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These are questions and answers regarding Stocks, Wills, and Gifting Shares.

 

Q: Two witness signatures on will but no notary?

A: Acceptable, but prefer notary.

Q: No notary on will but two witness signatures, one of which is illegible.

A: Shareholder will receive a note back advising that a notary is preferred but two legible witnesses are required and it will be necessary to provide the addresses of the witnesses.

Q: Relative of elderly s/h comes in and would like all property of elder (including gifting) signed over to him and notarized.

A: A notarized statement from two people (other than person who’s seeking ownership or his/her beneficiaries) who know elder is of sound mind when signing documents is required. Notarized witness statement must list all documents to be signed over and notarized.

Q: S/H has will on file but did not date the will when signing.

A: It’s okay since the notary saw s/h sign and notary dated document and identified the state in which document was signed.

Q: Receive a copy of a death certificate instead of the original or a certified copy.

A: If the settlement is going to be pretty cut-and-dry (will on file, etc.) we will accept the copy.

 


Q: In some villages (Tatitlek for instance) shareholders do not have access to a notary.

 

A: A postal seal is acceptable.

 

Q: Can a Shareholder keep their documents (legal, tax, etc…) in their file?

 

A: If it pertains to company matters, yes but if it is not then it would be best to decline and offer another means of holding sensitive documents, like a safe deposit box.

 

Q: Can a CAC Stock Will that has been signed by the S/H and notarized, but there has no witness signatures be accepted?

 

A: As a matter of practice with wills, and in most jurisdictions, the witnesses are necessary on the will, not a notary’s seal. The reason for this is that it is absolutely necessary that the will be shown to be that of the testator. Notaries, while they request identification, do not necessarily know the testator personally. A witness should know the testator, and should be in the position to verify that he or she is of sound mind and willingly signing the document.

 

Q: Is there any information on what the least amount of shares a shareholder can gift? Sometimes a shareholder wants to gift one share.

 

A: Gifting occurs in accordance with the Alaska Native Claims Settlement Act and the bylaws of the corporation. At the present, there is not a requirement that would prohibit a single share from being gifted.

 

Info: For Your Information Check out http://www.touchngo.com/lglcntr/akstats/Statutes/Title13.htm for general information on wills and estates.

 

Q: What happens with a will that has one witness signature but is notarized?

 

A: A will must have two witness signatures and you can also send them the Witness Personal Information Form.

 

Q: What happens if the will is does not state how many shares are being willed?

 

A: A will must state how many shares they are willing and it would be best to send them a new will with instructions.

 

Q: Why can shareholders not gift shares to his uncle?

 

A: ANCSA evidently desired to limit gifting to present generation or next generation giftees (the idea of "passing the torch").

 

Q: If shareholders were to give power of attorney to say uncle, father, etc., would he then be able to hold shareholder status and run for the Board of Directors?

 

A: Power of Attorney would not give the person, to whom Power of Attorney was given to, shareholder status. He would be representing the individual but would not have the privilege of interacting with the corporation on his own behalf. Unless the person has an older relative (grandparent, uncle, parent, etc.) who wants to gift shares to him, then he is out of luck, unless and until such time as the corporation might opt to go public.

 

Q: What is a good web-site on estates?

 

A: http://www.touchngo.com/lglcntr/akstats/Statutes/Title13.htm

 

Q: Is there anything stated in the Statutes stating that a shareholder who owes child support may not gift shares to someone else in order to avoid making payments?

 

A: The 1991 amendments say that a shareholder may transfer shares in order to pay child support. Gifting shares is something a shareholder can do unless there is a court order, which states otherwise. From a practical standpoint, you should ask the shareholder to reconsider gifting if it is for the purpose of avoiding child support. Transferring the stock will not eliminate the requirement on him to pay child support. Typically, if he is unemployed, the court will base a child support on what he would owe if he made minimum wage. Transferring the stock will simply cause him to lose a valuable asset that could benefit him and his children in the future.

 

Q: Some shareholder families are reluctant to give CAC their only original death certificate that is required in order to settle an estate. Would it be okay to send back the originals once copies are made and it is noted in their file that at one point an original was supplied?

A: That would be fine.

 

 

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