Life Estate Deed (Reserved Life Estate) - Alaska

IMPORTANT — TRADITIONAL RESERVED LIFE ESTATE DEED, NOT A "LADY BIRD"/ENHANCED LIFE ESTATE DEED.
By this deed the Grantor conveys the remainder in fee simple to the Remainderman now, while RESERVING a life estate to the Grantor (or a named life tenant). On the life tenant's death, the life estate ends and the remainder becomes possessory in the person entitled under the selected choice below; probate of the life tenant's estate is not needed for this transfer. Because this is a traditional life estate, the remainder conveyance is PRESENT and IRREVOCABLE: the life tenant CANNOT sell, mortgage, or revoke the deed, and cannot convey clear fee title, without the Remainderman joining. This is NOT an enhanced life estate ("Lady Bird") deed. State the reserved life estate, granted remainder, and any title covenant expressly; AS 34.15.080 implies no covenant.

LIFE ESTATE DEED (RESERVED LIFE ESTATE)

State of Alaska

RECORDING INFORMATION

After Recording Return To:

Name: ________________________________________
Address: _____________________________________
City, State, ZIP: _____________________________

Prepared By:

Name: ________________________________________
Address: _____________________________________
Alaska Bar No. (if attorney): _________________

Send Subsequent Tax Statements To (Remainderman):

Name: ________________________________________
Address: _____________________________________

DEED INFORMATION

RECORDING FEE CALCULATION

PARTIES

GRANTOR (Current Owner):

Name: [GRANTOR FULL LEGAL NAME]

Mailing Address: [FULL ADDRESS]

Marital Status:
☐ A single person
☐ A married person, spouse joining in conveyance of a family home or homestead under AS 34.15.010(b)
☐ A married person, dealing with non-homestead property

Entity Type (if applicable):
☐ An Alaska limited liability company
☐ An Alaska corporation
☐ A [State] entity authorized to do business in Alaska
☐ Trustee of [Trust Name]

REMAINDERMAN (Grantee — holder of the future interest):

Name: [REMAINDERMAN FULL LEGAL NAME]

Mailing Address: [FULL ADDRESS]

Relationship to Grantor: [e.g., child, grandchild, spouse, sibling]

Marital Status: [single / married / divorced / widowed / other: ________________________________]

Manner of Holding the Remainder:
☐ As a single person
☐ As spouses, as tenants by the entirety under AS 34.15.110(b)
☐ As tenants in common (____% and ____%)
☐ As an Alaska limited liability company / corporation
☐ As Trustee of [Trust Name]

LIFE TENANT (Measuring Life):

The life estate reserved by this deed is measured by the life of:

☐ The GRANTOR named above (most common); OR
☐ The following named life tenant: [NAME AND ADDRESS]

referred to as the "LIFE TENANT." The natural life of the Life Tenant is the "MEASURING LIFE."

CONSIDERATION

KNOW ALL PERSONS BY THESE PRESENTS:

That [GRANTOR NAME] ("Grantor"), of [CITY], Alaska, for and in consideration of the natural love and affection the Grantor has and bears for [REMAINDERMAN NAME] ("Remainderman"), and for no monetary consideration (the recited sum of $0.00 / nominal Ten Dollars ($10.00) being acknowledged as nominal only), makes the conveyance described below.

THE GRANTOR HAS RECEIVED NOTHING OF VALUE IN RETURN FOR THE REMAINDER CONVEYED.

CONVEYANCE — GRANTING CLAUSE AND RESERVATION

Granting Clause (Remainder in Fee Simple)

The Grantor does hereby GRANT, BARGAIN, SELL, and CONVEY unto the REMAINDERMAN, and the Remainderman's heirs, successors, and assigns forever, the remainder in fee simple in and to all that certain property situated in the [RECORDING DISTRICT] Recording District, State of Alaska, more particularly described in Exhibit A attached hereto and made a part hereof (the "Property");

RESERVING AND EXCEPTING UNTO THE LIFE TENANT, however, a LIFE ESTATE in and to the Property for and during the full term of the natural life of the Life Tenant (the Measuring Life), as set forth below.

Property Conveyed

TOGETHER with all and singular the rights, privileges, and appurtenances thereto belonging, including (as applicable):

☐ All improvements, buildings, structures, and fixtures
☐ All easements and rights-of-way appurtenant to the Property
☐ All rights in and to adjacent streets, alleys, and roads
☐ All water rights appurtenant to the Property
☐ All mineral rights (unless excepted below)

Habendum Clause

TO HAVE AND TO HOLD the remainder in the Property, subject to the reserved life estate, unto the Remainderman, the Remainderman's heirs, successors, and assigns forever.

RESERVATION OF LIFE ESTATE

Rights of the Life Tenant

The Life Tenant reserves and retains, for and during the entire Measuring Life, the exclusive right to possess, occupy, use, control, and enjoy the Property, together with all rents, issues, and profits therefrom, to the same extent enjoyed before this conveyance. The Remainderman shall have no right of possession during the Measuring Life.

Duties of the Life Tenant

During the Measuring Life, the Life Tenant shall, at the Life Tenant's own expense:

☐ Pay all property taxes and assessments as they become due
☐ Maintain reasonable casualty/hazard insurance on the improvements
☐ Pay interest on any encumbrance to which the Property is subject and keep the Property free of liens chargeable to the Life Tenant
☐ Make ordinary repairs and perform ordinary maintenance to preserve the Property

Duty Not to Commit Waste

The Life Tenant shall NOT commit or suffer waste upon the Property and shall not do or permit any act that materially and permanently injures the inheritance or diminishes the value of the Remainderman's interest. The Remainderman retains all remedies at law and in equity for waste, including (where applicable) the treble-damages remedy under AS 09.45.730 for unlawful cutting or injury to trees, timber, or shrubs.

REMAINDER / POSSESSION

Possession on Death of Life Tenant

Upon the death of the Life Tenant, the reserved life estate ends and the remainder becomes possessory. If a named Remainderman has died, the person entitled to that share is determined under the selected choice below. Probate of the Life Tenant's estate is not needed to transfer the remainder already conveyed by this deed. Recording a certified copy of the Life Tenant's death certificate in the applicable Recording District is recommended to clear title of record.

If a Remainderman Predeceases the Life Tenant

If any individual Remainderman dies before the Life Tenant, that Remainderman's share shall pass as follows (select ONE):

☐ To that Remainderman's issue (descendants), per stirpes, as substitute takers directly under this deed; this share does not pass through the deceased Remainderman's estate; OR

☐ Through the deceased Remainderman's estate, under that person's will or the law of intestacy; no substitute gift is made under this deed; OR

☐ To the surviving Remainderman(en) in equal shares (a class gift with right of survivorship among the remaindermen); OR

☐ As otherwise specified: ________________________________________

LIMITATIONS ON ALIENATION (TRADITIONAL LIFE ESTATE)

This is a traditional reserved life estate. Accordingly:

1. The Life Tenant alone CANNOT convey, mortgage, encumber, or transfer fee simple title; the Life Tenant may convey or encumber only the Life Tenant's own life estate.
2. The Remainderman alone CANNOT take possession during the Measuring Life; the Remainderman holds only the future (remainder) interest.
3. To convey clear, marketable fee simple title during the Measuring Life, the Life Tenant and all Remainderman(en) must join in the deed.
4. This deed reserves NO power in the Life Tenant to sell, mortgage, gift, convey, or revoke without the Remainderman's joinder — it is IRREVOCABLE. (Contrast: an enhanced life estate / "Lady Bird" deed, which retains such powers.)

WARRANTY ELECTION

Select ONE:

☐ OPTION A — Warranty (of the Remainder, Subject to the Life Estate)

Grantor warrants and will defend title to the remainder hereby conveyed, subject to the reserved life estate, unto the Remainderman, the Remainderman's heirs, successors, and assigns, against the lawful claims of all persons whomsoever.

☐ OPTION B — Special (Limited) Warranty

Grantor warrants and will defend title to the remainder, subject to the reserved life estate, against the lawful claims of all persons claiming by, through, or under Grantor, but not otherwise.

☐ OPTION C — Quitclaim (No Warranty)

Grantor conveys only such right, title, and interest as Grantor may have, WITHOUT ANY WARRANTY OF TITLE, express or implied. No covenant or warranty is to be implied; Alaska law will not assume a conveyance encompasses any covenant or warranty unless expressly written into the deed.

EXCEPTIONS

This conveyance is made and accepted SUBJECT TO the following:

Standard Exceptions

☐ Taxes and assessments for the current year and subsequent years
☐ Visible and apparent easements on the Property
☐ All presently recorded and validly existing restrictions, reservations, covenants, conditions, and easements
☐ Any discrepancies, conflicts, or shortages in area or boundary lines
☐ Rights of parties in possession

Existing Mortgage / Lien

NOTICE: If any mortgage, deed of trust, or lien remains on the Property, the conveyance is made SUBJECT TO that encumbrance unless released. This deed does not satisfy or assume any such debt unless expressly stated.

Specific Exceptions

1. [LIEN/ENCUMBRANCE DESCRIPTION] — Recorded at Document No. _________, [RECORDING DISTRICT] Recording District
2. [EASEMENT DESCRIPTION] — Recorded at Document No. _________, [RECORDING DISTRICT] Recording District

☐ See Exhibit B for additional exceptions

TAX AND MEDICAID NOTE

TAX, MEDICAID, AND ESTATE-PLANNING NOTICE (NOT LEGAL OR TAX ADVICE).

• Medicaid 5-year lookback. Conveying the remainder is a transfer of an asset for Medicaid long-term-care purposes. If the Life Tenant applies for Medicaid within five (5) years of recording, the transfer of the remainder's value may trigger a transfer-penalty (ineligibility) period. The retained life estate itself is generally not a countable resource while the Life Tenant lives.
• Estate inclusion and basis (26 U.S.C. §§ 2036, 1014). If the Grantor retains a life estate, § 2036 generally includes the affected interest in the Grantor's gross estate at the Grantor's death, subject to the statute's sale exception. A life estate granted to a different person does not by itself establish a retained Grantor interest under § 2036. Section 1014 separately governs a Remainderman's basis when property passes from a decedent; obtain transaction-specific tax advice.
• Federal gift tax on the remainder (26 U.S.C. §§ 2501, 2702; Form 709). Conveying the remainder is a completed gift of the remainder interest, valued as the property's value reduced by the actuarial value of the retained life estate under IRS valuation tables (note § 2702 may, in family transfers, value the retained interest at zero so the whole value is the gift). A completed gift of the future remainder generally requires IRS Form 709 regardless of value because the annual exclusion does not apply to future interests.

Consult an elder-law/Medicaid attorney and a CPA before recording this deed.

EXECUTION

EXECUTED this _____ day of _________________, 20_____.

GRANTOR SIGNATURE(S)

Individual Grantor:

________________________________________
[GRANTOR NAME]

Named Life Tenant (if different from Grantor — joining to confirm reservation):

________________________________________
[LIFE TENANT NAME]

Spouse of Grantor (join for a family home or homestead under AS 34.15.010(b); review subsection (d) if absent):

________________________________________
[SPOUSE NAME]

Entity Grantor:

[ENTITY NAME]

By: ____________________________________
Name: __________________________________
Title: _________________________________

ACKNOWLEDGMENT

Individual Acknowledgment (Alaska)

STATE OF ALASKA              )
                             ) ss.
[JUDICIAL DISTRICT]          )

On this _____ day of _________________, 20_____, before me, a Notary
Public in and for the State of Alaska, personally appeared
____________________________________________, known to me (or proved
to me on the basis of satisfactory evidence) to be the person(s)
whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ies), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.

WITNESS my hand and official seal.

________________________________________
Notary Public in and for Alaska
My Commission Expires: _________________

[NOTARY SEAL]

Entity Acknowledgment (Alaska)

STATE OF ALASKA              )
                             ) ss.
[JUDICIAL DISTRICT]          )

On this _____ day of _________________, 20_____, before me, a Notary
Public in and for the State of Alaska, personally appeared
____________________________________________, known to me to be the
_________________________ [title] of _________________________________
[entity name], the entity that executed the within instrument, and
acknowledged to me that such entity executed the same.

WITNESS my hand and official seal.

________________________________________
Notary Public in and for Alaska
My Commission Expires: _________________

[NOTARY SEAL]

EXHIBIT A - LEGAL DESCRIPTION

Property Address:
[STREET ADDRESS]
[CITY], Alaska [ZIP]

Recording District: [RECORDING DISTRICT NAME]

Legal Description:

[INSERT COMPLETE LEGAL DESCRIPTION FROM TITLE COMMITMENT OR SURVEY]

Example formats:

• Lot ___, Block ___, [SUBDIVISION NAME], according to the official plat thereof, filed under Plat No. _________, records of the [RECORDING DISTRICT] Recording District, State of Alaska.
• [METES AND BOUNDS DESCRIPTION]
• U.S. Survey No. _____, Alaska

EXHIBIT B - SPECIFIC EXCEPTIONS (If Applicable)

1. ________________________________________________________________
2. ________________________________________________________________
3. ________________________________________________________________

ALASKA RECORDING REQUIREMENTS

Recording Districts

Alaska has 34 Recording Districts. File at the Recording District where the property is located.

Filing Information

• Filing Office: Alaska Department of Natural Resources, Recorder's Office
• Recording Fee: $20.00 for first page + $5.00 per additional page
• Taxes and other charges: Confirm current state, municipal, assessment, title, and transaction-specific requirements; the Recorder's fee schedule alone does not determine tax treatment

Document Requirements (AS 40.17.030)

☐ Original signatures, including permitted electronic originals, under AS 40.17.030(a)(1)
☐ Proper acknowledgment before notary public or other authorized officer (AS 34.15.150)
☐ Complete mailing addresses of all persons who grant or acquire an interest (AS 40.17.030(a)(8))
☐ Recording District stated on the face of the document
☐ Legal description sufficient to locate the parcel
☐ Two-inch top margin on first page; one-inch margins elsewhere; 10-point minimum font
☐ Both spouses join for a family home or homestead under AS 34.15.010(b); review subsection (d) if a spouse does not join

Statutory References

• AS 34.15.010 — Conveyance of land; homestead requires both spouses
• AS 34.15.030 — Form of warranty deed
• AS 34.15.150 — Acknowledgment requirements
• AS 40.17.030 — Recording (minimum) requirements
• AS 34.27.030 — Contingent remainders preserved after the precedent estate ends
• AS 09.45.730 — Treble damages for unlawful cutting/injury to trees, timber, or shrubs

TITLE INSURANCE NOTICE

IMPORTANT: Because Alaska does not imply warranty covenants, and a family life-estate deed may convey with limited or no warranty, the Remainderman is STRONGLY ADVISED to obtain an owner's policy of title insurance from a licensed title insurance company.

☐ Remainderman acknowledges receipt of this recommendation

SOURCES AND REFERENCES

• AS 34.15.010, .030, .150 (conveyances; deed form; acknowledgment) — http://www.akleg.gov/basis/statutes.asp#34.15
• AS 40.17.030 (recording requirements; mailing addresses) — https://dnr.alaska.gov/ssd/recoff/PreparingDocs
• AS 34.27.030 (contingent remainders) — https://www.akleg.gov/basis/statutes.asp?media=print&secStart=34.27.030&secEnd=34.27.030
• AS 09.45.730 (treble damages — injury to trees/shrubs) — https://codes.findlaw.com/ak/title-9-code-of-civil-procedure/ak-st-sect-09-45-730/
• IRS, Estate and Gift Tax (Form 709; valuation tables) — https://www.irs.gov/businesses/small-businesses-self-employed/whats-new-estate-and-gift-tax
• 26 U.S.C. §§ 2036, 1014, 2501, 2702 (retained life estate inclusion; basis step-up; gift tax; special valuation)

END OF LIFE ESTATE DEED

Alaska Statutes Title 34, Chapter 15 (Conveyances)