Cryonics is the practice of deep-freezing recently dead bodies in the hope that scientific advances will allow them to be revived in the future. The next logical question is, how can one ensure access to their funds once thawed. Ok, maybe that’s not the next logical question, but it is a very good question.
The estate planning community has a solution that will warm your heart. A revival trust, also known as a future income trust, sets aside assets for reincarnated individuals. Although not fully tested (obviously), the plan is simple. Under the supervision of a lawyer or another professional, the funds are kept available in the event of a scientific breakthrough in reincarnation.
There is a question as to whether the IRS would treat a revived person as his or her former self for tax purposes, or as a new taxpayer. How very Black Mirror of the IRS!
Either way, my recommendation would be to create a termination date to the trust and to have an established financial institution hold the trust document. Hey, you never know….
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation.
This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.