Alaska Statutes Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions § 13.12.403. Exempt property

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In addition to the homestead allowance, the decedent's surviving spouse is entitled from the estate to a value, not exceeding $10,000 in excess of security interests in the items, in household furniture, automobiles, furnishings, appliances, and personal effects.  If there is no surviving spouse, the decedent's children are entitled jointly to the same value.  If encumbered chattels are selected and the value in excess of security interests, plus that of other exempt property, is less than $10,000, or if there is not $10,000 worth of exempt property in the estate, the spouse or children are entitled to other assets of the estate, if any, to the extent necessary to make up the $10,000 value.  Rights to exempt property and assets needed to make up a deficiency of exempt property have priority over all claims against the estate, but the right to assets to make up a deficiency of exempt property abates as necessary to permit earlier payment of homestead allowance and family allowance.  These rights are in addition to a benefit or share passing to the surviving spouse or children by the decedent's will, unless otherwise provided, by intestate succession, or by way of elective share.

Cite this article: FindLaw.com - Alaska Statutes Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions § 13.12.403. Exempt property - last updated April 21, 2021 | https://codes.findlaw.com/ak/title-13-decedents-estates-guardianships-transfers-trusts-and-health-care-decisions/ak-st-sect-13-12-403.html


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