In 2007, Leona Helmsley, a real estate billionaire, famously left her dog, “Trouble,” $12 million dollars in trust. Trouble was placed in the care of the general manager of Helmsley's Sandcastle hotel in Sarasota and had full-time security to ensure the Maltese’s well-being after the death of Helmsley (apparently the dog was getting death threats). Interestingly enough, Trouble is far from the wealthiest animal on the planet - to date, that award goes to Gunther III, a German Shepherd, who was left $106 million by Countess Karlotta Liebenstein.

A trust can be established either during a person’s life (a “Living Trust”) or at his or her death by being included in a person’s Will (a “Testamentary Trust”). Both types of trusts have the benefit of allowing the creator of the Trust (sometimes called the donor, grantor, or settlor) to put in place a