving spouse, if living, for the use of the surviving spouse and 25 minor and dependent children; otherwise it is payable to the children, or persons 26 having their care and custody. If a minor child or dependent child is not living with 27 the surviving spouse, the allowance may be made partially to the child or the child's 28 guardian or other person having the child's care and custody, and partially to the 29 spouse, as their needs may appear. The family allowance is exempt from and has 30 priority over all claims except the homestead allowance. 31 (b) The family allowance is not chargeable against a benefit or share passing
01 to the surviving spouse or children by the will of the decedent, unless otherwise 02 provided, by intestate succession, or by way of elective share. The death of a person 03 entitled to family allowance terminates the right to allowances not yet paid. 04 Sec. 13.12.405. SOURCE, DETERMINATION, AND DOCUMENTATION. 05 (a) If the estate is otherwise sufficient, property specifically devised may not be used 06 to satisfy rights to homestead allowance or exempt property. Subject to this restriction, 07 the surviving spouse, guardians of minor children, or children who are adults may 08 select property of the estate as homestead allowance and exempt property. The 09 personal representative may make those selections if the surviving spouse, the children, 10 or the guardians of the minor children are unable or fail to do so within a reasonable 11 time or there is no guardian of a minor child. The personal representative may execute 12 an instrument or deed of distribution to establish the ownership of property taken as 13 homestead allowance or exempt property. The personal representative may determine 14 the family allowance in a lump sum not exceeding $18,000 or periodic installments not 15 exceeding $1,500 per month for one year, and may disburse funds of the estate in 16 payment of the family allowance and any part of the homestead allowance payable in 17 cash. The personal representative or an interested person aggrieved by a selection, 18 determination, payment, proposed payment, or failure to act under this section may 19 petition the court for appropriate relief, which may include a family allowance other 20 than that which the personal representative determined or could have determined. 21 (b) If the right to an elective share is exercised on behalf of a surviving spouse 22 who is an incapacitated person, the personal representative may add unexpended 23 portions payable under the homestead allowance, exempt property, and family 24 allowance to the trust established under AS 13.12.212(b). 25 ARTICLE 5. WILLS, WILL CONTRACTS, AND CUSTODY 26 AND DEPOSIT OF WILLS. 27 Sec. 13.12.501. WHO MAY MAKE WILL. An individual 18 or more years 28 of age who is of sound mind may make a will. 29 Sec. 13.12.502. EXECUTION; WITNESSED WILLS; HOLOGRAPHIC 30 WILLS. (a) Except as provided in (b) of this section and in AS 13.12.506 and 31 13.12.513, a will must be
01 (1) in writing; 02 (2) signed by the testator or in the testator's name by another individual 03 in the testator's conscious presence and by the testator's direction; and 04 (3) signed by at least two individuals, each of whom signs within a 05 reasonable time after the witness witnesses either the signing of the will as described 06 in (2) of this subsection or the testator's acknowledgment of that signature or the will. 07 (b) A will that does not comply with (a) of this section is valid as a 08 holographic will, whether or not witnessed, if the signature and material portions of 09 the document are in the testator's handwriting. 10 Sec. 13.12.504. SELF-PROVED WILL. (a) A will may be simultaneously 11 executed, attested, and made self-proved, by acknowledgment of the will by the 12 testator and affidavits of the witnesses, each made before an officer authorized to 13 administer oaths under the laws of the state in which execution occurs and evidenced 14 by the officer's certificate, under official seal, in substantially the following form: 15 I, _____________________, the testator, sign my name 16 to this instrument this ________ day of _________, and being 17 first duly sworn, do hereby declare to the undersigned authority 18 that I sign and execute this instrument as my will and that I sign 19 it willingly (or willingly direct another to sign for me), that I 20 execute it as my free and voluntary act for the purposes 21 expressed in the will, and that I am eighteen years of age or 22 older, of sound mind, and under no constraint or undue 23 influence. 24 ___________________________________ 25 Testator 26 We, _____________________, ___________________, 27 the witnesses, sign our names to this instrument, being first duly 28 sworn, and do hereby declare to the undersigned authority that 29 the testator signs and executes this instrument as the testator's 30 will and that the testator signs it willingly (or willingly directs 31 another to sign for the testator), and that each of us, in the
01 presence and hearing of the testator, hereby signs this will as 02 witness to the testator's signing, and that to the best of our 03 knowledge the testator is eighteen years of age or older, of 04 sound mind, and under no constraint or undue influence. 05 ________________________________ 06 Witness 07 ________________________________ 08 Witness 09 State of _________________ 10 _____________________ Judicial District 11 Subscribed, sworn to, and acknowledged before me by 12 __________________________, the testator, and subscribed and 13 sworn to before me by ______________________, and 14 ______________________, witness, this _____ day of 15 ______________. 16 (Seal) 17 ____________________________ 18 (Signed) 19 _____________________________ 20 (Official capacity of officer) 21 (b) An attested will may be made self-proved at any time after its execution 22 by the acknowledgment of the will by the testator and the affidavits of the witnesses, 23 each made before an officer authorized to administer oaths under the laws of the state 24 in which the acknowledgment occurs and evidenced by the officer's certificate, under 25 the official seal, attached or annexed to the will in substantially the following form: 26 State of _______________________ 27 __________________________ Judicial District 28 We, ___________________, __________________, and 29 __________________, the testator and the witnesses, 30 respectively, whose names are signed to the attached or 31 foregoing instrument, being first duly sworn, do hereby declare
01 to the undersigned authority that the testator signed and 02 executed the instrument as the testator's will and that the 03 testator had signed willingly (or willingly directed another to 04 sign for the testator), and that the testator executed it as the 05 testator's free and voluntary act for the purposes expressed in 06 the will, and that each of the witnesses, in the presence and 07 hearing of the testator, signed the will as witness and that to the 08 best of the witnesses' knowledge the testator was at that time 09 eighteen years of age or older, of sound mind, and under no 10 constraint or undue influence. 11 ______________________________ 12 Testator 13 _______________________________ 14 Witness 15 _______________________________ 16 Witness 17 Subscribed, sworn to and acknowledged before me by 18 _________________________, the testator, and subscribed and 19 sworn to before me by ____________________, and 20 __________________, witnesses, this _________ day of 21 ______________. 22 (Seal) 23 _______________________________ 24 (Signed) 25 ______________________________ 26 (Official capacity of officer) 27 (c) A signature affixed to a self-proving affidavit attached to a will is 28 considered a signature affixed to the will, if necessary to prove the will's due 29 execution. 30 Sec. 13.12.505. WHO MAY WITNESS. (a) An individual generally 31 competent to be a witness may act as a witness to a will.
01 (b) The signing of a will by an interested witness does not invalidate the will 02 or a provision of it. 03 Sec. 13.12.506. CHOICE OF LAW AS TO EXECUTION. A written will is 04 valid if executed in compliance with AS 13.12.502 or if its execution complies with 05 the law at the time of execution of the place where the will is executed, or of the law 06 of the place where at the time of execution or at the time of death the testator is 07 domiciled, has a place of abode, or is a national. 08 Sec. 13.12.507. REVOCATION BY WRITING OR BY ACT. (a) A will or 09 a part of a will is revoked 10 (1) by executing a subsequent will that revokes the previous will or part 11 expressly or by inconsistency; or 12 (2) by performing a revocatory act on the will, if the testator performed 13 the act with the intent and for the purpose of revoking the will or part of the will or 14 if another individual performed the act in the testator's conscious presence and by the 15 testator's direction; in this paragraph, "revocatory act on the will" includes burning, 16 tearing, canceling, obliterating, or destroying the will or any part of it; a "revocatory 17 act on the will" includes a burning, tearing, or canceling whether or not the burn, tear, 18 or cancellation touched any of the words on the will. 19 (b) If a subsequent will does not expressly revoke a previous will, the 20 execution of the subsequent will wholly revokes the previous will by inconsistency if 21 the testator intended the subsequent will to replace rather than supplement the previous 22 will. 23 (c) The testator is presumed to have intended a subsequent will to replace 24 rather than supplement a previous will if the subsequent will makes a complete 25 disposition of the testator's estate. If this presumption arises and is not rebutted by 26 clear and convincing evidence, the previous will is revoked; only the subsequent will 27 is operative on the testator's death. 28 (d) The testator is presumed to have intended a subsequent will to supplement 29 rather than replace a previous will if the subsequent will does not make a complete 30 disposition of the testator's estate. If this presumption arises and is not rebutted by 31 clear and convincing evidence, the subsequent will revokes the previous will only to
01 the extent the subsequent will is inconsistent with the previous will; each will is fully 02 operative on the testator's death to the extent they are not inconsistent. 03 Sec. 13.12.508. REVOCATION BY CHANGE OF CIRCUMSTANCES. 04 Except as provided in AS 13.12.803 and 13.12.804, a change of circumstances does 05 not revoke a will or a part of it. 06 Sec. 13.12.509. REVIVAL OF REVOKED WILL. (a) If a subsequent will 07 that wholly revoked a previous will is thereafter revoked by a revocatory act under 08 AS 13.12.507(a)(2), the previous will remains revoked unless it is revived. The 09 previous will is revived if it is evident from the circumstances of the revocation of the 10 subsequent will or from the testator's contemporary or subsequent declarations that the 11 testator intended the previous will to take effect as executed. 12 (b) If a subsequent will that partly revoked a previous will is thereafter 13 revoked by a revocatory act under AS 13.12.507(a)(2), a revoked part of the previous 14 will is revived unless it is evident from the circumstances of the revocation of the 15 subsequent will or from the testator's contemporary or subsequent declarations that the 16 testator did not intend the revoked part to take effect as executed. 17 (c) If a subsequent will that revoked a previous will in whole or in part is 18 thereafter revoked by another, later, will, the previous will remains revoked in whole 19 or in part, unless it or its revoked part is revived. The previous will or its revoked part 20 is revived to the extent it appears from the terms of the later will that the testator 21 intended the pervious will to take effect. 22 Sec. 13.12.510. INCORPORATION BY REFERENCE. A writing in existence 23 when a will is executed may be incorporated by reference if the language of the will 24 manifests this intent and describes the writing sufficiently to permit its identification. 25 Sec. 13.12.511. TESTAMENTARY ADDITIONS TO TRUSTS. (a) A will 26 may validly devise property to the trustee of a trust established or to be established 27 (1) during the testator's lifetime by the testator, by the testator and 28 some other person, or by some other person, including a funded or unfunded life 29 insurance trust, although the settlor has reserved any or all rights of ownership of the 30 insurance contracts; or 31 (2) at the testator's death by the testator's devise to the trustee, if the
01 trust is identified in the testator's will and its terms are set out in a written instrument, 02 other than a will, executed before, concurrently with, or after the execution of the 03 testator's will or in another individual's will if that other individual has predeceased 04 the testator, regardless of the existence, size, or character of the corpus of the trust. 05 (b) A devise under (a) of this section is not invalid because the trust is 06 amendable or revocable, or because the trust was amended after the execution of the 07 will or the testator's death. 08 (c) Unless the testator's will provides otherwise, property devised to a trust 09 described in (a) - (b) of this section is not held under a testamentary trust of the 10 testator, but it becomes a part of the trust to which it is devised, and must be 11 administered and disposed of in accordance with the provisions of the governing 12 instrument setting out the terms of the trust, including any amendments to the trust 13 made before or after the testator's death. 14 (d) Unless the testator's will provides otherwise, a revocation or termination 15 of the trust before the testator's death causes the devise to lapse. 16 Sec. 13.12.512. EVENTS OF INDEPENDENT SIGNIFICANCE. A will may 17 dispose of property by reference to acts and events that have significance apart from 18 their effect upon the dispositions made by the will, whether they occur before or after 19 the execution of the will or before or after the testator's death. The execution or 20 revocation of another individual's will is an event covered by this section. 21 Sec. 13.12.513. SEPARATE WRITING IDENTIFYING DEVISE OF 22 CERTAIN TYPES OF TANGIBLE PERSONAL PROPERTY. Whether or not the 23 provisions relating to holographic wills apply, a will may refer to a written statement 24 or list to dispose of items of tangible personal property not otherwise specifically 25 disposed of by the will, other than money. To be admissible under this section as 26 evidence of the intended disposition, the writing must be signed by the testator and 27 must describe the items and the devisees with reasonable certainty. The writing may 28 be referred to as one to be in existence at the time of the testator's death; it may be 29 prepared before or after the execution of the will; it may be altered by the testator after 30 its preparation; and it may be a writing that does not have significance apart from its 31 effect on the dispositions made by the will.
01 Sec. 13.12.514. CONTRACTS CONCERNING SUCCESSION. (a) A 02 contract to make a will or devise, or not to revoke a will or devise, or to die intestate, 03 if executed after the effective date of this Act, may be established only by 04 (1) provisions of a will stating material provisions of the contract; 05 (2) an express reference in a will to a contract and extrinsic evidence 06 proving the terms of the contract; or 07 (3) a writing signed by the decedent evidencing the contract. 08 (b) The execution of a joint will or mutual wills does not create a presumption 09 of a contract not to revoke the will or wills. 10 Sec. 13.12.515. DEPOSIT OF WILL WITH COURT IN TESTATOR'S 11 LIFETIME. A will may be deposited by the testator or the testator's agent with a 12 court for safekeeping, under rules of the court. During the testator's lifetime, the will 13 must be kept confidential. During the testator's lifetime, a deposited will shall be 14 delivered only to the testator or to a person authorized in writing signed by the testator 15 to receive the will. A conservator may be allowed to examine a deposited will of a 16 protected testator under procedures designed to maintain the confidential character of 17 the document to the extent possible, and to ensure that it will be kept confidential and 18 on deposit after the examination. 19 Sec. 13.12.516. DUTY OF CUSTODIAN OF WILL; LIABILITY. After the 20 death of a testator and on request of an interested person, a person having custody of 21 a will of the testator shall deliver it with reasonable promptness to a person able to 22 secure its probate and, if the person with custody does not know of a person able to 23 secure the will's probate, to an appropriate court. A person who wilfully fails to 24 deliver a will is liable to a person aggrieved for any damages that may be sustained 25 by the failure. A person who wilfully refuses or fails to deliver a will after being 26 ordered by the court in a proceeding brought for the purpose of compelling delivery 27 is subject to penalty for contempt of court. 28 Sec. 13.12.517. PENALTY CLAUSE FOR CONTEST. A provision in a will 29 purporting to penalize an interested person for contesting the will or instituting other 30 proceedings relating to the estate is unenforceable if probable cause exists for 31 instituting proceedings.
01 ARTICLE 6. RULES OF CONSTRUCTION APPLICABLE 02 ONLY TO WILLS. 03 Sec. 13.12.601. SCOPE. In the absence of a finding of a contrary intention, 04 the rules of construction in AS 13.12.601 - 13.12.609 control the construction of a will. 05 Sec. 13.12.602. WILL MAY PASS ALL PROPERTY AND AFTER- 06 ACQUIRED PROPERTY. A will may provide for the passage of all property the testator 07 owns at death and all property acquired by the estate after the testator's death. 08 Sec. 13.12.603. ANTILAPSE; DECEASED DEVISEE; CLASS GIFTS. (a) 09 If a devisee fails to survive the testator and is a grandparent, a descendant of a 10 grandparent, or a stepchild of either the testator or the donor of a power of 11 appointment exercised by the testator's will, the following apply: 12 (1) except as provided in (4) of this subsection, if the devise is in the 13 form of a class gift and the deceased devisee leaves surviving descendants, a substitute 14 gift is created in the devisee's surviving descendants; the surviving descendants take 15 by representation the property to which the devisee would have been entitled had the 16 devisee survived the testator; 17 (2) except as provided in (4) of this subsection, if the devise is in the 18 form of a class gift, other than a devise to "issue," "descendants," "heirs of the body," 19 "heirs," "next of kin," "relatives," or "family," or a class described by language of 20 similar import, a substitute gift is created in the surviving descendants of a deceased 21 devisee; the property to which the devisees would have been entitled had all of them 22 survived the testator passes to the surviving devisees and the surviving descendants of 23 the deceased devisees; each surviving devisee takes the share to which the surviving 24 devisee would have been entitled had the deceased devisees survived the testator; each 25 deceased devisee's surviving descendants who are substituted for the deceased devisee 26 take by representation the share to which the deceased devisee would have been 27 entitled had the deceased devisee survived the testator; in this paragraph, "deceased 28 devisee" means a class member who failed to survive the testator and left one or more 29 surviving descendants; 30 (3) for the purposes of AS 13.12.601, words of survivorship, as in a 31 devise to an individual "if the individual survives me," or in a devise to "my surviving
01 children," are not, in the absence of additional evidence, a sufficient indication of an 02 intent contrary to the application of this section; 03 (4) if the will creates an alternative devise with respect to a devise for 04 which a substitute gift is created by (1) or (2) of this subsection, the substitute gift is 05 superseded by the alternative devise only if an expressly designated devisee of the 06 alternative devise is entitled to take under the will; 07 (5) unless the language creating a power of appointment expressly 08 excludes the substitution of the descendants of an appointee for the appointee, a 09 surviving descendant of a deceased appointee of a power of appointment can be 10 substituted for the appointee under this section, whether or not the descendant is an 11 object of the power. 12 (b) If, under (a) of this section, substitute gifts are created and not superseded 13 with respect to more than one devise and the devises are alternative devises, one to the 14 other, the determination of which of the substitute gifts takes effect is resolved as 15 follows: 16 (1) except as provided in (2) of this subsection, the devised property 17 passes under the primary substitute gift; 18 (2) if there is a younger-generation devise, the devised property passes 19 under the younger-generation substitute gift and not under the primary substitute gift. 20 (c) In (b) of this section, 21 (1) "primary devise" means the devise that would have taken effect had 22 all the deceased devisees of the alternative devises who left surviving descendants 23 survived the testator; 24 (2) "primary substitute gift" means the substitute gift created with 25 respect to a primary devise; 26 (3) "younger-generation devise" means a devise that 27 (A) is to a descendant of a devisee of a primary devise; 28 (B) is an alternative devise with respect to the primary devise; 29 (C) is a devise for which a substitute gift is created; and 30 (D) would have taken effect had all the deceased devisees who 31 left surviving descendants survived the testator except the deceased devisee or
01 devisees of the primary devise; 02 (4) "younger-generation substitute gift" means a substitute gift created 03 with respect to a younger-generation devise. 04 (d) In this section, 05 (1) "alternative devise" means a devise that is expressly created by the 06 will and, under the terms of the will, can take effect instead of another devise on the 07 happening of one or more events, including survival of the testator or failure to survive 08 the testator, whether an event is expressed in condition-precedent, condition- 09 subsequent, or other form; a residuary clause constitutes an alternative devise with respect to 10 a nonresiduary devise only if the will specifically provides that, upon lapse or failure, the 11 nonresiduary devise, or nonresiduary devises in general, pass under the residuary clause; 12 (2) "class member" includes an individual who fails to survive the 13 testator but who would have taken under a devise in the form of a class gift had the 14 individual survived the testator; 15 (3) "devise" includes an alternative devise, a devise in the form of a 16 class gift, and an exercise of a power of appointment; 17 (4) "devisee" includes 18 (A) a class member if the devise is in the form of a class gift; 19 (B) an individual or class member who was deceased at the 20 time the testator executed the testator's will as well as an individual or class 21 member who was then living but who failed to survive the testator; and 22 (C) an appointee under a power of appointment exercised by the 23 testator's will; 24 (5) "stepchild" means a child of the surviving, deceased, or former 25 spouse of the testator or of the donor of a power of appointment, and not of the 26 testator or donor; 27 (6) "surviving devisee" or "surviving descendant" means a devisee or 28 a descendant who neither predeceases the testator nor is considered to have 29 predeceased the testator under AS 13.12.702; 30 (7) "testator" includes the donee of a power of appointment if the 31 power is exercised in the testator's will.
01 Sec. 13.12.604. FAILURE OF TESTAMENTARY PROVISION. (a) Except 02 as provided in AS 13.12.603, a devise, other than a residuary devise, that fails for any 03 reason becomes a part of the residue. 04 (b) Except as provided in AS 13.12.603, if the residue is devised to two or 05 more persons, the share of a residuary devisee that fails for any reason passes to the 06 other residuary devisee, or to other residuary devisees in proportion to the interest of 07 each in the remaining part of the residue. 08 Sec. 13.12.605. INCREASE IN SECURITIES; ACCESSIONS. (a) If a 09 testator executes a will that devises securities and the testator then owned securities 10 that meet the description in the will, the devise includes additional securities that are 11 owned by the testator at death to the extent the additional securities were acquired by 12 the testator after the will was executed as a result of the testator's ownership of the 13 described securities and that are securities of 14 (1) the same organization acquired by reason of action initiated by the 15 organization or a successor, related, or acquiring organization, excluding securities 16 acquired by exercise of purchase options; 17 (2) another organization acquired as a result of a merger, consolidation, 18 reorganization, or other distribution by the organization or a successor, related, or 19 acquiring organization; or 20 (3) the same organization acquired as a result of a plan of reinvestment. 21 (b) Distributions in cash before death with respect to a described security are 22 not part of the devise. 23 Sec. 13.12.606. NONADEMPTION OF SPECIFIC DEVISES; UNPAID 24 PROCEEDS OF SALE, CONDEMNATION, OR INSURANCE; SALE BY 25 CONSERVATOR OR AGENT. (a) A specific devisee has a right to the specifically 26 devised property in the testator's estate at death and 27 (1) any balance of the purchase price, together with any security 28 agreement, owing from a purchaser to the testator at death by reason of sale of the 29 property; 30 (2) any amount of a condemnation award for the taking of the property 31 unpaid at death;
01 (3) any proceeds unpaid at death on fire or casualty insurance on or 02 other recovery for injury to the property; and 03 (4) property owned by the testator at death and acquired as a result of 04 foreclosure, or obtained in lieu of foreclosure, of the security interest for the 05 specifically devised obligation. 06 (b) If specifically devised property is sold or mortgaged by a conservator or 07 by an agent acting within the authority of a durable power of attorney for an 08 incapacitated principal, or if a condemnation award, insurance proceeds, or recovery 09 for injury to the property are paid to a conservator or to an agent acting within the 10 authority of a durable power of attorney for an incapacitated principal, the specific 11 devisee has the right to a general pecuniary devise equal to the net sale price, the 12 amount of the unpaid loan, the condemnation award, the insurance proceeds, or the 13 recovery. 14 (c) The right of a specific devisee under (b) of this section is reduced by any 15 right the devisee has under (a) of this section. 16 (d) For the purposes of the references in (b) of this section to a conservator, 17 (b) of this section does not apply if after the sale, mortgage, condemnation, casualty, 18 or recovery, it was adjudicated that the testator's incapacity ceased and the testator 19 survived the adjudication by one year. 20 (e) For the purposes of the references in (b) of this section to an agent acting 21 within the authority of a durable power of attorney for an incapacitated principal, 22 (1) "incapacitated principal" means a principal who is an incapacitated 23 person; 24 (2) adjudication of incapacity before death is not necessary; and 25 (3) the acts of an agent within the authority of a durable power of 26 attorney are presumed to be for an incapacitated principal. 27 Sec. 13.12.607. NONEXONERATION. A specific devise passes subject to 28 any mortgage interest existing at the date of death, without right of exoneration, 29 regardless of a general directive in the will to pay debts. 30 Sec. 13.12.608. EXERCISE OF POWER OF APPOINTMENT. In the absence 31 of a requirement that a power of appointment be exercised by a reference, or by an
01 express or specific reference, to the power, a general residuary clause in a will, or a 02 will making general disposition of all of the testator's property, expresses an intention 03 to exercise a power of appointment held by the testator only if 04 (1) the power is a general power and the creating instrument does not 05 contain a gift if the power is not exercised; or 06 (2) the testator's will manifests an intention to include the property 07 subject to the power. 08 Sec. 13.12.609. ADEMPTION BY SATISFACTION. (a) Property a testator 09 gave in the testator's lifetime to a person is treated as a satisfaction of a devise in 10 whole or in part, only if 11 (1) the will provides for deduction of the gift; 12 (2) the testator declared in a contemporaneous writing that the gift is 13 in satisfaction of the devise or that its value is to be deducted from the value of the 14 devise; or 15 (3) the devisee acknowledged in writing that the gift is in satisfaction 16 of the devise or that its value is to be deducted from the value of the devise. 17 (b) For purposes of partial satisfaction, property given during lifetime is 18 valued as of the time the devisee came into possession or enjoyment of the property 19 or at the testator's death, whichever occurs first. 20 (c) If the devisee fails to survive the testator, the gift is treated as a full or 21 partial satisfaction of the devise, as appropriate, in applying AS 13.12.603 - 13.12.604, 22 unless the testator's contemporaneous writing provides otherwise. 23 ARTICLE 7. RULES OF CONSTRUCTION APPLICABLE TO 24 WILLS AND OTHER GOVERNING INSTRUMENTS. 25 Sec. 13.12.701. SCOPE. In the absence of a finding of a contrary intention, 26 the rules of construction in AS 13.12.701 - 13.12.711 control the construction of a 27 governing instrument. The rules of construction in AS 13.12.701 - 13.12.711 apply 28 to a governing instrument of any type, except as the application of a particular section 29 is limited by its terms to a specific type of provision or governing instrument. 30 Sec. 13.12.702. REQUIREMENT OF SURVIVAL BY 120 HOURS. (a) For 31 the purposes of AS 13.06 - AS 13.36, except as provided in (d) of this section, an
01 individual who is not established by clear and convincing evidence to have survived 02 an event, including the death of another individual, by 120 hours is considered to have 03 predeceased the event. 04 (b) Except as provided in (d) of this section, for purposes of a provision of a 05 governing instrument that relates to an individual surviving an event, including the 06 death of another individual, an individual who is not established by clear and 07 convincing evidence to have survived the event by 120 hours is considered to have 08 predeceased the event. 09 (c) Except as provided in (d) of this section, if it is not established by clear 10 and convincing evidence that one of two co-owners with right of survivorship survived 11 the other co-owner by 120 hours, one-half of the property passes as if one had 12 survived by 120 hours and one-half as if the other had survived by 120 hours, and if 13 there are more than two co-owners with right of survivorship and it is not established 14 by clear and convincing evidence that at least one of them survived the others by 120 15 hours, the property passes in the proportion that one bears to the whole number of co- 16 owners. In this subsection, "co-owners with right of survivorship" includes joint tenants, 17 tenants by the entirety, and other co-owners of property or accounts held under circumstances 18 that entitle one or more to the whole of the property or account on the death of the other or 19 others. 20 (d) Survival by 120 hours is not required if 21 (1) the governing instrument contains language dealing explicitly with 22 simultaneous deaths or deaths in a common disaster and that language is operable 23 under the facts of the case; 24 (2) the governing instrument expressly indicates that an individual is 25 not required to survive an event, including the death of another individual, by a 26 specified period or expressly requires the individual to survive the event by a specified 27 period; but survival of the event or the specified period must be established by clear 28 and convincing evidence; 29 (3) the imposition of a 120-hour requirement of survival would cause 30 a nonvested property interest or a power of appointment to fail to qualify for validity 31 under AS 34.27.050(a)(1), (b)(1), or (c)(1) or to become invalid under
01 AS 34.27.050(a)(2), (b)(2), or (c)(2); but survival must be established by clear and 02 convincing evidence; or 03 (4) the application of a 120-hour requirement of survival to multiple 04 governing instruments would result in an unintended failure or duplication of a 05 disposition; but survival must be established by clear and convincing evidence; 06 (e) A payor or other third party is not liable for having made a payment or 07 transferred an item of property or other benefit to a beneficiary designated in a 08 governing instrument who, under this section, is not entitled to the payment or item 09 of property, or for having taken other action in good faith reliance on the beneficiary's 10 apparent entitlement under the terms of the governing instrument, before the payor or 11 other third party receives written notice of a claimed lack of entitlement under this 12 section. A payor or other third party is liable for a payment made or other action 13 taken after the payor or other third party receives written notice of a claimed lack of 14 entitlement under this section. 15 (f) Written notice of a claimed lack of entitlement under this section shall be 16 mailed to the payor's or other third party's main office or home by registered or 17 certified mail, return receipt requested, or served upon the payor or other third party 18 in the same manner as a summons in a civil action. Upon receipt of written notice of 19 a claimed lack of entitlement under this section, a payor or other third party may pay 20 any amount owed or transfer or deposit an item of property held by it to or with the 21 court having jurisdiction of the probate proceedings relating to the decedent's estate, 22 or if proceedings have not been commenced, to or with the court in the judicial district 23 of the decedent's residence. The court shall hold the funds or item of property and, 24 upon the court's determination under this section, shall order disbursement in 25 accordance with the determination. Payments, transfers, or deposits made to or with 26 the court discharge the payor or other third party from all claims for the value of 27 amounts paid to or items of property transferred to or deposited with the court. 28 (g) A person who purchases property for value and without notice, or who 29 receives a payment or other item of property in partial or full satisfaction of a legally 30 enforceable obligation, is not obligated under this section to return the payment, item 31 of property, or benefit or liable under this section for the amount of the payment or
01 the value of the item of property or benefit. But a person who, not for value, receives 02 a payment, item of property, or other benefit to which the person is not entitled under 03 this section is obligated to return the payment, item of property, or benefit, or is 04 personally liable for the amount of the payment or the value of the item of property 05 or benefit, to the person who is entitled to it under this section. 06 (h) If this section or a part of this section is preempted by federal law with 07 respect to a payment, an item of property, or other benefit covered by this section, a 08 person who, not for value, receives the payment, item of property, or benefit to which 09 the person is not entitled under this section is obligated to return the payment, item of 10 property, or benefit, or is personally liable for the amount of the payment or the value 11 of the item of property or benefit, to the person who would have been entitled to it if 12 this section or part of this section were not preempted. 13 Sec. 13.12.703. CHOICE OF LAW AS TO MEANING AND EFFECT OF 14 GOVERNING INSTRUMENT. The meaning and legal effect of a governing 15 instrument is determined by the local law of the state selected in the governing 16 instrument, unless the application of that law is contrary to the provisions relating to 17 the elective share described in AS 13.12.201 - 13.12.214, the provisions relating to 18 exempt property and allowances described in AS 13.12.401 - 13.12.405, or other public 19 policy of this state otherwise applicable to the disposition. 20 Sec. 13.12.704. POWER OF APPOINTMENT; MEANING OF SPECIFIC 21 REFERENCE REQUIREMENT. If a governing instrument creating a power of 22 appointment expressly requires that the power be exercised by a reference, an express 23 reference, or a specific reference, to the power or its source, it is presumed that the 24 donor's intention, in requiring that the donee exercise the power by making reference 25 to the particular power or to the creating instrument, was to prevent an inadvertent 26 exercise of the power. 27 Sec. 13.12.705. CLASS GIFTS CONSTRUED TO ACCORD WITH 28 INTESTATE SUCCESSION. (a) Adopted individuals and individuals born out of 29 wedlock, and their respective descendants if appropriate to the class, are included in 30 class gifts and other terms of relationship in accordance with the rules for intestate 31 succession. Terms of relationship that do not differentiate relationships by blood from
01 those by affinity, such as "uncles," "aunts," "nieces," or "nephews," are construed to 02 exclude relatives by affinity. Terms of relationship that do not differentiate 03 relationships by the half blood from those by the whole blood, such as "brothers," 04 "sisters," "nieces," or "nephews," are construed to include both types of relationships. 05 (b) In addition to the requirements of (a) of this section, in construing a 06 dispositive provision of a transferor who is not the natural parent, an individual born 07 to the natural parent is not considered the child of that natural parent unless the 08 individual lived while a minor as a regular member of the household of that natural 09 parent or of that natural parent's parent, brother, sister, spouse, or surviving spouse. 10 (c) In addition to the requirements of (a) of this section, in construing a 11 dispositive provision of a transferor who is not the adopting parent, an adopted 12 individual is not considered the child of the adopting parent unless the adopted 13 individual lived while a minor, either before or after the adoption, as a regular member 14 of the household of the adopting parent. 15 Sec. 13.12.706. LIFE INSURANCE; RETIREMENT PLAN; ACCOUNT 16 WITH PAY ON DEATH DESIGNATION; TRANSFER ON DEATH 17 REGISTRATION; DECEASED BENEFICIARY. (a) If a beneficiary fails to survive 18 the decedent and is a grandparent, a descendant of a grandparent, or a stepchild of the 19 decedent, the following apply: 20 (1) except as provided in (4) of this subsection, if the beneficiary 21 designation is not in the form of a class gift and the deceased beneficiary leaves 22 surviving descendants, a substitute gift is created in the beneficiary's surviving 23 descendants; the beneficiary's surviving descendants take by representation the 24 property to which the beneficiary would have been entitled had the beneficiary 25 survived the decedent; 26 (2) except as provided in (4) of this subsection, if the beneficiary 27 designation is in the form of a class gift, other than a beneficiary designation to 28 "issue," "descendants," "heirs of the body," "heirs," "next of kin," "relatives," or 29 "family," or a class described by language of similar import, a substitute gift is created 30 in the surviving descendants of a deceased beneficiary; the property to which the 31 beneficiaries would have been entitled had all of them survived the decedent passes
01 to the surviving beneficiaries and the surviving descendants of the deceased 02 beneficiaries; each surviving beneficiary takes the share to which the surviving 03 beneficiary would have been entitled had the deceased beneficiaries survived the 04 decedent; each deceased beneficiary's surviving descendants who are substituted for 05 the deceased beneficiary take by representation the share to which the deceased 06 beneficiary would have been entitled had the deceased beneficiary survived the 07 decedent; in this paragraph, "deceased beneficiary" means a class member who failed 08 to survive the decedent and left one or more surviving descendants; 09 (3) for the purposes of AS 13.12.701, words of survivorship, as in a 10 beneficiary designation to an individual "if the individual survives me," or in a 11 beneficiary designation to "my surviving children," are not, in the absence of additional 12 evidence, a sufficient indication of an intent contrary to the application of this section; 13 (4) if a governing instrument creates an alternative beneficiary 14 designation with respect to a beneficiary designation for which a substitute gift is 15 created by (1) or (2) of this subsection, the substitute gift is superseded by the 16 alternative beneficiary designation only if an expressly designated beneficiary of the 17 alternative beneficiary designation is entitled to take. 18 (b) If, under (a) of this section, substitute gifts are created and not superseded 19 with respect to more than one beneficiary designation and the beneficiary designations 20 are alternative beneficiary designations, one to the other, the property passes under the 21 primary substitute gift, except that if there is a younger-generation beneficiary 22 designation, the property passes under the younger-generation substitute gift and not 23 under the primary substitute gift. In this subsection, 24 (1) "primary beneficiary designation" means the beneficiary designation 25 that would have taken effect had all the deceased beneficiaries of the alternative 26 beneficiary designations who left surviving descendants survived the decedent; 27 (2) "primary substitute gift" means the substitute gift created with 28 respect to the primary beneficiary designation; 29 (3) "younger-generation beneficiary designation" means a beneficiary 30 designation that 31 (A) is to a descendant of a beneficiary of the primary
01 beneficiary designation; 02 (B) is an alternative beneficiary designation with respect to the 03 primary beneficiary designation; 04 (C) is a beneficiary designation for which a substitute gift is 05 created; and 06 (D) would have taken effect had all the deceased beneficiaries 07 who left surviving descendants survived the decedent except the deceased 08 beneficiary or beneficiaries of the primary beneficiary designation; 09 (4) "younger-generation substitute gift" means the substitute gift created 10 with respect to the younger-generation beneficiary designation. 11 (c) A payor is protected from liability in making payments under the terms of 12 the beneficiary designation until the payor has received written notice of a claim to a 13 substitute gift under this section. Payment made before the receipt of written notice 14 of a claim to a substitute gift under this section discharges the payor, but not the 15 recipient, from all claims for the amounts paid. A payor is liable for a payment made 16 after the payor has received written notice of the claim. A recipient is liable for a 17 payment received, whether or not written notice of the claim is given. 18 (d) In (c) of this section, the written notice of the claim shall be mailed to the 19 payor's main office or home by registered or certified mail, return receipt requested, 20 or served upon the payor in the same manner as a summons in a civil action. Upon 21 receipt of written notice of the claim, a payor may pay any amount owed by it to the 22 court having jurisdiction of the probate proceedings relating to the decedent's estate 23 or, if proceedings have not been commenced, to the court in the judicial district of the 24 decedent's residence. The court shall hold the funds and, upon its determination under 25 this section, shall order disbursement in accordance with the determination. Payment 26 made to the court discharges the payor from all claims for the amounts paid. 27 (e) A person who purchases property for value and without notice, or who 28 receives a payment or other item of property in partial or full satisfaction of a legally 29 enforceable obligation, is not obligated under this section to return the payment, item 30 of property, or benefit, or liable under this section for the amount of the payment or 31 the value of the item of property or benefit. But a person who, not for value, receives
01 a payment, item of property, or other benefit to which the person is not entitled under 02 this section is obligated to return the payment, item of property, or benefit, or is 03 personally liable for the amount of the payment or the value of the item of property 04 or benefit, to the person who is entitled to it under this section. 05 (f) If this section or a part of this section is preempted by federal law with 06 respect to a payment, an item of property, or other benefit covered by this section, a 07 person who, not for value, receives the payment, item of property, or other benefit to 08 which the person is not entitled under this section is obligated to return the payment, 09 item of property, or benefit, or is personally liable for the amount of the payment or 10 the value of the item of property or benefit, to the person who would have been 11 entitled to it if this section or part of this section were not preempted. 12 (g) In this section, 13 (1) "alternative beneficiary designation" means a beneficiary 14 designation that is expressly created by the governing instrument and, under the terms 15 of the governing instrument, can take effect instead of another beneficiary designation 16 on the happening of one or more events, including survival of the decedent or failure 17 to survive the decedent, whether an event is expressed in condition-precedent, 18 condition-subsequent, or another form; 19 (2) "beneficiary" means the beneficiary of a beneficiary designation 20 under which the beneficiary must survive the decedent and 21 (A) includes a class member if the beneficiary designation is in 22 the form of a class gift; 23 (B) includes an individual or class member who was deceased 24 at the time the beneficiary designation was executed as well as an individual 25 or class member who was then living but who failed to survive the decedent; 26 (C) excludes a joint tenant of a joint tenancy with the right of 27 survivorship and a party to a joint and survivorship account; 28 (3) "beneficiary designation" includes an alternative beneficiary 29 designation and a beneficiary designation in the form of a class gift; 30 (4) "class member" includes an individual who fails to survive the 31 decedent but who would have taken under a beneficiary designation in the form of a
01 class gift had the individual survived the decedent; 02 (5) "stepchild" means a child of the decedent's surviving, deceased, or 03 former spouse, and not of the decedent; 04 (6) "surviving beneficiary" or "surviving descendant" means a 05 beneficiary or a descendant who neither predeceased the decedent nor is considered to 06 have predeceased the decedent under AS 13.12.702. 07 Sec. 13.12.707. SURVIVORSHIP WITH RESPECT TO FUTURE 08 INTERESTS UNDER TERMS OF TRUST; SUBSTITUTE TAKERS. (a) A future 09 interest under the terms of a trust is contingent on the beneficiary's surviving the 10 distribution date. If a beneficiary of a future interest under the terms of a trust fails 11 to survive the distribution date, the following apply: 12 (1) except as provided in (4) of this subsection, if the future interest is 13 not in the form of a class gift and the deceased beneficiary leaves surviving 14 descendants, a substitute gift is created in the beneficiary's surviving descendants; the 15 beneficiary's surviving descendants take by representation the property to which the 16 beneficiary would have been entitled had the beneficiary survived the distribution date; 17 (2) except as provided in (4) of this subsection, if the future interest is 18 in the form of a class gift, other than a future interest to "issue," "descendants," "heirs 19 of the body," "heirs," "next of kin," "relatives," or "family," or a class described by 20 language of similar import, a substitute gift is created in the surviving descendants of 21 a deceased beneficiary; the property to which the beneficiaries would have been 22 entitled had all of them survived the distribution date passes to the surviving 23 beneficiaries and the surviving descendants of the deceased beneficiaries; each 24 surviving beneficiary takes the share to which the surviving beneficiary would have 25 been entitled had the deceased beneficiaries survived the distribution date; each 26 deceased beneficiary's surviving descendants who are substituted for the deceased 27 beneficiary take by representation the share to which the deceased beneficiary would 28 have been entitled had the deceased beneficiary survived the distribution date; in this 29 paragraph, "deceased beneficiary" means a class member who fails to survive the 30 distribution date and leaves one or more surviving descendants; 31 (3) for the purposes of AS 13.12.701, words of survivorship attached
01 to a future interest are not, in the absence of additional evidence, a sufficient indication 02 of an intent contrary to the application of this section; words of survivorship include 03 words of survivorship that relate to the distribution date or to an earlier or an 04 unspecified time, whether those words of survivorship are expressed in condition- 05 precedent, condition-subsequent, or another form; 06 (4) if a governing instrument creates an alternative future interest with 07 respect to a future interest for which a substitute gift is created by (1) or (2) of this 08 subsection, the substitute gift is superseded by the alternative future interest only if an 09 expressly designated beneficiary of the alternative future interest is entitled to take in 10 possession or enjoyment. 11 (b) If, under (a) of this section, substitute gifts are created and not superseded 12 with respect to more than one future interest and the future interests are alternative 13 future interests, one to the other, the property passes under the primary substitute gift, 14 except that, if there is a younger-generation future interest, the property passes under 15 the younger-generation substitute gift and not under the primary substitute gift. In this 16 subsection, 17 (1) "primary future interest" means the future interest that would have 18 taken effect had all the deceased beneficiaries of the alternative future interests who 19 left surviving descendants survived the distribution date; 20 (2) "primary substitute gift" means the substitute gift created with 21 respect to the primary future interest; 22 (3) "younger-generation future interest" means a future interest that 23 (A) is to a descendant of a beneficiary of the primary future 24 interest; 25 (B) is an alternative future interest with respect to the primary 26 future interest; 27 (C) is a future interest for which a substitute gift is created; and 28 (D) would have taken effect had all the deceased beneficiaries 29 who left surviving descendants survived the distribution date except the 30 deceased beneficiary of the primary future interest; 31 (4) "younger-generation substitute gift" means the substitute gift created
01 with respect to the younger-generation future interest. 02 (c) Except as provided in (d) of this section, if, after the application of (a) and 03 (b) of this section, there is not a surviving taker, the property passes in the following 04 order: 05 (1) if the trust was created in a nonresiduary devise in the transferor's 06 will or in a codicil to the transferor's will, the property passes under the residuary 07 clause in the transferor's will; for purposes of this section, the residuary clause is 08 treated as creating a future interest under the terms of a trust; 09 (2) if a taker is not produced by the application of (1) of this 10 subsection, the property passes to the transferor's heirs under AS 13.12.711. 11 (d) If, after the application of (a) and (b) of this section, there is not a 12 surviving taker and if the future interest was created by the exercise of a power of 13 appointment, 14 (1) the property passes under the donor's gift-in-default clause, if any, 15 and the clause is treated as creating a future interest under the terms of a trust; and 16 (2) if a taker is not produced by the application of (1) of this 17 subsection, the property passes as provided in (c) of this section. 18 (e) In (c) of this section, "transferor" means the donor if the power was a 19 nongeneral power and means the donee if the power was a general power. 20 (f) In this section, 21 (1) "alternative future interest" means an expressly created future 22 interest that can take effect in possession or enjoyment instead of another future 23 interest on the happening of one or more events, including survival of an event or 24 failure to survive an event, whether an event is expressed in condition-precedent, 25 condition-subsequent, or other form; a residuary clause in a will does not create an 26 alternative future interest with respect to a future interest created in a nonresiduary 27 devise in the will, whether or not the will specifically provides that lapsed or failed 28 devises are to pass under the residuary clause; 29 (2) "beneficiary" means the beneficiary of a future interest and includes 30 a class member if the future interest is in the form of a class gift; 31 (3) "class member" includes an individual who fails to survive the
01 distribution date but who would have taken under a future interest in the form of a 02 class gift had the individual survived the distribution date; 03 (4) "distribution date," with respect to a future interest, means the time 04 when the future interest is to take effect in possession or enjoyment; the distribution 05 date does not need to occur at the beginning or end of a calendar day, but can occur 06 at a time during the course of a day; 07 (5) "future interest" includes an alternative future interest and a future 08 interest in the form of a class gift; 09 (6) "future interest under the terms of a trust" means a future interest 10 that was created by a transfer creating a trust or to an existing trust or by an exercise 11 of a power of appointment to an existing trust, directing the continuance of an existing 12 trust, designating a beneficiary of an existing trust, or creating a trust; 13 (7) "surviving beneficiary" or "surviving descendant" means a 14 beneficiary or a descendant who neither predeceased the distribution date nor is 15 considered to have predeceased the distribution date under AS 13.12.702. 16 Sec. 13.12.708. CLASS GIFTS TO "DESCENDANTS," "ISSUE," OR "HEIRS 17 OF THE BODY"; FORM OF DISTRIBUTION IF NONE SPECIFIED. If a class gift 18 in favor of "descendants," "issue," or "heirs of the body" does not specify the manner 19 in which the property is to be distributed among the class members, the property is 20 distributed among the class members who are living when the interest is to take effect 21 in possession or enjoyment, in such shares as they would receive, under the applicable 22 law of intestate succession, if the designated ancestor had then died intestate owning 23 the subject matter of the class gift. 24 Sec. 13.12.709. REPRESENTATION; PER CAPITA AT EACH 25 GENERATION; PER STIRPES. (a) If an applicable statute or a governing instrument 26 calls for property to be distributed "by representation" or "per capita at each 27 generation," the property is divided into as many equal shares as there are 28 (1) surviving descendants in the generation nearest to the designated 29 ancestor that contains one or more surviving descendants; and 30 (2) deceased descendants in the same generation who left surviving 31 descendants, if any.
01 (b) In (a) of this section, each surviving descendant in the nearest generation 02 is allocated one share, and the remaining shares, if any, are combined and then divided 03 in the same manner among the surviving descendants of the deceased descendants as 04 if the surviving descendants who were allocated a share and their surviving 05 descendants had predeceased the distribution date. 06 (c) If a governing instrument calls for property to be distributed "per stirpes," 07 the property is divided into as many equal shares as there are 08 (1) surviving children of the designated ancestor; and 09 (2) deceased children who left surviving descendants. 10 (d) In (c) of this section, each surviving child, if any, is allocated one share, 11 and the share of each deceased child with surviving descendants is divided in the same 12 manner, with subdivision repeating at each succeeding generation until the property is 13 fully allocated among surviving descendants. 14 (e) For the purposes of (a) - (d) of this section, an individual who is deceased 15 and does not leave surviving descendants is disregarded, and an individual who leaves 16 a surviving ancestor who is a descendant of the designated ancestor is not entitled to 17 a share. 18 (f) In this section, 19 (1) "deceased child" or "deceased descendant" means a child or a 20 descendant who either predeceased the distribution date or is considered to have 21 predeceased the distribution date under AS 13.12.702; 22 (2) "distribution date," with respect to an interest, means the time when 23 the interest is to take effect in possession or enjoyment; the distribution date does not 24 need to occur at the beginning or end of a calendar day, but can occur at a time during 25 the course of a day; 26 (3) "surviving ancestor," "surviving child," or "surviving descendant" 27 means an ancestor, a child, or a descendant who neither predeceased the distribution 28 date nor is considered to have predeceased the distribution date under AS 13.12.702. 29 Sec. 13.12.710. WORTHIER-TITLE DOCTRINE ABOLISHED. The doctrine 30 of worthier title is abolished as a rule of law and as a rule of construction. Language 31 in a governing instrument describing the beneficiaries of a disposition as the
01 transferor's "heirs," "heirs at law," "next of kin," "distributees," "relatives," or "family," 02 or language of similar import, does not create or presumptively create a reversionary 03 interest in the transferor. 04 Sec. 13.12.711. INTERESTS IN HEIRS AND OTHER PERSONS. If an 05 applicable statute or a governing instrument calls for a present or future distribution 06 to or creates a present or future interest in a designated individual's "heirs," "heirs at 07 law," "next of kin," "relatives," or "family," or language of similar import, the property 08 passes to those persons, including the state, and in such shares as would succeed to the 09 designated individual's intestate estate under the intestate succession law of the 10 designated individual's domicile if the designated individual died when the disposition 11 is to take effect in possession or enjoyment. If the designated individual's surviving 12 spouse is living but is remarried at the time the disposition is to take effect in 13 possession or enjoyment, the surviving spouse is not an heir of the designated 14 individual. 15 ARTICLE 8. GENERAL PROVISIONS CONCERNING 16 PROBATE AND NONPROBATE TRANSFERS. 17 Sec. 13.12.801. DISCLAIMER OF PROPERTY INTERESTS. (a) A person, 18 or the representative of a person, to whom an interest in or with respect to property, 19 or an interest in the property, devolves by whatever means, may disclaim it in whole 20 or in part by delivering or filing a written disclaimer under this section. The right to 21 disclaim exists notwithstanding a limitation on the interest of the disclaimant in the 22 nature of a spendthrift provision or similar restriction, and notwithstanding a restriction 23 or limitation on the right to disclaim contained in the governing instrument. In this 24 subsection, the "representative of a person" includes a personal representative of a 25 decedent, a conservator of a disabled person, a guardian of a minor or incapacitated 26 person, and an agent acting on behalf of the person within the authority of a power of 27 attorney. 28 (b) If a property or interest has devolved to a disclaimant under a testamentary 29 instrument or by the laws of intestacy, a disclaimer shall be filed, if of a present 30 interest, not later than nine months after the death of the deceased owner or deceased 31 donee of a power of appointment and, if of a future interest, not later than nine months
01 after the event determining that the taker of the property or interest is finally 02 ascertained and the taker's interest is indefeasibly vested. The disclaimer shall be filed 03 in the court of the judicial district in which proceedings for the administration of the 04 estate of the deceased owner or deceased donee of the power are commenced. A copy 05 of the disclaimer shall be delivered in person or mailed by registered or certified mail, 06 return receipt requested, to a personal representative or other fiduciary of the decedent 07 or donee of the power. 08 (c) If a property or interest has devolved to a disclaimant under a 09 nontestamentary instrument or contract, the disclaimer shall be delivered or filed, if of 10 a present interest, not later than nine months after the effective date of the 11 nontestamentary instrument or contract and, if of a future interest, not later than nine 12 months after the event determining that the taker of the property or interest is finally 13 ascertained and the taker's interest is indefeasibly vested. If the person entitled to 14 disclaim does not know of the existence of the interest, the disclaimer shall be 15 delivered or filed not later than nine months after the person learns of the existence 16 of the interest. The effective date of a revocable instrument or contract is the date on 17 which the maker no longer has power to revoke it or to transfer to the maker or 18 another the entire legal and equitable ownership of the interest. The disclaimer or a 19 copy of the disclaimer shall be delivered in person or mailed by registered or certified 20 mail, return receipt requested, to the person who has legal title to or possession of the 21 interest disclaimed. 22 (d) A surviving joint tenant or tenant by the entirety may disclaim as a 23 separate interest property, or an interest in the property, devolving to the tenant by 24 right of survivorship. A surviving joint tenant or tenant by the entirety may disclaim 25 the entire interest in property, or in an interest in the property, that is the subject of 26 a joint tenancy or tenancy by the entirety devolving to the tenant, if the joint tenancy 27 or tenancy by the entirety was created by act of a deceased joint tenant or tenant by 28 the entirety, the survivor did not join in creating the joint tenancy or tenancy by the 29 entirety, and the survivor has not accepted a benefit under it. 30 (e) If real property, or an interest in real property, is disclaimed, a copy of the 31 disclaimer may be recorded in the recording district where the property or interest
01 disclaimed is located. 02 (f) The disclaimer must describe the property or interest disclaimed, declare 03 the disclaimer and extent of the disclaimer, and be signed by the disclaimant. 04 (g) If property or an interest in property devolves to a disclaimant under a 05 testamentary instrument, under a power of appointment exercised by a testamentary 06 instrument, or under the laws of intestacy, and the decedent has not provided for 07 another disposition of that property or interest, should it be disclaimed, or of 08 disclaimed or failed interests in general, the disclaimed property or interest devolves 09 as if the disclaimant had predeceased the decedent, but if by law or under the 10 testamentary instrument the descendants of the disclaimant would share in the 11 disclaimed interest by representation or otherwise were the disclaimant to predecease 12 the decedent, then the disclaimed property or interest passes by representation, or 13 passes as directed by the governing instrument, to the descendants of the disclaimant 14 who survive the decedent. A future interest that takes effect in possession or 15 enjoyment after the termination of the estate or interest disclaimed takes effect as if 16 the disclaimant had predeceased the decedent. A disclaimer relates back for all 17 purposes to the date of death of the decedent. 18 (h) If property or an interest in property devolves to a disclaimant under a 19 nontestamentary instrument or contract and the instrument or contract does not provide 20 for another disposition of that property or interest, should it be disclaimed, or of 21 disclaimed or failed interests in general, the disclaimed property or interest devolves 22 as if the disclaimant had predeceased the effective date of the instrument or contract, 23 but if by law or under the nontestamentary instrument or contract the descendants of 24 the disclaimant would share in the disclaimed interest by representation or otherwise 25 were the disclaimant to predecease the effective date of the instrument, then the 26 disclaimed property or interest passes by representation, or passes as directed by the 27 governing instrument, to the descendants of the disclaimant who survive the effective 28 date of the instrument. A disclaimer relates back for all purposes to that date. A 29 future interest that takes effect in possession or enjoyment at or after the termination 30 of the disclaimed property or interest takes effect as if the disclaimant had died before 31 the effective date of the instrument or contract that transferred the disclaimed property
01 or interest. 02 (i) The disclaimer or the written waiver of the right to disclaim is binding 03 upon the disclaimant or person waiving and all persons claiming through or under 04 either of them. 05 (j) The right to disclaim property or an interest in property is barred by 06 (1) an assignment, conveyance, encumbrance, pledge, or transfer of the 07 property or interest, or a contract for an assignment, conveyance, encumbrance, pledge, 08 or transfer of the property or interest; 09 (2) a written waiver of the right to disclaim; 10 (3) an acceptance of the property or interest or a benefit under it; or 11 (4) a sale of the property or interest under judicial sale made before the 12 disclaimer is made. 13 (k) This section does not abridge the right of a person to waive, release, 14 disclaim, or renounce property or an interest in property under another statute. 15 (l) An interest in property that exists on the effective date of this section as 16 to which, if a present interest, the time for filing a disclaimer under this section has 17 not expired or, if a future interest, the interest has not become indefeasibly vested or 18 the taker finally ascertained, may be disclaimed within nine months after the effective 19 date of this section. 20 Sec. 13.12.802. EFFECT OF DIVORCE, ANNULMENT, AND DECREE OF 21 SEPARATION. (a) An individual who is divorced from the decedent or whose 22 marriage to the decedent has been annulled is not a surviving spouse unless, by virtue 23 of a subsequent marriage, the individual is married to the decedent at the time of 24 death. A decree of separation that does not terminate the status of husband and wife 25 is not a divorce for purposes of this section. 26 (b) In AS 13.12.101 - 13.12.405 and AS 13.16.065, a surviving spouse does 27 not include 28 (1) an individual who obtains or consents to a final decree or judgment 29 of divorce from the decedent or an annulment of their marriage, if the decree or 30 judgment is not recognized as valid in this state, unless subsequently they participate 31 in a marriage ceremony purporting to marry each to the other or live together as
01 husband and wife; 02 (2) an individual who, following an invalid decree or judgment of 03 divorce or annulment obtained by the decedent, participates in a marriage ceremony 04 with a third individual; or 05 (3) an individual who was a party to a valid proceeding concluded by 06 an order purporting to terminate all marital property rights. 07 Sec. 13.12.803. EFFECT OF HOMICIDE ON INTESTATE SUCCESSION, 08 WILLS, TRUSTS, JOINT ASSETS, LIFE INSURANCE, AND BENEFICIARY 09 DESIGNATIONS. (a) An individual who feloniously kills the decedent forfeits all 10 benefits under this chapter with respect to the decedent's estate, including an intestate 11 share, an elective share, an omitted spouse's or child's share, a homestead allowance, 12 exempt property, and a family allowance. If the decedent died intestate, the decedent's 13 intestate estate passes as if the killer disclaimed the killer's intestate share. 14 (b) The felonious killing of the decedent 15 (1) revokes a revocable 16 (A) disposition or appointment of property made by the 17 decedent to the killer in a governing instrument; 18 (B) provision in a governing instrument conferring a general or 19 nongeneral power of appointment on the killer; and 20 (C) nomination of the killer in a governing instrument, 21 nominating or appointing the killer to serve in fiduciary or representative 22 capacity, including a personal representative, executor, trustee, or agent; and 23 (2) severs the interests of the decedent and killer in property held by 24 them at the time of the killing as joint tenants with the right of survivorship, 25 transforming the interests of the decedent and killer into tenancies in common. 26 (c) A severance under (b)(2) of this section does not affect a third party 27 interest in property acquired for value and in good faith reliance on an apparent title 28 by survivorship in the killer unless a writing declaring the severance has been noted, 29 registered, filed, or recorded in records that are appropriate to the kind and location 30 of the property and that are relied upon, in the ordinary course of transactions 31 involving the type of property, as evidence of ownership.
01 (d) Provisions of a governing instrument are given effect as if the killer 02 disclaimed all provisions revoked by this section or, in the case of a revoked 03 nomination in a fiduciary or representative capacity, as if the killer predeceased the 04 decedent. 05 (e) A wrongful acquisition of property or interest by a killer not covered by 06 this section shall be treated in accordance with the principle that a killer may not profit 07 from the killer's wrong. 08 (f) After all right to appeal has been exhausted, a judgment of conviction 09 establishing criminal accountability for the felonious killing of the decedent 10 conclusively establishes the convicted individual as the decedent's killer for purposes 11 of this section. In the absence of a conviction, the court, upon the petition of an 12 interested person, shall determine whether, under the preponderance of evidence 13 standard, the individual would be found criminally accountable for the felonious killing 14 of the decedent. If the court determines that, under that standard, the individual would 15 be found criminally accountable for the felonious killing of the decedent, the 16 determination conclusively establishes that individual as the decedent's killer for 17 purposes of this section. 18 (g) A payor or other third party is not liable for having made a payment or 19 transferred an item of property or other benefit to a beneficiary designated in a 20 governing instrument affected by a felonious killing, or for having taken other action 21 in good faith reliance on the validity of the governing instrument, upon request and 22 satisfactory proof of the decedent's death, before the payor or other third party 23 received written notice of a claimed forfeiture or revocation under this section. A 24 payor or other third party is liable for a payment made or other action taken after the 25 payor or other third party receives written notice of a claimed forfeiture or revocation 26 under this section. 27 (h) Written notice of a claimed forfeiture or revocation under (g) of this 28 section shall be mailed to the payor's or other third party's main office or home by 29 registered or certified mail, return receipt requested, or served upon the payor or other 30 third party in the same manner as a summons in a civil action. Upon receipt of 31 written notice of a claimed forfeiture or revocation under this section, a payor or other
01 third party may pay an amount owed or transfer or deposit an item of property held 02 by it to or with the court having jurisdiction of the probate proceedings relating to the 03 decedent's estate, or if proceedings have not been commenced, to or with the court in 04 the judicial district of the decedent's residence. The court shall hold the funds or item 05 of property and, upon the court's determination under this section, shall order 06 disbursement in accordance with the determination. Payments, transfers, or deposits 07 made to or with the court discharge the payor or other third party from all claims for 08 the value of amounts paid to or items of property transferred to or deposited with the 09 court. 10 (i) A person who purchases property for value and without notice, or who 11 receives a payment or other item of property in partial or full satisfaction of a legally 12 enforceable obligation, is not obligated under this section to return the payment, item 13 of property, or benefit, or liable under this section for the amount of the payment or 14 the value of the item of property or benefit. However a person who, not for value, 15 receives a payment, an item of property, or other benefit to which the person is not 16 entitled under this section is obligated to return the payment, item of property, or 17 benefit, or is personally liable for the amount of the payment or the value of the item 18 of property or benefit, to the person who is entitled to it under this section. 19 (j) If this section or part of this section is preempted by federal law with 20 respect to a payment, an item of property, or other benefit covered by this section, a 21 person who, not for value, receives the payment, item of property, or other benefit to 22 which the person is not entitled under this section is obligated to return the payment, 23 item of property, or benefit, or is personally liable for the amount of the payment or 24 the value of the item of property or benefit, to the person who would have been 25 entitled to it if this section or part of this section were not preempted. 26 (k) In the case of an unintentional felonious killing, a court may set aside the 27 application of (a), (b), (d), or (e) of this section if the court makes special findings of 28 fact and conclusions of law that the application of the subsection would result in a 29 manifest injustice and that the subsection should not be applied. 30 (l) In this section, 31 (1) "disposition or appointment of property" includes a transfer of an
01 item of property or other benefit to a beneficiary designated in a governing instrument; 02 (2) "governing instrument" means a governing instrument executed by 03 the decedent; 04 (3) "revocable," with respect to a disposition, appointment, provision, 05 or nomination, means a disposition, appointment, provision, or nomination under which 06 the decedent, at the time of or immediately before death, was alone empowered, by 07 law or under the governing instrument, to cancel the designation in favor of the killer, 08 whether or not the decedent was then empowered to designate the decedent in place 09 of the decedent's killer or the decedent then had capacity to exercise the power. 10 Sec. 13.12.804. REVOCATION OF PROBATE AND NONPROBATE 11 TRANSFERS BY DIVORCE; NO REVOCATION BY OTHER CHANGES OF 12 CIRCUMSTANCES. (a) Except as provided by the express terms of a governing 13 instrument, a court order, or a contract relating to the division of the marital estate 14 made between the divorced individuals before or after the marriage, divorce, or 15 annulment, the divorce or annulment of a marriage 16 (1) revokes a revocable 17 (A) disposition or appointment of property made by a divorced 18 individual to the divorced individual's former spouse in a governing instrument 19 and a disposition or appointment created by law or in a governing instrument 20 to a relative of the divorced individual's former spouse; 21 (B) provision in a governing instrument conferring a general or 22 nongeneral power of appointment on the divorced individual's former spouse 23 or on a relative of the divorced individual's former spouse; and 24 (C) nomination in a governing instrument, nominating a 25 divorced individual's former spouse or a relative of the divorced individual's 26 former spouse to serve in a fiduciary or representative capacity, including a 27 personal representative, executor, trustee, conservator, agent, or guardian; and 28 (2) severs the interests of the former spouses in property held by them 29 at the time of the divorce or annulment as joint tenants with the right of survivorship, 30 transforming the interests of the former spouses into tenancies in common. 31 (b) A severance under (a)(2) of this section does not affect a third-party
01 interest in property acquired for value and in good faith reliance on an apparent title 02 by survivorship in the survivor of the former spouses unless a writing declaring the 03 severance has been noted, registered, filed, or recorded in records appropriate to the 04 kind and location of the property that are relied upon, in the ordinary course of 05 transactions involving that kind of property, as evidence of ownership. 06 (c) Provisions of a governing instrument are given effect as if the former 07 spouse and relatives of the former spouse disclaimed all provisions revoked by this 08 section or, in the case of a revoked nomination in a fiduciary or representative 09 capacity, as if the former spouse and relatives of the former spouse died immediately 10 before the divorce or annulment. 11 (d) Provisions revoked solely by this section are revived by the divorced 12 individual's remarriage to the former spouse or by a nullification of the divorce or 13 annulment. 14 (e) A change of circumstances other than as described in this section and in 15 AS 13.12.803 does not effect a revocation. 16 (f) A payor or other third party is not liable for having made a payment or 17 transferred an item of property or other benefit to a beneficiary designated in a 18 governing instrument affected by a divorce, annulment, or remarriage, or for having 19 taken other action in good faith reliance on the validity of the governing instrument, 20 before the payor or other third party received written notice of the divorce, annulment, 21 or remarriage. A payor or other third party is liable for a payment made or other 22 action taken after the payor or other third party receives written notice of a claimed 23 forfeiture or revocation under this section. 24 (g) Written notice of the divorce, annulment, or remarriage under (f) of this 25 section shall be mailed to the payor's or other third-party's main office or home by 26 registered or certified mail, return receipt requested, or served upon the payor or other 27 third party in the same manner as a summons in a civil action. Upon receipt of 28 written notice of the divorce, annulment, or remarriage, a payor or other third party 29 may pay any amount owed or transfer or deposit any item of property held by it to or 30 with the court having jurisdiction of the probate proceedings relating to the decedent's 31 estate or, if proceedings have not been commenced, to or with the court located in the
01 judicial district of the decedent's residence. The court shall hold the funds or item of 02 property and, upon its determination under this section, shall order disbursement or 03 transfer in accordance with the determination. Payments, transfers, or deposits made 04 to or with the court discharge the payor or other third party from all claims for the 05 value of amounts paid to or items of property transferred to or deposited with the 06 court. 07 (h) A person who purchases property from a former spouse, relative of a 08 former spouse, or another person for value and without notice, or who receives from 09 a former spouse, relative of a former spouse, or another person a payment or other 10 item of property in partial or full satisfaction of a legally enforceable obligation, is not 11 obligated under this section to return the payment, an item of property, or benefit, or 12 liable under this section for the amount of the payment or the value of the item of 13 property or benefit. However, a former spouse, relative of a former spouse, or other 14 person who, not for value, receives a payment, an item of property, or other benefit 15 to which that person is not entitled under this section is obligated to return the 16 payment, an item of property, or benefit, or is personally liable for the amount of the 17 payment or the value of the item of property or benefit, to the person who is entitled 18 to it under this section. 19 (i) If this section or a part of this section is preempted by federal law with 20 respect to a payment, an item of property, or other benefit covered by this section, a 21 former spouse, relative of the former spouse, or another person who, not for value, 22 received a payment, an item of property, or other benefit to which that person is not 23 entitled under this section is obligated to return that payment, item of property, or 24 benefit, or is personally liable for the amount of the payment or the value of the item 25 of property or benefit, to the person who would have been entitled to it if this section 26 or part of this section were not preempted. 27 (j) In this section, 28 (1) "disposition or appointment of property" includes a transfer of an 29 item of property or other benefit to a beneficiary designated in a governing instrument; 30 (2) "divorce or annulment" means any divorce or annulment, or any 31 dissolution or declaration of invalidity of a marriage, that would exclude the spouse
01 as a surviving spouse within the meaning of AS 13.12.802; a decree of separation that 02 does not terminate the status of husband and wife is not a divorce for purposes of this 03 section; 04 (3) "divorced individual" includes an individual whose marriage has 05 been annulled; 06 (4) "governing instrument" means a governing instrument executed by 07 the divorced individual before the divorce or annulment of the divorced individual's 08 marriage to the divorced individual's former spouse; 09 (5) "relative of the divorced individual's former spouse" means an 10 individual who is related to the divorced individual's former spouse by blood, 11 adoption, or affinity and who, after the divorce or annulment, is not related to the 12 divorced individual by blood, adoption, or affinity; 13 (6) "revocable," with respect to a disposition, appointment, provision, 14 or nomination, means a disposition, appointment, provision, or nomination under which 15 the divorced individual, at the time of the divorce or annulment, was alone 16 empowered, by law or under the governing instrument, to cancel the designation in 17 favor of the divorced individual's former spouse or former spouse's relative, whether 18 or not the divorced individual was then empowered to designate the divorced 19 individual in place of the divorced individual's former spouse or in place of the 20 divorced individual's former spouse's relative and whether or not the divorced 21 individual then had the capacity to exercise the power. 22 ARTICLE 9. MISCELLANEOUS PROVISIONS. 23 Sec. 13.12.907. HONORARY TRUSTS; TRUSTS FOR PETS. (a) Subject 24 to (c) of this section, a trust may be performed by the trustee for 21 years but not 25 longer, whether or not the terms of the trust contemplate a longer duration, if 26 (1) the trust is for a specific lawful, noncharitable purpose or for a 27 lawful, noncharitable purpose to be selected by the trustee; and 28 (2) there is not a definite or definitely ascertainable beneficiary 29 designated. 30 (b) Except as otherwise provided by this subsection and (c) of this section, a 31 trust for the care of a designated domestic or pet animal is valid. The trust terminates
01 when a living animal is not covered by the trust. A governing instrument shall be 02 liberally construed to bring the transfer within this subsection, to presume against the 03 merely precatory or honorary nature of the disposition, and to carry out the general 04 intent of the transferor. Extrinsic evidence is admissible in determining the transferor's 05 intent. 06 (c) In addition to the provisions of (a) or (b) of this section, a trust covered 07 by either of those subsections is subject to the following provisions: 08 (1) except as expressly provided otherwise in the trust instrument, a 09 portion of the principal or income may not be converted to the use of the trustee or 10 to a use other than for the trust's purposes or for the benefit of a covered animal; 11 (2) upon termination, the trustee shall transfer the unexpended trust 12 property in the following order: 13 (A) as directed in the trust instrument; 14 (B) if the trust was created in a nonresiduary clause in the 15 transferor's will or in a codicil to the transferor's will, under the residuary 16 clause in the transferor's will; and 17 (C) if a taker is not produced by the application of (A) or (B) 18 of this paragraph, to the transferor's heirs under AS 13.12.711; 19 (3) for the purposes of AS 13.12.707, the residuary clause is treated as 20 creating a future interest under the terms of a trust; 21 (4) the intended use of the principal or income may be enforced by an 22 individual designated for that purpose in the trust instrument or, if none, by an 23 individual appointed by a court upon application to the court by an individual; 24 (5) except as ordered by the court or required by the trust instrument, 25 a filing, report, registration, periodic accounting, separate maintenance of funds, 26 appointment, or fee is not required by reason of the existence of the fiduciary 27 relationship of the trustee; 28 (6) a court may reduce the amount of the property transferred, if it 29 determines that amount substantially exceeds the amount required for the intended use; 30 the amount of the reduction, if any, passes as unexpended trust property under (2) of 31 this subsection;
01 (7) if a trustee is not designated or a designated trustee is not willing 02 or able to serve, a court shall name a trustee; a court may order the transfer of the 03 property to another trustee, if required to assure that the intended use is carried out and 04 if a successor trustee is not designated in the trust instrument or if a designated 05 successor trustee does not agree to serve or is unable to serve; a court may also make 06 other orders and determinations as are advisable to carry out the intent of the transferor 07 and the purpose of this section. 08 Sec. 13.12.912. INTERNATIONAL WILL; VALIDITY. (a) A will is valid 09 as regards form, irrespective of the place where the will is made, of the location of the 10 assets and of the nationality, domicile, or residence of the testator, if the will is made 11 in the form of an international will complying with the requirements of AS 13.12.912 - 12 13.12.921. 13 (b) The invalidity of the will as an international will does not affect its formal 14 validity as a will of another kind. 15 (c) AS 13.12.912 - 13.12.921 do not apply to the form of testamentary 16 dispositions made by two or more persons in one instrument. 17 Sec. 13.12.913. INTERNATIONAL WILL; REQUIREMENTS. (a) The 18 international will must be written. The will does not need to be written by the testator. 19 The will may be written in any language, or by hand or other means. 20 (b) The testator shall declare in the presence of two witnesses and of a person 21 authorized to act in connection with international wills that the document is the 22 testator's will and that the testator knows the contents of the will. The testator does 23 not need to inform the witnesses, or the authorized person, of the contents of the will. 24 (c) In the presence of the witnesses, and of the authorized person, the testator 25 shall sign the international will, or, if the testator has previously signed it, shall 26 acknowledge the testator's signature. 27 (d) When the testator is unable to sign, the absence of the testator's signature 28 does not affect the validity of the international will if the testator indicates the reason 29 for the testator's inability to sign and the authorized person makes note of the reason 30 on the will. In these cases, it is permissible for any other person present, including the 31 authorized person or one of the witnesses, at the direction of the testator, to sign the
01 testator's name for the testator, if the authorized person makes note of this also on the 02 will, but it is not required that a person sign the testator's name for the testator. 03 (e) The witnesses and the authorized person shall there and then attest the 04 international will by signing in the presence of the testator. 05 Sec. 13.12.914. INTERNATIONAL WILL; OTHER POINTS OF FORM. (a) 06 The signatures shall be placed at the end of the international will. If the will consists 07 of several sheets, each sheet shall be signed by the testator or, if the testator is unable 08 to sign, by the person signing on the testator's behalf or, if a person is not signing on 09 the testator's behalf, by the authorized person. In addition, each sheet shall be 10 numbered. 11 (b) The date of the international will is the date of its signature by the 12 authorized person. That date shall be noted at the end of the will by the authorized 13 person. 14 (c) The authorized person shall ask the testator whether the testator wishes to 15 make a declaration concerning the safekeeping of the will. If so and at the express 16 request of the testator the place where the testator intends to have the will kept shall 17 be mentioned in the certificate provided for in AS 13.12.915. 18 (d) An international will executed in compliance with AS 13.12.913 is not 19 invalid merely because it does not comply with this section. 20 Sec. 13.12.915. INTERNATIONAL WILL; CERTIFICATE. The authorized 21 person shall attach to the international will a certificate to be signed by the authorized 22 person establishing that the requirements of AS 13.12.912 - 13.12.921 for valid 23 execution of an international will have been complied with. The authorized person 24 shall keep a copy of the certificate and deliver another to the testator. The certificate 25 shall be substantially in the following form: 26 CERTIFICATE 27 (Convention of October 26, 1973) 28 1. I, _______________________________ (name, 29 address, and capacity), a person authorized to act in connection 30 with international wills 31 2. certify that on ___________________________ (date)
01 at _____________________________________________ (place) 02 3. (testator) ____________________________________ 03 (name, address, date, and place of birth) in my presence and that 04 of the witnesses 05 4. (a) ___________________________________ (name, 06 address, date, and place of birth) 07 (b) ___________________________________ (name, 08 address, date, and place of birth) has declared that the attached 09 document is the testator's will and that the testator knows the 10 contents of the will. 11 5. I furthermore certify that: 12 6. (a) in my presence and in that of the witnesses 13 (1) the testator has signed the will or has 14 acknowledged the testator's signature previously affixed. 15 * (2) following a declaration of the testator 16 stating that the testator was unable to sign the testator's will for 17 the following reason _______________________, I have 18 mentioned this declaration on the will 19 *and the signature has been affixed by 20 _________________________ (name and address) 21 7. (b) the witnesses and I have signed the will; 22 8. * (c) each page of the will has been signed by 23 _________________________ and numbered; 24 9. (d) I have satisfied myself as to the identity of the 25 testator and of the witnesses as designated above; 26 10. (e) the witnesses met the conditions requisite to act 27 as witnesses according to the law under which I am acting; 28 11. * (f) the testator has requested me to include the 29 following statement concerning the safekeeping of the testator's 30 will:__________________________________________________________________________________________________ 31 12. PLACE OF EXECUTION
01 13. DATE 02 14. SIGNATURE and, if necessary, SEAL 03 * to be completed if appropriate. 04 Sec. 13.12.916. INTERNATIONAL WILL; EFFECT OF CERTIFICATE. In 05 the absence of evidence to the contrary, the certificate of the authorized person is 06 conclusive of the formal validity of the instrument as an international will under 07 AS 13.12.912 - 13.12.921. The absence or irregularity of a certificate does not affect 08 the formal validity of a will under AS 13.12.912 - 13.12.921. 09 Sec. 13.12.917. INTERNATIONAL WILL; REVOCATION. An international 10 will is subject to the ordinary rules of revocation of wills. 11 Sec. 13.12.918. SOURCE AND CONSTRUCTION. AS 13.12.912 - 13.12.917 12 and 13.12.921 derive from the Annex to Convention of October 26, 1973, Providing 13 a Uniform Law on the Form of an International Will. In interpreting and applying 14 AS 13.12.912 - 13.12.921, regard shall be had to its international origin and to the 15 need for uniformity in its interpretation. 16 Sec. 13.12.919. PERSONS AUTHORIZED TO ACT IN RELATION TO 17 INTERNATIONAL WILL; ELIGIBILITY; RECOGNITION BY AUTHORIZING 18 AGENCY. Individuals who are licensed to practice law in this state and who are in 19 good standing as active law practitioners in this state, are hereby declared to be 20 authorized persons in relation to international wills. 21 Sec. 13.12.920. INTERNATIONAL WILL INFORMATION REGISTRATION. 22 The Department of Commerce and Economic Development shall establish a registry 23 system by which authorized persons may register in a central information center 24 information regarding the execution of international wills, keeping that information in 25 strictest confidence until the death of the maker and then making it available to any 26 person desiring information about any will who presents a death certificate or other 27 satisfactory evidence of the testator's death to the center. Information that may be 28 received, preserved in confidence until death, and reported as indicated is limited to 29 the testator's name, social security, or other individual identifying number established 30 by law, address, and date and place of birth, and the intended place of deposit or 31 safekeeping of the instrument pending the death of the maker. The Department of
01 Commerce and Economic Development, at the request of the authorized person, may 02 cause the information it receives about execution of an international will to be 03 transmitted to the registry system of another jurisdiction as identified by the testator, 04 if that other system adheres to rules protecting the confidentiality of the information 05 similar to those established in this state. 06 Sec. 13.12.921. DEFINITIONS FOR AS 13.12.912 - 13.12.921. In 07 AS 13.12.912 - 13.12.921, 08 (1) "authorized person" and "person authorized to act in connection 09 with international wills" mean a person who by AS 13.12.919, or by the laws of the 10 United States, including members of the diplomatic and consular service of the United 11 States designated by federal regulations, is empowered to supervise the execution of 12 international wills; 13 (2) "international will" means a will executed in conformity with 14 AS 13.12.912 - 13.12.915. 15 * Sec. 4. AS 13.16.010 is repealed and reenacted to read: 16 Sec. 13.16.010. NECESSITY OF ORDER OF PROBATE FOR WILL. Except 17 as provided in AS 13.16.680, to be effective to prove the transfer of property or to 18 nominate an executor, a will must be declared to be valid by an order of informal 19 probate by the registrar or by an adjudication of probate by the court. 20 * Sec. 5. AS 13.16.040 is repealed and reenacted to read: 21 Sec. 13.16.040. PROBATE, TESTACY, AND APPOINTMENT 22 PROCEEDINGS; ULTIMATE TIME LIMIT. (a) An informal probate or appointment 23 proceeding or formal testacy or appointment proceeding, other than a proceeding to 24 probate a will previously probated at the testator's domicile and appointment 25 proceedings relating to an estate in which there has been a prior appointment, may not 26 be commenced more than three years after the decedent's death, except 27 (1) if a previous proceeding was dismissed because of doubt about the 28 fact of the decedent's death, appropriate probate, appointment, or testacy proceedings 29 may be maintained at any time after the dismissal upon a finding that the decedent's 30 death occurred before the initiation of the previous proceeding and the applicant or 31 petitioner has not delayed unduly in initiating the subsequent proceeding;
01 (2) appropriate probate, appointment, or testacy proceedings may be 02 maintained in relation to the estate of an absent, disappeared, or missing person for 03 whose estate a conservator has been appointed, at any time within three years after the 04 conservator becomes able to establish the death of the protected person; 05 (3) a proceeding to contest an informally probated will and to secure 06 appointment of the person with legal priority for appointment in the event the contest 07 is successful, may be commenced within the later of 12 months from the informal 08 probate or three years from the decedent's death; 09 (4) an informal appointment or a formal testacy or appointment 10 proceeding may be commenced after the three years if proceedings concerning the 11 succession or estate administration have not occurred within the three-year period after 12 the decedent's death, but the personal representative may not possess estate assets as 13 provided in AS 13.16.380 beyond that necessary to confirm title to the assets in the 14 successors to the estate and claims other than expenses of administration may not be 15 presented against the estate; and 16 (5) a formal testacy proceeding may be commenced at any time after 17 three years from the decedent's death for the purpose of establishing an instrument to 18 direct or control the ownership of property passing or distributable after the decedent's 19 death from a person other than the decedent when the property is to be appointed by 20 the terms of the decedent's will or is to pass or be distributed as a part of the 21 decedent's estate or its transfer is otherwise to be controlled by the terms of the 22 decedent's will. 23 (b) The limitations in (a) of this section do not apply to proceedings to 24 construe probated wills or determine heirs of an intestate. 25 (c) In cases under (a)(1) or (2) of this section, the date on which a testacy or 26 appointment proceeding is properly commenced is considered to be the date of the 27 decedent's death for purposes of other limitations provisions of AS 13.06 - AS 13.36 28 that relate to the date of death. 29 * Sec. 6. AS 13.16.090(c) is amended to read: 30 (c) A will that [WHICH] appears to have the required signatures and that 31 [WHICH] contains an attestation clause showing that requirements of execution under
01 AS 13.12.502 or 13.12.506 [AS 13.11.155, 13.11.160, OR 13.11.175] have been met 02 shall be probated without further proof. In other cases, the registrar may assume 03 execution if the will appears to have been properly executed, or the registrar may 04 accept a sworn statement or affidavit of a [ANY] person having knowledge of the 05 circumstances of execution, whether or not the person was a witness to the will. 06 * Sec. 7. AS 13.16.195(a) is amended to read: 07 (a) Subject to appeal and subject to vacation as provided in this section 08 [HEREIN] and in AS 13.16.200, a formal testacy order under AS 13.16.180 - 09 13.16.190, including an order that the decedent did not leave a [LEFT NO] valid will 10 and determining heirs, is final as to all persons with respect to all issues concerning 11 the decedent's estate that the court considered or might have considered incident to its 12 rendition relevant to the question of whether the decedent left a valid will, and to the 13 determination of heirs, except that 14 (1) the court shall entertain a petition for modification or vacation of 15 its order and probate of another will of the decedent if it is shown that the proponents 16 of the later-offered will were 17 (A) unaware of the later-offered will's [ITS] existence at the 18 time of the earlier proceeding; or 19 (B) [WERE] unaware of the earlier proceeding and were not 20 given [NO] notice of the proceeding [IT], except by publication; 21 (2) if intestacy of all or part of the estate has been ordered, the 22 determination of heirs of the decedent may be reconsidered if it is shown that one or 23 more persons were omitted from the determination and it is also shown that the 24 persons were unaware of their relationship to the decedent, were unaware of the death, 25 or were not given [NO] notice of any proceeding concerning the estate, except by 26 publication; 27 (3) a petition for vacation under either (1) or (2) of this subsection must 28 be filed before the earlier of the following time limits: 29 (A) if a personal representative has been appointed for the 30 estate, the time of entry of an [ANY] order approving final distribution of the 31 estate, or, if the estate is closed by statement, six months after the filing of the
01 closing statement; [,] 02 (B) whether or not a personal representative has been appointed 03 for the estate of the decedent, the time prescribed by AS 13.16.040 when it is 04 no longer possible to initiate an original proceeding to probate a will of the 05 decedent; or [,] 06 (C) 12 months after the entry of the order sought to be vacated; 07 (4) the order originally rendered in the testacy proceeding may be 08 modified or vacated, if appropriate under the circumstances, by the order of probate 09 of the later-offered will or the order redetermining heirs; 10 (5) the finding of the fact of death is conclusive as to the alleged 11 decedent only if notice of the hearing on the petition in the formal testacy proceeding 12 was sent by registered or certified mail addressed to the alleged decedent at the last 13 known address of the alleged decedent and the court finds that a search under 14 AS 13.16.150(b) was made. 15 * Sec. 8. AS 13.16.260 is amended to read: 16 Sec. 13.16.260. BOND AMOUNT; SECURITY; PROCEDURE; 17 REDUCTION. If bond is required and the provisions of the will or order do not 18 specify the amount, unless stated in the application or petition, the person qualifying 19 shall file a statement under oath with the registrar indicating the person's best estimate 20 of the value of the personal estate of the decedent and of the income expected from 21 the personal and real estate during the next year. The person qualifying shall execute 22 and file a bond with the registrar, or give other suitable security, in an amount not less 23 than the estimate. The registrar shall determine that the bond is duly executed by a 24 corporate surety, or one or more individual sureties whose performance is secured by 25 pledge of personal property, mortgage on real property or other adequate security. The 26 registrar may permit the amount of the bond to be reduced by the value of assets of 27 the estate deposited with a domestic financial institution, [(] as defined in 28 AS 13.33.201, [AS 13.31.005)] in a manner that prevents their unauthorized 29 disposition. On petition of the personal representative or another interested person the 30 court may excuse a requirement of bond, increase or reduce the amount of the bond, 31 release sureties, or permit the substitution of another bond with the same or different
01 sureties. 02 * Sec. 9. AS 13.16.560(a) is amended to read: 03 (a) Unless a contrary intention is indicated by the will, the distributable assets 04 of a decedent's estate shall be distributed in kind to the extent possible through 05 application of the following provisions: 06 (1) a [A] specific devisee is entitled to distribution of the thing devised, 07 and a spouse or child who has selected particular assets of an estate as provided in 08 AS 13.12.402 - 13.12.405 [AS 13.11.130] shall receive the items selected; [.] 09 (2) a [ANY] homestead or family allowance or devise payable in 10 money may be satisfied by value in kind if 11 (A) the person entitled to the payment has not demanded 12 payment in cash; 13 (B) the property distributed in kind is valued at fair market 14 value as of the date of its distribution; and 15 (C) no residuary devisee has requested that the asset in question 16 remain a part of the residue of the estate; [.] 17 (3) for [FOR] the purpose of valuation under (2) of this subsection, 18 securities regularly traded on recognized exchanges, if distributed in kind, are valued 19 at the price for the last sale of like securities traded on the business day before 20 distribution, or if there was no sale on that day, at the median between amounts bid 21 and offered at the close of that day; assets [. ASSETS] consisting of sums owed the 22 decedent or the estate by solvent debtors as to which there is no known dispute or 23 defense are valued at the sum due with accrued interest or discounted to the date of 24 distribution; for [. FOR] assets that [WHICH] do not have readily ascertainable 25 values, a valuation as of a date not more than 30 days before the date of distribution, 26 if otherwise reasonable, controls; for [. FOR] purposes of facilitating distribution, the 27 personal representative may ascertain the value of the assets as of the time of the 28 proposed distribution in any reasonable way, including the employment of qualified 29 appraisers, even if the assets may have been previously appraised; [.] 30 (4) the [THE] residuary estate shall be distributed in any equitable 31 manner [KIND IF THERE IS NO OBJECTION TO THE PROPOSED
01 DISTRIBUTION AND IT IS PRACTICABLE TO DISTRIBUTE UNDIVIDED 02 INTERESTS. IN OTHER CASES, RESIDUARY PROPERTY MAY BE 03 CONVERTED INTO CASH FOR DISTRIBUTION]. 04 * Sec. 10. AS 13.16.665 is amended to read: 05 Sec. 13.16.665. EFFECT OF APPROVAL OF AGREEMENTS INVOLVING 06 TRUSTS, INALIENABLE INTERESTS, OR INTERESTS OF THIRD PERSONS. A 07 compromise of any controversy as to admission to probate of any instrument offered 08 for formal probate as the will of a decedent, the construction, validity, or effect of any 09 governing instrument [PROBATED WILL], the rights or interests in the estate of the 10 decedent, of any successor, or the administration of the estate, if approved in a formal 11 proceeding in the court for that purpose, is binding on all the parties to the 12 compromise [THERETO] including those unborn, unascertained or who could not be 13 located. An approved compromise is binding even though it may affect a trust or an 14 inalienable interest. A compromise does not impair the rights of creditors or of taxing 15 authorities who are not parties to it. 16 * Sec. 11. AS 13.16.670 is amended to read: 17 Sec. 13.16.670. PROCEDURE FOR SECURING COURT APPROVAL OF 18 COMPROMISE. The procedure for securing court approval of a compromise is as 19 follows: 20 (1) the [THE] terms of the compromise shall be set out in an 21 agreement in writing that [WHICH] shall be executed by all competent persons and 22 parents acting for any minor child having beneficial interests or having claims that 23 [WHICH] will or may be affected by the compromise; execution [. EXECUTION] 24 is not required by any person whose identity cannot be ascertained or whose 25 whereabouts is unknown and cannot reasonably be ascertained; [.] 26 (2) an [ANY] interested person, including the personal representative, 27 if any, or a trustee, then may submit the agreement to the court for its approval and 28 for execution by the personal representative, the trustee of every affected testamentary 29 trust, and other fiduciaries and representatives; [.] 30 (3) after [AFTER] notice to all interested persons or their 31 representatives, including the personal representative of any [THE] estate and all
01 affected trustees of trusts, the court, if it finds that the contest or controversy is in 02 good faith and that the effect of the agreement upon the interests of persons 03 represented by fiduciaries or other representatives is just and reasonable, shall make 04 an order approving the agreement and directing all fiduciaries under its supervision to 05 execute the agreement; minor [. MINOR] children represented only by their parents 06 may be bound only if their parents join with other competent persons in execution of 07 the compromise; upon [. UPON] the making of the order and the execution of the 08 agreement, all further disposition of the estate is in accordance with the terms of the 09 agreement. 10 * Sec. 12. AS 13 is amended by adding a new chapter to read: 11 CHAPTER 33. NONPROBATE TRANSFERS. 12 ARTICLE 1. PROVISIONS RELATING TO EFFECT OF DEATH. 13 Sec. 13.33.101 NONPROBATE TRANSFERS ON DEATH. (a) A provision 14 for a nonprobate transfer on death in an insurance policy, contract of employment, 15 bond, mortgage, promissory note, certificated or uncertificated security, account 16 agreement, custodial agreement, deposit agreement, compensation plan, pension plan, 17 individual retirement plan, employee benefit plan, trust, conveyance, deed of gift, 18 marital property agreement, or other written instrument of a similar nature is 19 nontestamentary. This subsection includes a written provision that 20 (1) money or other benefits due to, controlled by, or owned by a 21 decedent before death must be paid after the decedent's death to a person whom the 22 decedent designates either in the instrument or in a separate writing, including a will, 23 executed either before or at the same time as the instrument, or later; 24 (2) money due or to become due under the instrument ceases to be 25 payable in the event of death of the promisee or the promisor before payment or 26 demand; or 27 (3) property controlled by or owned by the decedent before death that 28 is the subject of the instrument passes to a person the decedent designates either in the 29 instrument or in a separate writing, including a will, executed either before or at the 30 same time as the instrument, or later. 31 (b) An instrument referred to in (a) of this section may designate as a
01 beneficiary, payee, or owner, a trustee named or to be named in the will of the person 02 entitled to make the designation. The designation may be made before or after the 03 execution of the designator's will. It is not necessary to the validity of the underlying 04 trust that there be in existence a trust corpus other than the right to receive benefits or 05 to exercise the rights resulting from the designation. 06 (c) This section does not limit rights of creditors under other laws of this state. 07 ARTICLE 2. MULTIPLE-PERSON ACCOUNTS. 08 Sec. 13.33.201. DEFINITIONS. In AS 13.33.201 - 13.33.227, 09 (1) "account" means a contract of deposit between a depositor and a 10 financial institution and includes a checking account, savings account, certificate of 11 deposit, and share account; 12 (2) "agent" means a person authorized to make account transactions for 13 a party; 14 (3) "beneficiary" means a person named as one to whom sums on 15 deposit in an account are payable on request after death of all parties or for whom a 16 party is named as trustee; 17 (4) "financial institution" means an organization authorized to do 18 business under state or federal laws relating to financial institutions, and includes a 19 bank, trust company, savings bank, building and loan association, savings and loan 20 company or association, and credit union; 21 (5) "multiple-party account" means an account payable on request to 22 one or more of two or more parties whether or not a right of survivorship is 23 mentioned; 24 (6) "party" means a person who, by the terms of an account, has a 25 present right, subject to request, to payment from the account other than as a 26 beneficiary or agent; 27 (7) "payment" of sums on deposit includes withdrawal, payment to a 28 party or third person pursuant to check or other request, and a pledge of sums on 29 deposit by a party, or a setoff, reduction, or other disposition of all or part of an 30 account pursuant to a pledge; 31 (8) "POD designation" means the designation of
01 (A) a beneficiary in an account payable on request to one party 02 during the party's lifetime and on the party's death to one or more 03 beneficiaries, or to one or more parties during their lifetime and on death of all 04 of them to one or more beneficiaries; or 05 (B) a beneficiary in an account in the name of one or more 06 parties as trustee for one or more beneficiaries if the relationship is established 07 by the terms of the account and there is no subject of the trust other than the 08 sums on deposit in the account, whether or not payment to the beneficiary is 09 mentioned; 10 (9) "receive," as it relates to notice to a financial institution, means 11 receipt in the office or branch office of the financial institution in which the account 12 is established, but if the terms of the account require notice at a particular place, in the 13 place required; 14 (10) "request" means a request for payment complying with all terms 15 of the account, including special requirements concerning necessary signatures and 16 regulations of the financial institution; but, for purposes of AS 13.33.201 - 13.33.227, 17 if terms of the account condition payment on advance notice, a request for payment 18 is treated as immediately effective and a notice of intent to withdraw is treated as a 19 request for payment; 20 (11) "sums on deposit" means the balance payable on an account, 21 including interest and dividends earned, whether or not included in the current balance, 22 and deposit life insurance proceeds added to the account by reason of death of a party; 23 (12) "terms of the account" includes the deposit agreement and other 24 terms and conditions, including the form, of the contract of deposit. 25 Sec. 13.33.202. LIMITATION ON SCOPE. AS 13.33.201 - 13.33.227 do not 26 apply to 27 (1) an account established for a partnership, joint venture, or other 28 organization for a business purpose; 29 (2) an account controlled by one or more persons as an agent or trustee 30 for a corporation, unincorporated association, or charitable or civic organization; or 31 (3) a fiduciary or trust account in which the relationship is established
01 other than by the terms of the account. 02 Sec. 13.33.203. TYPES OF ACCOUNT; EXISTING ACCOUNTS. (a) An 03 account may be for a single party or multiple parties. A multiple-party account may 04 be with or without a right of survivorship between the parties. Subject to 05 AS 13.33.212(c), either a single-party account or a multiple-party account may have 06 a POD designation, an agency designation, or both. 07 (b) An account established before, on, or after January 1, 1997, whether in the 08 form prescribed in AS 13.33.204 or in another form, is either a single-party account 09 or a multiple-party account, with or without right of survivorship, and with or without 10 a POD designation or an agency designation, within the meaning of AS 13.33.201 - 11 13.33.227 and is governed by AS 13.33.201 - 13.33.227. 12 Sec. 13.33.204. FORMS. (a) A contract of deposit that contains provisions 13 in substantially the following form establishes the type of account provided, and the 14 account is governed by the provisions of AS 13.33.201 - 13.33.227 applicable to an 15 account of that type: 16 UNIFORM SINGLE- OR MULTIPLE-PARTY ACCOUNT FORM PARTIES 17 (Name one or more parties): 18 __________________________ _________________________ 19 OWNERSHIP (Select one and initial): 20 _____ SINGLE-PARTY ACCOUNT 21 _____ MULTIPLE-PARTY ACCOUNT 22 Parties own the account in proportion to net contributions unless 23 there is clear and convincing evidence of a different intent. 24 RIGHTS AT DEATH (Select one and initial): 25 _____ SINGLE-PARTY ACCOUNT 26 At death of party, ownership passes as part of party's estate. 27 _____ SINGLE-PARTY ACCOUNT WITH POD (PAY ON DEATH) 28 DESIGNATION 29 (Name one or more beneficiaries): 30 __________________________ _________________________ 31 At death of party, ownership passes to POD beneficiaries and is
01 not part of party's estate. 02 _____ MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP 03 At death of party, ownership passes to surviving parties. 04 _____ MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP 05 AND POD (PAY ON DEATH) DESIGNATION 06 (Name one or more beneficiaries): 07 __________________________ _________________________ 08 At death of last surviving party, ownership passes to POD 09 beneficiaries and is not part of last surviving party's estate. 10 _____ MULTIPLE-PARTY ACCOUNT WITHOUT RIGHT OF 11 SURVIVORSHIP 12 At death of party, deceased party's ownership passes as part of 13 deceased party's estate. 14 AGENCY (POWER OF ATTORNEY) DESIGNATION (Optional) 15 Agents may make account transactions for parties but do not have 16 ownership or rights at death unless named as POD beneficiaries. (To 17 add agency designation to account, name one or more agents): 18 __________________________ _________________________ 19 (Select one and initial): 20 _____ AGENCY DESIGNATION SURVIVES DISABILITY 21 OR INCAPACITY OF PARTIES 22 _____ AGENCY DESIGNATION TERMINATES ON 23 DISABILITY OR INCAPACITY OF PARTIES. 24 (b) A contract of deposit that does not contain provisions in substantially the 25 form provided in (a) of this section is governed by the provisions of AS 13.33.201 - 26 13.33.227 applicable to the type of account that most nearly conforms to the 27 depositor's intent. 28 Sec. 13.33.205. DESIGNATION OF AGENT. (a) By writing signed by all 29 parties, the parties may designate as agent of all parties on an account a person other 30 than a party. 31 (b) Unless the terms of an agency designation provide that the authority of the
01 agent terminates on disability or incapacity of a party, the agent's authority survives 02 disability and incapacity. The agent may act for a disabled or incapacitated party until 03 the authority of the agent is terminated. 04 (c) Death of the sole party or last surviving party terminates the authority of 05 an agent. 06 Sec. 13.33.206. APPLICABILITY. The provisions of AS 13.33.211 - 07 13.33.216 concerning beneficial ownership as between parties or as between parties 08 and beneficiaries apply only to controversies between those persons and their creditors 09 and other successors and do not apply to the right of those persons to payment as 10 determined by the terms of the account. AS 13.33.221 - 13.33.227 govern the liability 11 and setoff rights of financial institutions that make payments under AS 13.33.221 - 12 13.33.227. 13 Sec. 13.33.211. OWNERSHIP DURING LIFETIME. (a) During the lifetime 14 of all parties, an account belongs to the parties in proportion to the net contribution of 15 each to the sums on deposit, unless there is clear and convincing evidence of a 16 different intent. As between parties married to each other, in the absence of proof 17 otherwise, the net contribution of each is presumed to be an equal amount. 18 (b) A beneficiary in an account having a POD designation does not have a 19 right to sums on deposit during the lifetime of any party. 20 (c) An agent in an account with an agency designation does not have a 21 beneficial right to sums on deposit. 22 (d) In this section, "net contribution" of a party means the sum of all deposits 23 to an account made by or for the party, less all payments from the account made to 24 or for the party that have not been paid to or applied to the use of another party and 25 a proportionate share of any charges deducted from the account, plus a proportionate 26 share of any interest or dividends earned, whether or not included in the current 27 balance. The term includes deposit life insurance proceeds added to the account by 28 reason of death of the party whose net contribution is in question. 29 Sec. 13.33.212. RIGHTS AT DEATH. (a) Except as otherwise provided in 30 AS 13.33.201 - 13.33.227, on death of a party, sums on deposit in a multiple-party 31 account belong to the surviving party or parties. If two or more parties survive and
01 one is the surviving spouse of the decedent, the amount to which the decedent 02 immediately before death was beneficially entitled under AS 13.33.211 belongs to the 03 surviving spouse. If two or more parties survive and none is the surviving spouse of 04 the decedent, the amount to which the decedent immediately before death was 05 beneficially entitled under AS 13.33.211 belongs to the surviving parties in equal 06 shares and augments the proportion to which each survivor immediately before the 07 decedent's death was beneficially entitled under AS 13.33.211, and the right of 08 survivorship continues between the surviving parties. 09 (b) In an account with a POD designation 10 (1) on death of one of two or more parties, the rights in sums on 11 deposit are governed by (a) of this section; 12 (2) on death of the sole party or the last survivor of two or more 13 parties, sums on deposit belong to the surviving beneficiary or beneficiaries; if two or 14 more beneficiaries survive, sums on deposit belong to them in equal and undivided 15 shares, and there is no right of survivorship in the event of death of a beneficiary after 16 coming into ownership; if no beneficiary survives, sums on deposit belong to the estate 17 of the last surviving party. 18 (c) Sums on deposit in a single-party account without a POD designation, or 19 in a multiple-party account that, by the terms of the account, is without right of 20 survivorship, are not affected by death of a party, but the amount to which the 21 decedent immediately before death was beneficially entitled under AS 13.33.211 is 22 transferred as part of the decedent's estate. A POD designation in a multiple-party 23 account without right of survivorship is ineffective. For purposes of this section, 24 designation of an account as a tenancy in common establishes that the account is 25 without right of survivorship. 26 (d) The ownership right of a surviving party or beneficiary, or of the 27 decedent's estate, in sums on deposit is subject to requests for payment made by a 28 party before the party's death, whether paid by the financial institution before or after 29 death, or unpaid. The surviving party or beneficiary, or the decedent's estate, is liable 30 to the payee of an unpaid request for payment. The liability is limited to a 31 proportionate share of the amount transferred under this section to the extent necessary
01 to discharge the request for payment. 02 Sec. 13.33.213. ALTERATION OF RIGHTS. (a) Rights at death under 03 AS 13.33.212 are determined by the terms of the account at the death of a party. The 04 terms of the account may be altered by written notice given by a party to the financial 05 institution to change the terms of the account or to stop or vary payment under the 06 terms of the account. The notice shall be signed by a party and received by the 07 financial institution during the party's lifetime. 08 (b) A right of survivorship arising from the express terms of the account, 09 AS 13.33.212, or a POD designation may not be altered by will. 10 Sec. 13.33.214. ACCOUNTS AND TRANSFERS NONTESTAMENTARY. 11 Except as provided in AS 13.12.201 - 13.12.214 or as a consequence of and to the 12 extent directed by AS 13.33.215, a transfer resulting from the application of 13 AS 13.33.212 is effective by reason of the terms of the account involved and 14 AS 13.33.201 - 13.33.227 and is not testamentary or subject to AS 13.06 - AS 13.21. 15 Sec. 13.33.215. RIGHTS OF CREDITORS AND OTHERS. (a) If other 16 assets of the estate are insufficient, a transfer resulting from a right of survivorship or 17 POD designation under AS 13.33.201 - 13.33.227 is not effective against the estate of 18 a deceased party to the extent needed to pay claims against the estate and statutory 19 allowances to the surviving spouse and children. 20 (b) A surviving party or beneficiary who receives payment from an account 21 after death of a party is liable to account to the personal representative of the decedent 22 for a proportionate share of the amount received to which the decedent immediately 23 before death was beneficially entitled under AS 13.33.211, to the extent necessary to 24 discharge the claims and allowances described in (a) of this section remaining unpaid 25 after application of the decedent's estate. A proceeding to assert the liability may not 26 be commenced unless the personal representative has received a written demand by the 27 surviving spouse, a creditor, a child, or a person acting for a child of the decedent. 28 The proceeding must be commenced within one year after death of the decedent. 29 (c) A surviving party or beneficiary against whom a proceeding to account is 30 brought may join as a party to the proceeding a surviving party or beneficiary of any 31 other account of the decedent.
01 (d) Sums recovered by the personal representative shall be administered as part 02 of the decedent's estate. This section does not affect the protection from claims of the 03 personal representative or estate of a deceased party provided in AS 13.33.226 for a 04 financial institution that makes payment in accordance with the terms of the account. 05 Sec. 13.33.216. COMMUNITY PROPERTY AND TENANCY BY THE 06 ENTIRETY. (a) A deposit of community property in an account does not alter the 07 community character of the property or community rights in the property, but a right 08 of survivorship between parties married to each other arising from the express terms 09 of the account or AS 13.33.212 may not be altered by will. 10 (b) AS 13.33.201 - 13.33.227 does not affect the law governing tenancy by the 11 entirety. 12 Sec. 13.33.221. AUTHORITY OF FINANCIAL INSTITUTION. A financial 13 institution may enter into a contract of deposit for a multiple-party account to the same 14 extent it may enter into a contract of deposit for a single-party account and may 15 provide for a POD designation and an agency designation in either a single-party 16 account or a multiple-party account. A financial institution need not inquire as to the 17 source of a deposit to an account or as to the proposed application of a payment from 18 an account. 19 Sec. 13.33.222. PAYMENT ON MULTIPLE-PARTY ACCOUNT. A financial 20 institution, on request, may pay sums on deposit in a multiple-party account to 21 (1) one or more of the parties whether or not another party is disabled, 22 incapacitated, or deceased when payment is requested and whether or not the party 23 making the request survives another party; or 24 (2) the personal representative, if any, or, if there is none, the heirs or 25 devisees of a deceased party if proof of death is presented to the financial institution 26 showing that the deceased party was the survivor of all other persons named on the 27 account either as a party or beneficiary, unless the account is without right of 28 survivorship under AS 13.33.212. 29 Sec. 13.33.223. PAYMENT ON POD DESIGNATION. A financial institution, 30 on request, may pay sums on deposit in an account with a POD designation to 31 (1) one or more of the parties whether or not another party is disabled,
01 incapacitated, or deceased when the payment is requested and whether or not a party 02 survives another party; 03 (2) the beneficiary or beneficiaries if proof of death is presented to the 04 financial institution showing that the beneficiary or beneficiaries survived all persons 05 named as parties; or 06 (3) the personal representative, if any, or, if there is none, the heirs or 07 devisees of a deceased party if proof of death is presented to the financial institution 08 showing that the deceased party was the survivor of all other persons named on the 09 account either as a party or beneficiary. 10 Sec. 13.33.224. PAYMENT TO DESIGNATED AGENT. A financial 11 institution, on request of an agent under an agency designation for an account, may 12 pay to the agent sums on deposit in the account whether or not a party is disabled, 13 incapacitated, or deceased when the request is made or received and whether or not 14 the authority of the agent terminates on the disability or incapacity of a party. 15 Sec. 13.33.225. PAYMENT TO MINOR. If a financial institution is required 16 or permitted to make payment under AS 13.33.201 - 13.33.227 to a minor designated 17 as a beneficiary, payment may be made under AS 13.46. 18 Sec. 13.33.226. DISCHARGE. (a) Payment made under AS 13.33.201 - 19 13.33.227 in accordance with the terms of the account discharges the financial 20 institution from all claims for amounts so paid, whether or not the payment is 21 consistent with the beneficial ownership of the account as between parties, 22 beneficiaries, or their successors. Payment may be made whether or not a party, 23 beneficiary, or agent is disabled, incapacitated, or deceased when payment is requested, 24 received, or made. 25 (b) Protection under this section does not extend to payments made after a 26 financial institution has received written notice from a party, or from the personal 27 representative, surviving spouse, or heir or devisee of a deceased party, to the effect 28 that payments in accordance with the terms of the account, including one having an 29 agency designation, should not be permitted, and the financial institution has had a 30 reasonable opportunity to act on it when the payment is made. Unless the notice is 31 withdrawn by the person giving it, the successor of any deceased party must concur
01 in a request for payment if the financial institution is to be protected under this section. 02 Unless a financial institution has been served with process in an action or proceeding, 03 other notice or other information shown to have been available to the financial 04 institution does not affect its right to protection under this section. 05 (c) A financial institution that receives written notice under this section or 06 otherwise has reason to believe that a dispute exists as to the rights of the parties may 07 refuse, without liability, to make payments in accordance with the terms of the 08 account. 09 (d) Protection of a financial institution under this section does not affect the 10 rights of parties in disputes between themselves or their successors concerning the 11 beneficial ownership of sums on deposit in accounts or payments made from accounts. 12 Sec. 13.33.227. SETOFF. Without qualifying any other statutory right to 13 setoff or lien and subject to any contractual provision, if a party is indebted to a 14 financial institution, the financial institution has a right to setoff against the account. 15 The amount of the account subject to setoff is the proportion to which the party is, or 16 immediately before death was, beneficially entitled under AS 13.33.211 or, in the 17 absence of proof of that proportion, an equal share with all parties. 18 ARTICLE 3. UNIFORM TRANSFER-ON-DEATH SECURITY 19 REGISTRATION ACT. 20 Sec. 13.33.301. DEFINITIONS. In AS 13.33.301 - 13.33.310, 21 (1) "beneficiary form" means a registration of a security that indicates 22 the present owner of the security and the intention of the owner regarding the person 23 who will become the owner of the security upon the death of the owner; 24 (2) "POD" means "pay on death"; 25 (3) "register," including its derivatives, means to issue a certificate 26 showing the ownership of a certificated security or, in the case of an uncertificated 27 security, to initiate or transfer an account showing ownership of securities; 28 (4) "registering entity" means a person who originates or transfers a 29 security title by registration and includes a broker maintaining security accounts for 30 customers and a transfer agent or other person acting for or as an issuer of securities; 31 (5) "security" means a share, participation, or other interest in property,
01 in a business, or in an obligation of an enterprise or other issuer and includes a 02 certificated security, an uncertificated security, and a security account; 03 (6) "security account" means 04 (A) a reinvestment account associated with a security, a 05 securities account with a broker, a cash balance in a brokerage account, cash, 06 interest, earnings, or dividends earned or declared on a security in an account, 07 a reinvestment account, or a brokerage account, whether or not credited to the 08 account before the owner's death; or 09 (B) a cash balance or other property held for or due to the 10 owner of a security as a replacement for or product of an account security 11 whether or not credited to the account before the owner's death; 12 (7) "TOD" means "transfer on death". 13 Sec. 13.33.302. REGISTRATION IN BENEFICIARY FORM; SOLE OR 14 JOINT TENANCY OWNERSHIP. Only individuals whose registration of a security 15 shows sole ownership by one individual or multiple ownership by two or more with 16 right of survivorship, rather than as tenants in common, may obtain registration in 17 beneficiary form. Multiple owners of a security registered in beneficiary form hold 18 as joint tenants with right of survivorship, as tenants by the entirety, or as owners of 19 community property held in survivorship form, and not as tenants in common. 20 Sec. 13.33.303. REGISTRATION IN BENEFICIARY FORM; APPLICABLE 21 LAW. (a) A security may be registered in beneficiary form if the form is authorized 22 by this or a similar TOD statute of the state of 23 (1) organization of the issuer or registering entity; 24 (2) the registering entity's principal office; 25 (3) the office of the registering entity's transfer agent or the registering 26 entity's office making the registration; or 27 (4) the owner's address at the time of registration. 28 (b) A registration governed by the law of a jurisdiction in which this or similar 29 TOD legislation is not in force or was not in force when a registration in beneficiary 30 form was made is nevertheless presumed to be valid and authorized as a matter of 31 contract law.
01 Sec. 13.33.304. ORIGINATION OF REGISTRATION IN BENEFICIARY 02 FORM. A security, whether evidenced by certificate or account, is registered in 03 beneficiary form when the registration includes a designation of a beneficiary to take 04 the ownership at the death of the owner or the deaths of all multiple owners. 05 Sec. 13.33.305. FORM OF REGISTRATION IN BENEFICIARY FORM. 06 Registration in beneficiary form may be shown by the words "transfer on death" or the 07 abbreviation "TOD," or by words "pay on death" or the abbreviation "POD," after the 08 name of the registered owner and before the name of a beneficiary. 09 Sec. 13.33.306. EFFECT OF REGISTRATION IN BENEFICIARY FORM. 10 The designation of a TOD beneficiary on a registration in beneficiary form does not 11 have an effect on ownership until the owner's death. A registration of a security in 12 beneficiary form may be canceled or changed at any time by the sole owner or all then 13 surviving owners without the consent of the beneficiary. 14 Sec. 13.33.307. OWNERSHIP ON DEATH OF OWNER. On death of a sole 15 owner or the last to die of all multiple owners, ownership of securities registered in 16 beneficiary form passes to the beneficiary or beneficiaries who survive all owners. On 17 proof of death of all owners and compliance with any applicable requirements of the 18 registering entity, a security registered in beneficiary form may be reregistered in the 19 name of the beneficiary or beneficiaries who survived the death of all owners. Until 20 division of the security after the death of all owners, multiple beneficiaries surviving 21 the death of all owners hold their interests as tenants in common. If no beneficiary 22 survives the death of all owners, the security belongs to the estate of the deceased sole 23 owner or the estate of the last to die of all multiple owners. 24 Sec. 13.33.308. PROTECTION OF REGISTERING ENTITY. (a) A 25 registering entity is not required to offer or to accept a request for security registration 26 in beneficiary form. If a registration in beneficiary form is offered by a registering 27 entity, the owner requesting registration in beneficiary form assents to the protections 28 given to the registering entity by AS 13.33.301 - 13.33.310. 29 (b) By accepting a request for registration of a security in beneficiary form, 30 the registering entity agrees that the registration will be implemented on death of the 31 deceased owner as provided in AS 13.33.301 - 13.33.310.
01 (c) A registering entity is discharged from all claims to a security by the 02 estate, creditors, heirs, or devisees of a deceased owner if it registers a transfer of the 03 security in accordance with AS 13.33.307 and does so in good faith reliance on 04 (1) the registration; 05 (2) AS 13.33.301 - 13.33.310; and 06 (3) information provided to it by affidavit of the personal representative 07 of the deceased owner, or by the surviving beneficiary or by the surviving 08 beneficiary's representatives, or other information available to the registering entity. 09 (d) The protections of AS 13.33.301 - 13.33.310 do not extend to a 10 reregistration or payment made after a registering entity has received written notice 11 from a claimant to any interest in the security objecting to implementation of a 12 registration in beneficiary form. Other notice or other information available to the 13 registering entity does not affect its right to protection under AS 13.33.301 - 14 13.33.310. 15 (e) The protection provided by AS 13.33.301 - 13.33.310 to the registering 16 entity of a security does not affect the rights of beneficiaries in disputes between 17 themselves and other claimants to ownership of the security transferred or its value or 18 proceeds. 19 Sec. 13.33.309. NONTESTAMENTARY TRANSFER ON DEATH. (a) A 20 transfer on death resulting from a registration in beneficiary form is effective by reason 21 of the contract regarding the registration between the owner and the registering entity 22 and AS 13.33.301 - 13.33.310 and is not testamentary. 23 (b) AS 13.33.301 - 13.33.310 do not limit the rights of creditors of security 24 owners against beneficiaries and other transferees under other laws of this state. 25 Sec. 13.33.310. TERMS, CONDITIONS, AND FORMS FOR 26 REGISTRATION. (a) A registering entity offering to accept registrations in 27 beneficiary form may establish the terms and conditions under which it will receive 28 requests for registrations in beneficiary form and for implementation of registrations 29 in beneficiary form, including requests for cancellation of previously registered TOD 30 beneficiary designations and requests for reregistration to effect a change of 31 beneficiary. The terms and conditions established under this subsection may provide
01 for proving death, avoiding or resolving problems concerning fractional shares, 02 designating primary and contingent beneficiaries, and substituting a named 03 beneficiary's descendants to take in the place of the named beneficiary in the event of 04 the beneficiary's death. Substitution may be indicated by appending to the name of 05 the primary beneficiary the letters LDPS, standing for "lineal descendants per stirpes." 06 This designation substitutes a deceased beneficiary's descendants who survive the 07 owner for a beneficiary who fails to so survive, the descendants to be identified and 08 to share in accordance with the law of the beneficiary's domicile at the owner's death 09 governing inheritance by descendants of an intestate. Other forms of identifying 10 beneficiaries who are to take on one or more contingencies, and rules for providing 11 proofs and assurances needed to satisfy reasonable concerns by registering entities 12 regarding conditions and identities relevant to accurate implementation of registrations 13 in beneficiary form, may be contained in a registering entity's terms and conditions. 14 (b) The following are illustrations of registrations in beneficiary form that a 15 registering entity may authorize: 16 (1) sole owner-sole beneficiary: John S Brown TOD (or POD) John 17 S Brown Jr.; 18 (2) multiple owners-sole beneficiary: John S Brown Mary B Brown 19 JT TEN TOD John S Brown Jr.; 20 (3) multiple owners-primary and secondary (substituted) beneficiaries: 21 John S Brown Mary B Brown JT TEN TOD John S Brown Jr. SUB BENE Peter Q 22 Brown; or John S Brown Mary B Brown JT TEN TOD John S Brown Jr. LDPS. 23 * Sec. 13. AS 13.60.010(e) is amended to read: 24 (e) Except as otherwise provided by AS 13.12.212(c), the [THE] beneficiary, 25 if not incapacitated, or the conservator of an incapacitated beneficiary, may terminate 26 a custodial trust by delivering to the custodial trustee a writing signed by the 27 beneficiary or conservator declaring the termination. If not previously terminated, the 28 custodial trust terminates on the death of the beneficiary. 29 * Sec. 14. AS 13.60.050 is amended by adding a new subsection to read: 30 (d) The provisions of (b) of this section do not apply to a custodial trust 31 established under AS 13.12.212.
01 * Sec. 15. AS 13.60.080(b) is amended to read: 02 (b) If the beneficiary is incapacitated, the custodial trustee shall expend so 03 much or all of the custodial trust property as the custodial trustee considers advisable 04 for the use and benefit of the beneficiary and individuals who were supported by the 05 beneficiary when the beneficiary became incapacitated, or who are legally entitled to 06 support by the beneficiary. Expenditures may be made in the manner, when, and to 07 the extent that the custodial trustee determines suitable and proper, without court order 08 and, except as otherwise provided in AS 13.12.212(d), without regard to other 09 support, income, or property of the beneficiary. 10 * Sec. 16. AS 13.60.160(a) is amended to read: 11 (a) Except as otherwise provided by AS 13.16.212(e), upon [UPON] 12 termination of a custodial trust, the custodial trustee shall transfer the unexpended 13 custodial trust property 14 (1) to the beneficiary, if not incapacitated or deceased; 15 (2) to the conservator or other recipient designated by the court for an 16 incapacitated beneficiary; or 17 (3) upon the beneficiary's death, in the following order: 18 (A) as last directed in a writing signed by the deceased 19 beneficiary while not incapacitated and received by the custodial trustee during 20 the life of the deceased beneficiary; 21 (B) to the survivor of multiple beneficiaries if survivorship is 22 provided for under AS 13.60.050; 23 (C) as designated in the instrument creating the custodial trust; 24 or 25 (D) to the estate of the deceased beneficiary. 26 * Sec. 17. AS 16.43.150(h) is amended to read: 27 (h) Unless an entry permit holder has expressed a contrary intent in a will that 28 is probated, the commission shall, upon the death of the permit holder, transfer the 29 permanent permit by right of survivorship directly to the surviving spouse or, if no 30 spouse survives, to a natural person designated by the permit holder on a form 31 provided by the commission. If no spouse survives and if the person designated on the
01 form, if any, does not survive, the permit passes as part of the permit holder's estate. 02 A designation under this subsection must be acknowledged before a person authorized 03 to administer an oath under AS 09.63.010 or must be witnessed by two persons who 04 are qualified under AS 13.12.505 [AS 13.11.170] to witness the will of the permit 05 holder. Except as provided in AS 16.10.333 - 16.10.337, AS 44.81.210, and 06 44.81.230 - 44.81.250, the permit is exempt from the claims of creditors of the estate. 07 * Sec. 18. AS 13.11, AS 13.31, and AS 13.43 are repealed. 08 * Sec. 19. TRANSITION PROVISIONS. (a) Except as otherwise provided in (b) of this 09 section or in this Act, 10 (1) this Act applies to the governing instruments executed by decedents dying 11 on or January 1, 1997; 12 (2) this Act applies to a proceeding in court pending on or begun on or after 13 January 1, 1997, regardless of the time of the death of the decedent, except to the extent that 14 in the opinion of the court the former procedure should be made applicable in a particular case 15 in the interest of justice or because of the infeasibility of applying the procedures of this Act; 16 (3) an act done before January 1, 1997, in any proceeding and an accrued right 17 are not impaired by this Act; if a right is acquired, extinguished, or barred upon the expiration 18 of a prescribed period of time that began to run under a statute before January 1, 1997, the 19 provisions of the statute apply to that right on and after January 1, 1997; 20 (4) a rule of construction or presumption provided in this Act, applies to 21 governing instruments executed before January 1, 1997, unless there is a clear indication of 22 a contrary intent. 23 (b) AS 13.33.301, 13.33.302, 13.33.303, 13.33.304, 13.33.305, 13.33.306, 13.33.307, 24 13.33.308, 13.33.309, and 13.33.310, enacted by sec. 12 of this Act, apply to registrations of 25 securities in beneficiary form made before, on, or after January 1, 1997, by decedents dying 26 on or after January 1, 1997. 27 (c) In this section, "court," "governing instrument," and "proceeding" have the 28 meanings given in AS 13.06.050, amended by sec. 2 of this Act. 29 * Sec. 20. This Act takes effect January 1, 1997.