When a shareholder dies, do his or her descendants automatically inherit the CIRI shares?
No. ANCSA provides that CIRI stock is subject to special probate or estate settlement procedures, and under these procedures, CIRI descendants do not automatically inherit shares. Rather, CIRI is required to determine the proper heirs of the CIRI 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 CIRI shares and CIRI is required to distribute the shares accordingly. Neither the shareholder’s family nor CIRI 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 CIRI stock will be distributed in the desired manner, shareholders are strongly encouraged to execute a CIRI Stock Will. Even if a shareholder previously executed a CIRI Stock Will or a General Will, it is import
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