Ahtna shareholders can create a legacy for future generations by having a valid, up-to-date Testamentary Disposition on file or giving a gift of their Ahtna stock. Except for Class L stock, all classes of stock may be gifted or inherited. Ahtna stock is not publicly traded stock and shares cannot legally allowed be sold.
Under the Alaska Native Claims Settlement Act Amendments of 1987, Settlement Common Stock of Native corporations can be transferred as an inter vivos gift from a shareholder to his or her child; grandchild; great grandchild; niece; nephew; or, if the shareholder has reached the age of eighteen, to his or her brother or sister. An “inter vivos gift” is a voluntary transfer by one living person to another without payment or other consideration. There is no minimum Alaska Native blood quantum required for gifting stock, but the recipient must be a Native or a Descendant of a Native as defined by ANCSA.
Ahtna’s Shareholder Services Department is responsible for settling deceased shareholder estates. A testamentary disposition form provides clear and concise guidelines to determine the heirs of your Ahtna shares. This is different from gifting shares when a shareholder is still living. A Testamentary Disposition is not a complete personal will, but directs us on your wishes for your Ahtna shares. It is extremely important for shareholders to prepare and have a valid Testamentary Disposition on file with Ahtna. Without it, when you pass, your shares will be transferred according to Alaska intestate law, which may not match your wishes for your shares. The Testamentary Disposition form will also allow you to appoint a representative to handle any Memorial Fund donations you are eligible for after your passing.
When a shareholder passes on and they do not have a Testamentary Disposition on file with Ahtna, the transfer of shares becomes more complicated and could take months, or even years, delaying what could be a relatively quick and simple process. We know it isn’t easy thinking about these things, however a Testamentary Disposition protects you and your heirs. This form allows you to determine who inherits your shares, making the process much smoother and faster for your family. You can complete your Testamentary Disposition now by visiting the forms page.