Confused about how the Alaska probate process works? You aren’t alone, as it causes complications for many Alaskan families each year. Contact Rockpoint Probate Funding to see how we can assist you.
The Alaska Probate Process
Are you preparing to go through the Alaska probate process for the first time? It can make dealing with the death of a loved one even more painful in many cases. You will, however, need to work your way through the probate process in Alaska so you can ensure your loved one’s estate assets are distributed according to their wishes.
One piece of good news for those taking part in the probate process in Alaska is that the Last Frontier adopted the Uniform Probate Code. This should make it easier to understand the probate process since the UPC seeks to streamline probate court rules and regulations across state lines. Nearly 20 states have adopted this code.
Does Alaska Require Probate?
Yes, Alaska requires probate for wills. The Alaska probate process is in place to make sure a person’s will is honored. An Alaskan court must legally validate a will before its executor can distribute assets.
There are several exceptions to this rule, though, specifically when a person’s estate is small. Alaska allows families to submit an Affidavit for Collection of Personal Property to avoid going to court to validate a loved one’s will. But this is only possible when a person’s property is worth under $50,000 and any vehicles they owned are valued at under $100,000.
Alaska also lets families go through either a formal probate process or an informal probate process. The informal process tends to move quicker, but it’ll only be right for your family if you file for probate in Alaska within three years of a loved one’s death and don’t encounter any objections to their will.
How Long Do I Have To File Probate After a Loved One’s Death in Alaska?
Many states put time limits on how long you have to file probate following a loved one’s death, but Alaska isn’t one. You can start the Alaska probate process at any time, though you can’t choose the informal probate process if it begins more than three years after a loved one’s death. You’ll automatically go through the formal probate process in this case.
It’s up to the executor of a loved one’s will to file probate. They may receive executor compensation for their efforts.
Can I Avoid Probate in Alaska?
Unlike states that require families to endure the probate process no matter what, you might have the opportunity to avoid probate in Alaska in certain situations. If, for example, your loved one decided to create a living trust during estate planning, it can help you steer clear of probate court. In this instance, the bank accounts, life insurance policies, and other assets included in a living trust will transfer to designated beneficiaries at the time of a person’s death without legal intervention.
Married couples in Alaska can also set up their spouses to skip probate thanks to the state’s rights of survivorship laws. Any assets owned by both parties, like homes, joint bank accounts, and vehicles, automatically transfer to a surviving spouse when their partner dies.
How Long Is the Alaska Probate Process?
If your loved one dies in Alaska and leaves behind a small collection of assets that aren’t worth more than $50,000, the probate process shouldn’t take long. By filing an Affidavit for Collection of Personal Property or even going through the small estate probate process, you can move through this process quickly.
But if your loved one left behind a large estate or if disputes arise during the execution of a loved one’s will, it might be a different story. The probate process in Alaska could last for well over a year in this case.
What If My Loved One Dies Without a Will in Alaska?
If your loved one dies without a will in Alaska or if an Alaskan court determines a loved one’s will isn’t valid, a process called intestate succession applies. A court will decide how to distribute assets from your loved one’s estate.
Your loved one’s assets will be distributed based on Alaska’s intestate succession laws. They call for asset distribution to take place in this order:
- Surviving spouse only, if a person died without having children and their parents have died
- Surviving children only, if a person died with children but without a spouse
- Surviving spouse and children, if a person died with both a spouse and children
- Surviving spouse and parents, if a person died without having children and their parents are alive
- Other surviving descendants, if a person died without a surviving spouse, children, or parents
Does Alaska Have an Estate or Inheritance Tax?
No, Alaska doesn’t have an estate or inheritance tax. Heirs to a person’s will can receive their inheritances in full.
Is It Possible To Access an Inheritance in Alaska Before the Probate Process Ends?
Yes, it is possible to access an inheritance in Alaska before the conclusion of the probate process. A trusted company like Rockpoint Probate Funding can provide probate cash advances. The amount you can receive is based on your financial needs and your loved one’s will.
What Is the Rockpoint Probate Funding Process in Alaska?
Does applying for a probate cash advance sound like a good idea? Rockpoint Probate Funding makes it simple to secure the cash you need while waiting for the Alaska probate process to end. This is how our process works:
- Arrange for a free consultation to learn about Rockpoint Probate Funding’s probate cash advances.
- Give Rockpoint Probate Funding time to review your loved one’s will and probate paperwork.
- Secure a probate cash advance within about 24 hours if approved.
- Pay back Rockpoint Probate Funding when your loved one’s will receives the proper legal validation.
Call Us To Discuss Using a Probate Cash Advance to Your Advantage
If you suspect the Alaska probate process might drag out following the death of a loved one, Rockpoint Probate Funding can help. Contact us at (888) 263-8588 today for additional information.
