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.