If you are a cryonicist contemplating your future in cryopreservation, then trust based estate planning, and specifically, Personal Revival Trust™ planning should be at the forefront of your thoughts.
What is a Personal Revival Trust™? A Personal Revival Trust™ is a revocable living trust created during your lifetime so that while you are alive and well you are in complete control of all of your assets as both the trustmaker and the initial trustee. You continue to make all your investment decisions, distribution decisions and the trust uses your social security number as its tax identification number.
Your Personal Revival Trust™ will include provisions that address the appointment of a successor trustee in the event of your mental disability so you can ensure the provisions of your trust will be carried out even when you may no longer have the mental capacity to do so on your own behalf. These provisions can include instructions regarding your care during mental incapacity, as well as providing for any loved ones, including pets.
Then, at the time of your "legal death" and cryopreservation, your assets will continue to be managed by your selected trustee for your future benefit (as well as for the benefit of others you may name as lifetime beneficiaries.) You'll want to be sure and have an active beneficiary during the time of your cryopreservation so your trust won't be invalidated for lack of a beneficiary. Many cryonicists select their cryopreservation organization (Alcor or Cryonics Institute) as a beneficiary to insure the continued viability of these organizations.
Upon reanimation, your trust will terminate and the trust assets be distributed outright to you. In the event there is an event or development that permanently prevents your reanimation, an alternate beneficiary should also be selected. This "final" beneficiary should likely be an organization or organizations so the likelihood of its existence is insured.
In order to provide the maximum flexibility for your Personal Revival Trust™ you'll ultimately need to name a corporate trustee, an organization that will provide continuity for the period of time you are in cryopreservation and who has the expertise to manage the trust assets over a long period of time.
A trust protector should also be used, either an individual, and then ultimately an organization that can hold powers that will provide for unforeseen events that may occur in the future.
To get started with your Cryonics Estate Planning, please contact The Law Offices of Hoyt & Bryan, attorney Peggy Hoyt at 407-977-8080 or Peggy@HoytBryan.com. The first step is a brief telephone consultation to discuss the planning process. Peggy is available by telephone, skype or in person to facilitate planning for clients who are out of state. She can provide a Florida based plan or work with local counsel to incorporate your cryonics plan into an estate plan created in your home state by your choice of counsel.
Upon the mutual decision to work together, your first meeting is a Discovery and Decision Dialogue for the purpose of getting to know you, your family, your hopes, wishes and desires related to your cryonics plan and its funding. Thereafter, there will be a Design Meeting for the creation of your uniquely created Personal Revival Trust™ and supporting directives. Ultimately, there will be a final review of your cryonics plan and Signing Ceremony (conducted either at our offices near Orlando, Florida; in local counsel's offices; or with witnesses and a notary of your choice).
We can help facilitate the integration of your assets into your Personal Revival Trust™ by becoming a member of our Estate Security Plan (ESP) or you can follow the instructions for funding provided with your cryonics estate plan. Either way, owning your assets correctly insures that your cryonics plan works the way you intend.
To get started, request a Personal Revival Trust™ introduction packet today by calling 407-977-8080 or emailing Peggy@HoytBryan.com.