Alaska a leader in Pet Trusts
Dog sleds in Alaska…
The phrase conjures up vivid images for all of us. We think of strong, barrel-chested, huskies with thick fur, plowing through the heavy snow…straining at their harness to take their master and much needed supplies to the outpost of the wilderness, in exchange for the care and feeding of the musher.
For some of us…Sgt. Preston of the Yukon…On King On!
Maybe this unique mutually beneficial relationship is the reason that Alaska was one of the earliest proponents of Statutory Pet Trusts.
In 1996, the Alaskan legislature passed a bill that validated specific Trusts for designated domestic or pet animals.
The Trust may last for up to 21 years and terminates when a living animal is not covered by the Trust. The Pet Trust is to be liberally construed, to presume against any honorary nature and to carry out the general intent of the transferor.
The law specifically states that unless expressly provided otherwise in the Trust instrument, no portion of the principal or income may be converted to the use of the Trustee or to any use other than for the Trust's purposes or for the benefit of a covered animal.
The statue offers further protection. If an individual believes that the Trustee is not using the Trust funds in accordance with the stated purpose in the Trust instrument, then that individual may make an application with the Court for the proper enforcement of the Trust terms.
When the Trust ends, any remaining funds are distributed according to the terms of the Trust or pursuant to the other statutory requirements.
Today, an overwhelming majority of the states recognize the use of Statutory Pet Trusts for the future well being of your pet and your peace of mind.
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