Current through 2023 Legislative Sessions
Section 34.77.110 - Forms of holding property(a) Spouses may hold community property in a form that designates the holders of it by the words "(name of one spouse) or (name of other spouse) as community property." Community property held in this form is subject to AS 34.77.040(a)(6).(b) Spouses may hold community property in a form that designates the holder of it by the words "(name of one spouse) and (name of other spouse) as community property." Community property held in this form is subject to AS 34.77.040(b).(c) A spouse may hold individual property in a form that designates the holder of it by the words "(name of spouse) as individual property." Individual property held in this form is subject to AS 34.77.040(a)(1).(d)[Repealed, Sec. 46 ch 45 SLA 2013.](e) If the words "survivorship community property" are used instead of the words "community property" in the form described in (a) or (b) of this section, the community property is survivorship community property. On the death of a spouse, the ownership rights of that spouse in survivorship community property vest solely in the surviving spouse by nontestamentary disposition at death. The first deceased spouse does not have a right of disposition at death of any interest in survivorship community property. Holding community property in a form described in (a) or (b) of this section does not by itself establish survivorship ownership between the spouses for the property held in that form.(f) Property that spouses agree in a community property agreement is community property or property that is transferred to a community property trust and expressly declared by the trust to be community property is owned as community property regardless of the form of title to the property, even if the title indicates that the property is owned unequally by the spouses or is only in the name of one spouse.(g) If the title to community property is in a form that provides for ownership by survivorship between the spouses, then ownership by survivorship is presumed to have been made with the consent of both spouses.(h) If a spouse with management and control of community property designates a beneficiary for the property on the death of one or both of the spouses, and if the community property is held in a form of title that permits a beneficiary designation, the beneficiary designation is effective only for the designating spouse's one-half interest in the community property unless the other spouse consents in writing to the designation. A designation of the following as the beneficiary is presumed to have been made with the consent of the other spouse:(1) the other spouse or an ancestor or descendant of either spouse;(3) a trust, to the extent that the beneficiaries consist of persons or entities identified in (1) or (2) of this subsection.(i) The testimony of one spouse is sufficient to rebut a presumption established under this section.(j) A disposition of community property contrary to (e) - (h) of this section is voidable. An action in court to void the disposition must be commenced within the time specified by AS 34.77.140(e).Amended by SLA 2013, ch. 45,§§sec.43, sec.46 eff. 9/9/2013.