Alaska Stat. § 13.12.907
effective 1996
Sec. 13.12.907 Honorary trusts; trusts for pets.
(a) Subject to (c) of this section, a trust may be performed by the
trustee for 21 years but not longer, whether or not the terms of the
trust contemplate a longer duration, if
(1) the trust is for a specific lawful, noncharitable purpose
or for a lawful, noncharitable purpose to be selected by the trustee;
and
(2) there is not a definite or definitely ascertainable
beneficiary designated.
(b) Except as otherwise provided by this subsection and (c) of this
section, a trust for the care of a designated domestic or pet animal is
valid. The trust terminates when a living animal is not covered by the
trust. A governing instrument shall be liberally construed to bring the
transfer within this subsection, to presume against the merely precatory
or honorary nature of the disposition, and to carry out the general
intent of the transferor. Extrinsic evidence is admissible in
determining the transferor's intent.
(c) In addition to the provisions of (a) or (b) of this section, a trust
covered by either of those subsections is subject to the following
provisions:
(1) except as expressly provided otherwise in the trust
instrument, a portion of the principal or income may not be converted to
the use of the trustee or to a use other than for the trust's purposes
or for the benefit of a covered animal;
(2) upon termination, the trustee shall transfer the
unexpended trust property in the following order:
(A) as directed in the trust
instrument;
(B) if the trust was created in a
nonresiduary clause in the transferor's will or in a codicil to the
transferor's will, under the residuary clause in the transferor's will;
and
(C) if a taker is not produced by the
application of (A) or (B) of this paragraph, to the transferor's heirs
under AS 13.12.711;
(3) for the purposes of AS 13.12.707, the residuary clause is treated as
creating a future interest under the terms of a trust;
(4) the intended use of the principal or income may be enforced by an
individual designated for that purpose in the trust instrument or, if
none, by an individual appointed by a court upon application to the
court by an individual;
(5) except as ordered by the court or required by the trust instrument,
a filing, report, registration, periodic accounting, separate
maintenance of funds, appointment, or fee is not required by reason of
the existence of the fiduciary relationship of the trustee;
(6) a court may reduce the amount of the property transferred, if it
determines that amount substantially exceeds the amount required for the
intended use; the amount of the reduction, if any, passes as unexpended
trust property under (2) of this subsection;
(7) if a trustee is not designated or a designated trustee is not
willing or able to serve, a court shall name a trustee; a court may
order the transfer of the property to another trustee, if required to
assure that the intended use is carried out and if a successor trustee
is not designated in the trust instrument or if a designated successor
trustee does not agree to serve or is unable to serve; a court may also
make other orders and determinations as are advisable to carry out the
intent of the transferor and the purpose of this section.