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If you create a revocable trust, you will need to choose a Trustee and decide how the property will be managed after you die. If you want to avoid probate, you will also need to transfer ownership of all of your property to the revocable trust or name the revocable trust as a beneficiary of your property.
What is an alternative to a letter of testamentary?
Letters of Administration are issued by the Court when there is NO Will or if there is a Will, but it has a defect in it. Letters of Administration provide similar authority as Letters Testamentary.
How much does an estate have to be worth to go to probate in Alaska?
In fact, many estates can be settled without any court involvement at all. Estates valued at less than $50,000, plus $100,000 worth of motor vehicles, can often avoid the probate process in court, provided the estate contains no real property (land or a home).
How long do letters of testamentary take?
Typically, the process of obtaining letters testamentary can take several weeks to several months, depending on the circumstances. The executor or personal representative must file a petition with the probate court, which will schedule a hearing to appoint the executor and issue the legal document.
How to get a letter of testamentary in Alaska?
After Filing the Petition If you are appointed the Personal Representative, the court will send you the Letters Testamentary (or Letters of Administration) once it is signed by the clerk or magistrate. This is the document that you will use to prove that you are authorized to act on behalf of the estate.
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An Alaska transfer on death deed (known as Form P-150) conveys an owners interest in real estate to a named beneficiary upon the owners death. The deed allows the property to bypass probate, the court-supervised administration of a decedents estate.
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