Summary Administration Package
Alaska Law Summary
Small Estates General Summary: Small Estate
laws were enacted in order to enable heirs to obtain property of the deceased
without probate, or with shortened probate proceedings, provided certain
conditions are met. Small estates can be administered with less time and
cost. If the deceased had conveyed most property to a trust but there
remains some property, small estate laws may also be available. Small
Estate procedures may generally be used regardless of whether there was
a Will. In general, the two forms of small estate procedures
are recognized:
1. Small Estate Affidavit
-Some States allow an affidavit to be executed by the spouse and/or heirs
of the deceased and present the affidavit to the holder of property such
as a bank to obtain property of the deceased. Other states require that
the affidavit be filed with the Court. The main requirement before
you may use an affidavit is that the value of the personal and/or real
property of the estate not exceed a certain value.
2. Summary Administration
-Some states allow a Summary administration. Some States recognize both
the Small Estate affidavit and Summary Administration, basing the requirement
of which one to use on the value of the estate. Example: If the estate
value is 10,000 or less an affidavit is allowed but if the value is between
10,000 to 20,000 a summary administration is allowed.
Alaska Summary:
Under Alaska statute,
where as estate is valued at less than $15,000, an interested party may,
thirty (30) days after the death of the decedent, issue a small estate
affidavit to collect any debts owed to the decedent. Please see below for
details.
Alaska Requirements:
Alaska requirements are set forth in
the statutes below.
Relevant Statutes are:
Small Estate Affidavit
Sec. 13.16.680. Collection of personal property by affidavit.
(a) Thirty days after the death of a decedent, any person indebted
to the decedent or having possession of tangible personal property or an
instrument evidencing a debt, obligation, stock, or chose in action belonging
to the decedent shall make payment of the indebtedness or deliver the tangible
personal property or an instrument evidencing a debt, obligation, stock,
or chose in action to a person claiming to be the successor of the decedent
upon being presented an affidavit made by or on behalf of the successor
stating that:
(1) the value of the entire estate, wherever located, less
liens and encumbrances, does not exceed $15,000;
(2) 30 days have elapsed since the death of the decedent;
(3) no application or petition for the appointment of a personal
representative is pending or has been granted in any jurisdiction; and
(4) the claiming successor is entitled to payment or delivery of
the property.
(b) A transfer agent of any security shall change the registered ownership
on the books of a corporation from the decedent to the successor or successors
upon the presentation of an affidavit as provided in (a) of this section.
Sec. 13.16.685. Effect of affidavit.
The person paying, delivering, transferring, or issuing personal
property or the evidence of it under affidavit is discharged and released
to the same extent as if the person dealt with a personal representative
of the decedent. The person is not required to see to the application of
the personal property or evidence of it or to inquire into the truth of
any statement in the affidavit. If any person to whom an affidavit is delivered
refuses to pay, deliver, transfer, or issue any personal property or evidence
of it, it may be recovered or its payment, delivery, transfer, or issuance
compelled upon proof of their right in a proceeding brought for the purpose
by or on behalf of the persons entitled to it. Any person to whom payment,
delivery, transfer, or issuance is made is answerable and accountable for
it to any personal representative of the estate or to any other person
having a superior right.
Summary Proceedings
Sec. 13.16.690. Small estates; summary administrative procedure.
If it appears from the inventory and appraisal that the value of
the entire estate, less liens and encumbrances, does not exceed homestead
allowance, exempt property, family allowance, costs and expenses of administration,
reasonable funeral expenses, and reasonable and necessary medical and hospital
expenses of the last illness of the decedent, the personal representative,
without giving notice to creditors, may immediately disburse and distribute
the estate to the persons entitled to it and filing a closing statement
as provided in AS 13.16.695.
Sec. 13.16.695. Small estates; closing by sworn statement of
personal representative.
(a) Unless prohibited by order of the court and except for estates
being administered by supervised personal representatives, a personal representative
may close an estate administered under the summary procedures of AS 13.16.690
by filing with the court, at any time after disbursement and distribution
of the estate, a verified statement stating that:
(1) to the best knowledge of the personal representative,
the value of the entire estate, less liens and encumbrances, did not exceed
homestead allowance, exempt property, family allowance, costs and expenses
of administration, reasonable funeral expenses, and reasonable, necessary
medical and hospital expenses of the last illness of the decedent;
(2) the personal representative has fully administered the estate
by disbursing and distributing it to the persons entitled to it; and
(3) the personal representative has sent a copy of the closing statement
to all distributees of the estate and to all creditors or other claimants
of whom the personal representative is aware whose claims are neither paid
nor barred and has furnished a full account in writing of the administration
to the distributees whose interests are affected.
(b) If no action or proceeding involving the personal representative
is pending in the court one year after the closing statement is filed,
the appointment of the personal representative terminates.
(c) A closing statement filed under this section has the same effect
as one filed under AS 13.16.630
(d) The superior court may authorize the disposal in a manner it
prescribes of personal property which has not been disposed of under this
section by the end of six months if no heirs or claimants have been located.
Sec. 13.16.700. Settlement directed by court.
When a judge receives information that a person has died in the
judge's judicial district leaving an estate of $15,000 or less and no qualified
person has appeared to take charge of the assets, the judge may immediately
appoint a person, corporation, or attorney to settle the estate in the
manner provided for in AS 13.16.680 - 13.16.695.
Disclaimer: Refer to Official Statues for Currency.