Old Harbor Native Corporation (“OHNC”) offers its shareholders a burial assistance through the OHNC Settlement Trust. Each shareholder, regardless of the number of shares held, is entitled to a $10,000 death benefit. This benefit is paid to the shareholder’s beneficiary as named on the OHNC Settlement Trust Beneficiary Form or to the estate of the shareholder if there is no form filed with the Trust.
If you have any questions regarding the death benefit policy, please contact our office.
Please see the Beneficiary Designation Form for the Shareholder Burial Assistance Beneficiary Designation Form.
Following are some frequently asked questions about the shareholder death benefit program and the trust owned life insurance:
If I have a stock will, do I need to complete a Beneficiary Form for the shareholder burial assistance?
Yes, these are two separate documents. A stock will only governs where your Native Corporation stock will pass at your death. Shareholders may name the same or different beneficiaries for the shareholder death benefit. Death benefits of shareholders who die without completing a Beneficiary Form will be paid to their estate, and will then pass according to their regular (not stock) will or the Alaska state intestacy statutes if there is no will. Shareholders are encouraged to seek competent legal and tax counsel in all estate planning matters.
Are these plans common in Alaska Native Corporations?
No, OHNC’s plan is very unique, and represents a significant benefit to being a shareholder. Very few regional or village corporations offer any assistance for a shareholder’s final expenses, and generally they offer only small amounts, often based on need. OHNC provides every shareholder $10,000 regardless of need. The intent is to provide shareholders’ heirs with a resource to honor the final wishes of deceased shareholders.
What if I have additional questions about the shareholder burial assistance beneficiary plan?
For general questions, you may contact the OHNC corporate offices in Old Harbor or Anchorage.