A lien is a document filed by a claimant in the recorder’s office against a property for recovery of a debt from the property owner for labor or furnishing of materials for the improvement of real property. By filing a lien, as a matter of public record, the claimant (typically a contractor) puts the owner (and anyone who might have a future interest in the property) on notice that he has a claim against the property.Continue reading “Construction (mechanic’s) liens in Alaska”
What happens to an Alaskan’s home after death? The answer depends largely on how the decedent vested title and whether he or she took advantage of any estate planning tools available in Alaska.Continue reading “Real Property and the Probate Process in Alaska”
A trustee’s deed transfers real property from a living trust.
Living trusts are estate planning vehicles created by a settlor during his lifetime. The trust allows the settlor to establish his intentions for how his assets will be distributed upon his incapacitation or death. To set up a trust, the settlor executes a trust instrument, a written document that, in concert with Chapter 36 of the Alaska Statutes, governs the trust. Within the document, the settlor designates a trustee – the fiduciary to whom the settlor transfers assets to fund the trust. The trustee manages the assets for the benefit of the named trust beneficiaries.Continue reading “Conveyances of Real Estate by Living Trusts in Alaska”
Real property owners in Alaska have a new estate planning option: the transfer on death deed (TODD).
Alaska joins with an increasing number of states using this law to help real estate owners manage the distribution of what is often their most significant asset — their real estate — by executing and recording a transfer on death deed.Continue reading “Frequently Asked Questions about the Alaska Transfer on Death Deed”
As of 2014, Alaska allows two forms of survivorship tenancy for real property: tenancy by the entirety and community property with right of survivorship (AS 34.15.140; AS 34.77.110). These options are only available to married couples.Continue reading “Removing a Deceased Co-owner’s Name from a Real Estate Deed in Alaska”