How Can I Change My Will in Alaska?
A will, in its essence, is a legal document that outlines your wishes regarding the distribution of your property and assets upon your death. Under Alaska law, for a will to be valid, it must be written, signed by the testator (the person making the will), and witnessed by at least two individuals who aren’t beneficiaries. This document serves as the cornerstone of your estate planning efforts.
However, life rarely remains static, and many people find themselves wanting or needing to update their will at some point. Whether it’s due to a major life event, such as marriage, divorce, the birth of a child, or a significant change in financial circumstances, altering your will can help guarantee that your estate planning goals are still met.
In Alaska, there are two primary ways to modify your will: by creating a codicil or by drafting a new will altogether. Each method has its advantages, and the best option for you will depend on the extent of the changes you need to make.
When Should You Consider Changing Your Will?
One of the key components of estate planning is its flexibility. It allows you to make changes to your will as circumstances evolve. Below are several common situations that may warrant a revision of your will:
Marriage or Divorce: If you marry or divorce after creating your will, Alaska law provides that your will may be affected. A new spouse will typically inherit a portion of your estate unless explicitly excluded. Conversely, if you divorce, any provisions in favor of your ex-spouse may be automatically revoked, but it's wise to update the will to avoid any confusion.
Birth or Adoption of Children: As your family grows, you may wish to add children or grandchildren to your will. Including them guarantees they’re cared for, both financially and personally, in the event of your death.
Death of a Beneficiary or Executor: If someone named in your will predeceases you, whether it be a beneficiary or an executor, you may need to appoint new individuals to fulfill these roles.
Change in Financial Situation: If you experience a significant increase or decrease in assets, it may be time to review and update your will. Large inheritances, the acquisition of property, or even substantial losses may affect how you wish to allocate your estate.
Moving to a Different State: While your will is generally valid across state lines, different states have varying laws regarding probate, estate taxes, and other estate planning matters. If you move to or from Alaska, it’s crucial to review your will to make sure that it complies with the local laws and accurately reflects your intentions.
Ways to Change Your Will
Adding a Codicil
A codicil is a legal document that amends your existing will without the need to rewrite the entire document. It can be a useful tool if you only need to make minor changes, such as adding or removing a beneficiary, updating the executor, or changing specific bequests.
To create a codicil in Alaska, you must meet the same legal requirements as a will. This means it must be in writing, signed by you, and witnessed by at least two individuals. Once the codicil is created, it becomes a legal part of your will and should be stored alongside the original document.
Codicils are often used for simple updates but can become problematic if you make frequent changes over time. Multiple codicils can lead to confusion, as well as potential legal disputes among beneficiaries.
Drafting a New Will
For more significant changes, drafting a new will may be the better option. This is particularly true if your original will is outdated or requires numerous revisions. By creating a new will, you can make sure that all your wishes are clearly and concisely stated, reducing the risk of misinterpretation or conflict.
To draft a new will in Alaska, you must meet the same legal standards as when you first created your will. The new document must explicitly state that it revokes all previous wills and codicils, leaving no room for ambiguity with your intentions.
Steps to Change Your Will
Changing your will in Alaska is a relatively straightforward process, but it’s essential to follow the correct procedures to make sure that your updates are legally valid. Here are the steps you should take when updating your will:
1. Review Your Current Will
Before making any changes, carefully review your existing will. Take note of the provisions you wish to update and consider how these changes will affect the overall document. If you’re unsure about any aspect of your will, it may be helpful to consult with an estate planning attorney.
2. Determine the Extent of the Changes
Decide whether your changes are minor enough to warrant a codicil or whether drafting a new will is more appropriate. As a general rule, if you need to make more than one or two changes, creating a new will may be the best option.
3. Consult With an Attorney
While it’s possible to change your will on your own, consulting with an estate planning attorney is highly recommended. An experienced attorney can help confirm that your changes are legally sound and properly executed, preventing potential issues down the road.
4. Execute the Changes
Once your changes are prepared, you must follow Alaska’s legal requirements for executing a will. This includes signing the document in the presence of two witnesses who aren’t beneficiaries and verifying that it’s properly dated and stored. If you’re creating a new will, be sure to explicitly revoke all previous wills and codicils.
5. Notify Key Individuals
After updating your will, it’s essential to inform your executor, attorney, and any other key individuals of the changes. This helps prevent confusion and guarantees that your updated will is followed upon your passing.
The Importance of Keeping Your Will Updated
Keeping your will up to date is a crucial aspect of estate planning. Failing to update your will can lead to unintended consequences, including legal disputes, unintended beneficiaries, and complications during probate. In Alaska, probate courts follow the most recent valid will, so making sure that your latest wishes are reflected in this document is essential for protecting your estate and your loved ones.
Regularly reviewing your will, especially after significant life changes, makes sure that your estate plan remains effective. It’s generally a good idea to review your will every three to five years, or whenever a major life event occurs, such as marriage, divorce, the birth of a child, or a significant financial change.
Estate Planning in Alaska: Special Considerations
Alaska has its own unique laws regarding estate planning that you should be aware of when changing your will. One such law is the allowance for "community property" agreements. If you’re married and have a community property agreement with your spouse, this agreement can affect how your assets are distributed upon your death. In such cases, it may be necessary to revise both your will and the community property agreement to verify consistency.
Alaska also offers the option of establishing an Alaska Trust, which can be an important tool for those seeking to protect their assets from creditors or provide for future generations. If you’re considering incorporating a trust into your estate plan, it’s wise to consult with an estate planning attorney familiar with Alaska law.
Maintaining Control Over Your Estate With Our Help
Changing your will is a natural and necessary part of estate planning, especially as your life circumstances evolve. In Alaska, updating your will is a straightforward process, but it’s important to follow the correct legal procedures to make sure that your wishes are carried out as intended.
Whether you need to make a minor adjustment with a codicil or rewrite your will entirely, staying proactive in your estate planning efforts will help protect your assets and provide peace of mind for you and your loved ones. By keeping your will up to date, you retain control over how your estate is managed and distributed, seeing that your legacy is preserved.
Contact an Estate Planning Attorney Today
We encourage you to consult with an estate planning attorney when making changes to your will to make sure that all legal requirements are met, and your estate plan remains effective. Estate planning is an ongoing process, and the more attention you give to it, the more you safeguard your future and the future of those you care about.
If you’re looking for the skills of an estate planning attorney, call the Law Office of Justin S. Eppler, LLC. We proudly serve the Anchorage, Alaska area as well as Fairbanks, Juneau, Wasilla, and Palmer. Call now for more information and assistance.
