ATTORNEYS AT LAW



1009 W 7TH AVENUE



ANCHORAGE, ALASKA 99501



TELEPHONE: (907) 279-4529



FAX: (907) 279-9223

Hopefully, the last thing on your mind is the fact that some day in the future you won't be alive to enjoy the wealth you have created during your lifetime. However, it is important for those who are alive after your death or if you become incapacitated to know exactly where they stand in relation to your wishes. Proper planning could avoid lawsuits, confused and bitter relatives, large tax burdens, and doctors who may be unwilling to allow you to die a decent death if you are still breathing but otherwise unable to enjoy your life. Here are some steps you can take now to get your affairs in order so that things are otherwise simplified when that time eventually comes.

Having a will may be one of the most important of these steps. A valid will controls the assets in your estate at the time of your death, and avoids the unfortunate results which can occur when the state's statutory formula dictates how things should be divided. Revising your will from time to time may be necessary, especially if you divorce, remarry, decide to disinherit someone, or change your mind about how you want things distributed. Also, if your estate is worth over $600,000.00 it may be wise to speak with a tax specialist as well as an estate attorney who is knowledgeable regarding tax issues. Larger estates are subject to certain inheritance tax laws which may require careful planning so that assets are distributed with the least amount of tax consequences. In Alaska, you can keep a list separate and apart from your will which gives certain specific items of personal property to others. This list can be revised without having to redraft your will. You should refer to the existence of the list in the will itself. In fashioning your will you will need to select those trusted relatives or friends who will be appointed to help to carry out the directives in your will. If you have minor children, you may wish to set up a trust so that the children do not inherit large amounts of assets at too early an age. A trustee can distribute funds slowly according to your directives, and fully distribute assets to your beneficiaries at an age when you feel it is appropriate to do so.

Put a provision in your will which indicates if you desire that your body be cremated or buried, and whether you organs should be donated to help others in need. Advise your loved ones as to your wishes about where you want to be buried, any special desires about where and how your funeral services should be performed and anything else you feel is important for loved ones to know. Keep your special papers secure and inform those who will need them as to the location of these important documents.

If you have preferences as to what should occur if you become unable to physically or mentally function without life support, you can create a living will which may be of assistance to guide your relatives and the health care providers in making decisions. Doctors may nervous about relatives filing lawsuits if there is no living will to guide them.

Review the beneficiaries of your retirement and life insurance policies from time to time to insure that funds are going to the desired recipients.

Finally, on a personal note, remind those who you love that they are loved as often as possible. It will be too late to mend any broken fences when one of the parties is no longer around.

It may be wise to consult with an attorney or tax specialist who can answer your questions regarding these matters. Many attorneys will consult with potential clients for a nominal fee to answer your questions and define the services they offer. The Alaska Bar Association can refer you to an attorney who can answer your legal questions regarding your rights.

Steven Pradell is an Anchorage attorney with a practice emphasizing family law, probate and estates, wills and life planning issues. Articles on legal topics of interest to seniors can be accessed on the internet at Http://www.alaska.net/~pradell ©1998 by Steven Pradell. This article is not intended to provide legal advice and should not be relied on for that purpose.