Produced by: Tarun Mishra Designed by: Manoj Kumar
Estate attorneys are developing “revival trusts” to preserve wealth for those who undergo cryonic preservation, aiming to ensure that individuals can access their fortunes when they are potentially revived in the future.
Cryopreservation, once considered a fringe concept, is gaining mainstream interest. Mark House, an estate lawyer associated with Alcor Life Extension Foundation, notes that around 5,500 people are planning for cryogenic preservation.
Steve LeBel, a retired hospital executive, is one of the many preparing for cryopreservation. He plans to allocate $100,000 to a revival trust to fund the potential resurrection process, with additional funds set aside for his family and foundation.
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Revival trusts raise complex legal and philosophical questions. These include whether money can live indefinitely, if a cryonically preserved person is considered dead, and whether a revived person is legally the same individual.
Revival trusts differ from traditional dynasty trusts in that the sole beneficiary is the revived person. Peggy Hoyt, a Florida-based estate planner, often includes the cryonic facility or a charity as beneficiaries to ensure the trust remains active even if heirs die.
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Many state laws limit the lifespan of trusts to 90 to 100 years, but some states, like Arizona and Florida, allow trusts to continue for up to 500 or 1,000 years, respectively, to accommodate long-term preservation plans.
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Drafting these trusts is challenging due to the uncertainty of future laws and technologies. Estate planners like George Bearup express caution, highlighting the potential for legal and logistical complications over centuries.
Flexibility and succession planning are crucial for managing these long-term trusts. House works with Alcor to create committees that can appoint new trust protectors over time, ensuring continuous oversight.
The fascination with immortality drives interest in cryonics among the wealthy. Tech moguls like Jeff Bezos and Larry Ellison are investing heavily in anti-aging research, while companies like Cradle Healthcare Co. are developing technologies essential for potential revival.