I have read some information recently from other attorneys on the Internet discussing trust and estate planning for persons intending to undergo cryopreservation. They tend to use terms such as personal revival trust, patient care trust and cryonic suspension trust etc. I prefer Cryonics Dynasty Trust. There are different names for certain types of trusts used in estate planning. However it is important to understand that all trusts do not neatly fit into a pigeonhole under a certain nomenclature. The trust should always be drafted for the individual circumstances and intentions of each client. The name given to the trust is not as important as its content.
Lawyers like to focus on trusts because they are usually the centerpiece of most advanced estate planning. However, the most important thing for the cryopreserved patient is to have legally enforceable documents to ensure that their intentions for cryopreservation are carried into effect after their legal death. For more information on this please refer to my website. http://www.michaelmillonig.com/practice-areas/cryonics/
The issue of trust beneficiaries is often discussed by other attorneys. That is an important trust drafting issue given the atypical situation that the cryonics patient is legally dead and cannot be a beneficiary while in cryopreservation . However the first concern should be with other beneficiaries who might not be happy that they’re not receiving a full inheritance. These persons could file a court action to have the trust set aside and all the money distributed to them. For this reason, it is important to make some provision for a person’s next of kin giving them some amount of an inheritance. They would be required to accept this amount only if they signed a full release and waiver preventing any lawsuit to set aside the trust. There are other legal methods to prevent a will contest and trust litigation but that is all I can cover in a short blog.