Pet Trusts 101

Abigail O'Connor is Senior Counsel in Holland & Knight's Anchorage office.

Many families today view their pets as part of the family. Sometimes the pets rank even higher than children and grandchildren. As part of estate planning, a growing number of people desire to ensure for the continued care and safety of their pets using trusts. Every state in the U.S. now has a statute that authorizes pet trusts, although the restrictions vary.

Pet Trusts often are incorporated into a person's will or revocable (or "living" trust), or they can stand on their own. As with other trusts, someone is appointed as the trustee, and the trustee is financially responsible for the pet's care. At a minimum, a pet trust should address the following issues: