HB 220: "An Act relating to the amendment and revocation of spouses' community property agreements and community property trusts; and providing for an effective date."
00HOUSE BILL NO. 220 01 "An Act relating to the amendment and revocation of spouses' community 02 property agreements and community property trusts; and providing for an effective 03 date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 34.77.090(e) is amended to read: 06 (e) A community property agreement may not be amended or revoked unless 07 the agreement itself provides for amendment or revocation [ON A PARTICULAR 08 DATE OR ON THE OCCURRENCE OF A PARTICULAR EVENT], or unless the 09 agreement is amended or revoked by a later community property agreement. To 10 amend or revoke the agreement, the later community property agreement is not 11 required to declare any property of the spouses as community property. The amended 12 agreement or the revocation is enforceable without consideration. However, 13 notwithstanding the other provisions of this subsection, unless the community 14 property agreement expressly provides otherwise, if a community property
01 agreement provides for the nontestamentary disposition of property without 02 probate, at any time after the death of the first spouse the surviving spouse may 03 amend the community property agreement with regard to the surviving spouse's 04 property to be disposed of at the surviving spouse's death. In this subsection, 05 "surviving spouse's property" means the property that consists of the surviving 06 spouse's separate property and the surviving spouse's share of the community 07 property determined as of the date of the first spouse's death. 08 * Sec. 2. AS 34.77.100(e) is amended to read: 09 (e) A community property trust may not be amended or revoked unless the 10 agreement itself provides for amendment or revocation , [ON A PARTICULAR DATE 11 OR ON THE OCCURRENCE OF A PARTICULAR EVENT] or unless the agreement 12 is amended or revoked by a later community property trust. To amend or revoke the 13 trust, the later community property trust is not required to declare any property held 14 by the trustee as community property. The amended trust or the revocation is 15 enforceable without consideration. However, notwithstanding the other provisions 16 of this subsection, unless the community property trust expressly provides 17 otherwise, at any time after the death of the first spouse the surviving spouse may 18 amend the community property trust with regard to the surviving spouse's 19 property to be disposed of at the surviving spouse's death. In this subsection, 20 "surviving spouse's property" means the property that consists of the surviving 21 spouse's separate property and the surviving spouse's share of the community 22 property determined as of the date of the first spouse's death. 23 * Sec. 3. This Act applies to community property agreements and community property 24 trusts that are entered into or created under AS 34.77 before, on, or after the effective date of 25 this Act. 26 * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).