We spend a lot of time on stuff.
Now there’s one more way that Alaska allows us to transfer our biggest stuff—our homes and our commercial/rental properties. It’s called the Uniform Real Property Transfer on Death Act. Before this law was enacted the only way you could transfer your real property to someone other than your spouse when you died was through probate. Now all you have to do is draft a transfer on death deed that identifies your real property and your beneficiaries. Then you need to record the deed in the recorder’s office. You can revoke this deed whenever you want to. If you transfer your interest in the property when you’re alive, the transfer on death deed no longer affects the property. The main reason to record a transfer on death deed is to avoid probate, which isn’t that bad in Alaska.
“Stuff” is a funny word (I’m saying this in my best Andy Rooney impression). We have stuff in our garages, under our beds, in closets, in our bank accounts—almost everywhere. Then we spend a lot of time protecting our stuff. We build fences, we lock it up, we use passwords, and so on. Then we try to make sure our stuff goes to the right people when we die.
So there you have it. One more thing that you can do with your stuff. If you decide to record a transfer on death deed, you should discuss the tax implications with your CPA.