Understanding Personal Property and the Year’s Allowance in Alaska Estates
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a licensed attorney in Alaska for guidance on your specific situation.
Detailed Answer
Under Alaska law, a surviving spouse (or minor child) may claim a year’s allowance from the decedent’s personal property to provide support during probate. Alaska Statutes define a year’s allowance in AS 13.16.020 and outline procedures in AS 13.16.030–13.16.150.
When you claim a year’s allowance, you must identify and list the personal property assets you intend to use to satisfy that allowance. The personal property you choose cannot exceed the statutory maximum value—currently set at $20,000 unless the court orders otherwise. Personal property includes items such as:
- Household furniture and furnishings
- Jewelry, artwork, and collectibles
- Automobiles, recreational vehicles, and boats
- Bank accounts and cash equivalents (if treated as personal property under Alaska probate rules)
To complete a year’s allowance claim, you file a petition with the probate court and attach an inventory or schedule listing each asset by description, location, and fair market value. The court uses this list to determine whether the total value stays within the statutory limit and to ensure fair distribution among beneficiaries. If you omit an item or undervalue property, the personal representative may challenge your claim and require you to amend the list or adjust your selection.
In sum, you must list the personal property assets you select for the year’s allowance. Failing to list or properly value assets can delay probate and lead to disputes. Always check Alaska Statutes and local court rules for specific form and filing requirements.
Helpful Hints
- Review Alaska Statutes Chapter 13.16 on year’s allowance before filing. A clear understanding prevents mistakes.
- Obtain current fair market values by consulting appraisers or using recent sale data.
- Keep detailed descriptions and photographs of each item to support your valuations.
- File your petition and inventory promptly—Alaska rules set deadlines for filing a year’s allowance claim.
- Consult with the estate’s personal representative to avoid duplication of assets in the general inventory.
- If the estate has few liquid assets, ask the court about converting real property or other items to satisfy your allowance.
- Consider hiring a probate paralegal or attorney to ensure compliance with Alaska court procedures.