ANCSA provides that OHNC stock is subject to special probate or estate settlement procedures. OHNC is required to determine the proper heirs of the OHNC stock in accordance with any valid will the shareholder may have executed that is applicable to the stock, or, if no such will exists, under Alaska laws of intestate succession.
In cases of intestate succession, state law governs which relatives inherit the OHNC shares, and OHNC is required to distribute the shares accordingly. Neither the shareholder’s family nor OHNC can alter who will receive the shares under the law if there is no will.
Shareholders may leave their stock to whomever they wish; however, in order to ensure that their OHNC stock will be distributed in the desired manner, shareholders are strongly encouraged to execute an OHNC Stock Will. The OHNC Stock Will form can be downloaded from this web site, or you can request that a form be mailed to you.
Alternatively, you can bequeath your OHNC stock in a general will that includes language specifically disposing of your OHNC stock. It is important to note that a OHNC Stock Will bequest will control the distribution of your stock unless you have executed a later general will that specifically identifies and disposes of your OHNC stock.
Even if you have executed an OHNC Stock Will or a general will in the past, you should consider whether it needs to be updated. Marriage, divorce, birth or adoption of children, the death of a previously designated beneficiary, inheritance, or other changes in plans or circumstances are all reasons to consider filing a new Stock Will.
Remember, taking a few minutes today to complete an OHNC Stock Will can save family members much headache (and heartache).
If you have any questions, please contact the OHNC Shareholder Relations at 907.278.6100 or toll free at 1.877.582.6100.