SB 62: "An Act relating to the community property of married persons."

00 SENATE BILL NO. 62 01 "An Act relating to the community property of married persons." 02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 03 * Section 1. AS 34.77.110(e) is amended to read: 04 (e) Community property is not survivorship community property unless 05 [IF] the words "survivorship community property" are used instead of the words 06 "community property" in the form described in (a) or (b) of this section, or if, after 07 property becomes community property under this chapter, both spouses agree in 08 writing to place the title to the property in a form that includes a right of 09 survivorship [THE COMMUNITY PROPERTY IS SURVIVORSHIP 10 COMMUNITY PROPERTY]. On the death of a spouse, the ownership rights of that 11 spouse in survivorship community property vest solely in the surviving spouse by 12 nontestamentary disposition at death. The first deceased spouse does not have a right 13 of disposition at death of any interest in survivorship community property. Holding 14 community property in a form described in (a) or (b) of this section does not by itself 15 establish survivorship ownership between the spouses for the property held in that

01 form. 02 * Sec. 2. AS 34.77.110 is amended by adding new subsections to read: 03 (f) Property that spouses agree in a community property agreement is 04 community property and property that is transferred to a community property trust and 05 expressly declared by the trust to be community property are owned as community 06 property regardless of the form of title to the property, even if the title indicates that 07 the property is owned unequally or is only in the name of one spouse. 08 (g) A beneficiary designation that designates a beneficial owner for 09 community property on the death of one or both spouses is only given effect if, after 10 the property becomes community property under a community property agreement or 11 a community property trust, both spouses agree in writing to the beneficiary 12 designation.