North Carolina residents who have ever contemplated cryonics may be interested to learn that there is an estate planning solution for them. For some people, the idea of having their body scientifically frozen when they die with the hopes that it could be revived one day in the future is a viable option. One concern that they may have is how they will be able to afford to live after being revived if they have no access to funds. The answer is a revival trust.
With a revival trust, assets are set aside and supervised by a lawyer or by another professional. If science reaches the point where a person who has been cryogenically frozen can be revived and live a second time, there will be money for that individual to live on.
It is unclear how many people have actually taken advantage of a revival trust. What is known is that somewhere around 400 people, including famous athletes, have been cryogenically preserved. Hundreds more have already made arrangements to undergo this procedure when they die.
Cryonics is an expensive process. Depending on the company a person uses, they should expect to pay between $28,000 and $200,000 to have their body frozen at a temperature of approximately 328 degrees below zero.
There are a number of individuals who question the wisdom of having this type of trust. Others believe that this trust allows for a client's wishes to be respected. Family members who have been disinherited because of funds being put in a trust may feel disgruntled. Estate planners should anticipate legal challenges from these relatives.
Estate planning lawyers may be able to help their clients have at least a basic will as a part of their overall estate plan. They may explain to their clients what constitutes a valid will and discuss with their clients the effect that divorce has on the validity of a will. If their client has a change in personal circumstances, an estate planning lawyer may discuss any changes the client wants to make regarding the beneficiaries of their estate.