Probate Law in Juneau, AK
Are you worried that an estate in Juneau could lose thousands of dollars to the probate process?
Disputes by family members over the distribution of assets can only be the start of the problems. The litigation that follows could take months or years to resolve. Meanwhile, the mounting costs can eat away at the original value and leave everyone with less than anticipated.
Hiring legal counsel to avoid pitfalls and end things efficiently can be the only way to sidestep this scenario. You can discover why and start to make plans by reading this brief guide today.
What Is a Probate Law?
A probate is a legal process to determine the validity and administration of a last will and testament. When an individual leaves behind assets, the court appoints an executor. This person pays off liabilities and disperses assets to beneficiaries according to Juneau, Alaska probate law.
How Does Juneau, Alaska Probate Law and the Probate Process Work?
Locating the Will
The first step is determining whether a will exists. In most cases, the decedent leaves directions regarding the location of the last will and testament. Alternatively, they may file one with a primary attorney.
However, sometimes people have to go digging for one. In other cases, there is no will, and the Juneau court-appointed executor must handle all assets.
It is also possible that the deceased created a living trust instead. A living trust is a document that places all assets into a trust that transfers to a trustee. Living trusts do not require any probation or courts. For this reason, many parties go this route for convenience and to avoid drawn-out Juneau, AK court battles.
Ultimately, any probate disputes in Juneau go through the First Judicial District Court in the city.
Notifying the Court
Notifying the court to open the estate is the next step. The Juneau, Alaska probate law court clerk can handle this step unless there is a named executor.
After the court receives notification, a scheduled hearing takes place. This event officiates the executor appointee and grants legal authority to operate on behalf of the last will and testament.
The court chooses the executor when there is no will and no designated executor. Making this selection differs from state to state. In general, the surviving spouse is first in line. After that, any adult children, parents, or siblings receive consideration.
Consolidating Assets
The executor must identify the decedent’s remaining assets. They review financial documents and other papers that could lead them toward recovering assets. Some examples of documents to collect are insurance records, titles, stock portfolios, and tax returns or filings.
To freeze and later close accounts, the executor in Juneau must notify any financial institutions of the death. If there are any physical valuables on the property, it is not uncommon for the executor to collect them to prevent theft or damage.
The executor then determines the valuation of each item of the estate. This process can be lengthy depending on the ease of locating all assets.
Notifying Creditors
Generally, the executor notifies creditors so they can claim outstanding balances. Creditors have a specific time frame in which to file a claim, and this window can vary based on state law.
The Alaska Court System requires executors of estates in Juneau to publish a notice three weeks in a row. This publication must be in the judicial district where they filed for probate proceedings.
Squaring Away Final Payments
The executor pays any funeral expenses (unless the family covers them) and any debts or taxes from the estate. The executor determines which creditor claims are accurate. From there, the executor must pay any outstanding balances before disbursement.
Proceeding With the Court
After valuing assets and paying debts, the executor submits a spending report to the Juneau, Alaska courts. A judge will review the materials and clear the executor to move to the final step.
Executing the Last Will and Testament
At this point, the executor disperses the assets to the beneficiaries in the will. This process could be simple, or it may divide the remaining family. A Juneau probate law attorney can help you identify the best course in the event of a family estate battle.
Alaska Statutes have two requirements for how to execute a will in Juneau. First, you must sign the document with two witnesses present. Subsequently, they need to sign within a reasonable amount of time afterward.
If there is no last will and testament, the executor assigns beneficiaries following Alaska state laws. Generally, the surviving spouse is first in line to receive any remaining assets. After that, the decedent’s children come next. Any surviving siblings would follow them. From there, the executor works down through the surviving family based on their direct relationship.
Is Probate Law Necessary?
No. There are alternatives to probating a will, but this depends on the circumstances surrounding the decedent.
For example, the deceased may have established a living trust that circumvents the probate process. The individual may not have owned any assets, thus simplifying the Juneau, Alaska process.
Alaska law does not require probate when an estate in Juneau meets two criteria. The value of the decedent’s property needs to be $50,000 or less. Additionally, they cannot have more than $100,000 in vehicles.
What Are the Differences Between a Living Trust and a Will?
Living trusts are a way to avoid probation, which is one of the primary differences between a living trust and a will.
Another distinction is that a living trust is only as good as the assets therein. Accordingly, it is practically worthless if you pass away without funding the trust. On the other hand, you do not have to subsidize a will since you choose where to transfer your assets upon your death.
Setting up where your assets go after you die is an important decision. This reality is why you should consult an Alaska probate law attorney to make the correct decision.
Work With an Experienced Local Probate Law Attorney in Juneau, Alaska
Probate law attorneys assist with valuing your total assets and can provide insight into your situation. Are you in need of a Juneau probate law attorney who can help you and preserve the future of your family? We can even help you connect with an attorney across Alaska state lines.
Submit a request online or call us today at (866) 345-6784 to get in touch with an experienced probate law lawyer in your area!
