Sec. 13.12.711. Interests in heirs and other persons.
If an applicable statute or a governing instrument calls for a present or future distribution to or creates a present or future interest in a designated individual’s “heirs,” “heirs at law,” “next of kin,” “relatives,” or “family,” or language of similar import, the property passes to those persons, including the state, and in such shares […]
Sec. 13.12.712. Nonademption of specific transfers in trust.
(a) Unless the trust provides otherwise, a beneficiary of a trust has a right to property that, by the terms of the trust, is to be specifically distributed to the beneficiary and to (1) any amount of a condemnation award that is for the taking of the property and that is unpaid when the distribution […]
Sec. 13.12.720. Family-owned business deduction.
(a) If an individual includes a provision in a will, trust document, or beneficiary designation that is designed to reduce federal estate tax liability to zero, or to the lowest possible amount payable, by describing a portion or amount measured by reference to the unified credit, applicable exclusion amount, or exemption equivalent under 26 U.S.C. […]
Sec. 13.12.706. Life insurance; retirement plan; account with pay on death designation; transfer on death registration; deceased beneficiary.
(a) If a beneficiary fails to survive the decedent and is a grandparent, a descendant of a grandparent, or a stepchild of the decedent, the following apply: (1) except as provided in (4) of this subsection, if the beneficiary designation is not in the form of a class gift and the deceased beneficiary leaves surviving […]
Sec. 13.12.707. Survivorship with respect to future interests under terms of trust; substitute takers.
(a) A future interest under the terms of a trust is contingent on the beneficiary’s surviving the distribution date. If a beneficiary of a future interest under the terms of a trust fails to survive the distribution date, the following apply: (1) except as provided in (4) of this subsection, if the future interest is […]
Sec. 13.12.708. Class gifts to “descendants,” “issue,” or “heirs of the body”; form of distribution if none specified.
If a class gift in favor of “descendants,” “issue,” or “heirs of the body” does not specify the manner in which the property is to be distributed among the class members, the property is distributed among the class members who are living when the interest is to take effect in possession or enjoyment, in such […]
Sec. 13.12.709. Distribution by representation, per capita at each generation, and per stirpes.
(a) If an applicable statute or a governing instrument calls for property to be distributed “by representation” or “per capita at each generation,” the property is divided into as many equal shares as there are (1) surviving descendants in the generation nearest to the designated ancestor that contains one or more surviving descendants; and (2) […]
Sec. 13.12.710. Worthier-title doctrine abolished.
The doctrine of worthier title is abolished as a rule of law and as a rule of construction. Language in a governing instrument describing the beneficiaries of a disposition as the transferor’s “heirs,” “heirs at law,” “next of kin,” “distributees,” “relatives,” or “family,” or language of similar import, does not create or presumptively create a […]
Sec. 13.12.701. Scope.
In the absence of a finding of a contrary intention, the rules of construction in AS 13.12.701 – 13.12.711 control the construction of a governing instrument. The rules of construction in AS 13.12.701 – 13.12.711 apply to a governing instrument of any type, except as the application of a particular section is limited by its […]
Sec. 13.12.702. Requirement of survival by 120 hours.
(a) For the purposes of AS 13.06 – AS 13.36, except as provided in (d) of this section, an individual who is not established by clear and convincing evidence to have survived an event, including the death of another individual, by 120 hours is considered to have predeceased the event. (b) Except as provided in […]