The science of being cryogenically frozen after death and revived at some unknown future date is still uncertain. However, around 400 people have already chosen this, and around 1,500 more are signed up for it. Georgia residents who are interested might wonder what they would do for money if they were successfully unfrozen in the future. This is where the future income trust comes in.
Also known as the revival trust, this vehicle would set aside assets that the person would be able to access in the event of being revived. Among some legal professionals, the revival trust is controversial because of the uncertainty of the science around cryogenics. It may also cause conflict with family members who are upset that some of the assets they expected to inherit have been placed in the trust. However, one attorney points out that a client’s wishes should be respected.
Since reviving a cryogenically frozen person is not yet possible, the issue of how the IRS might treat such a trust on revival is uncertain. With a potential revival date hundreds of years in the future, people may want an institution that has been in existence for a long time to hold the trust since it is more likely to be around in the future as well. They might also want to put an expiration date on the trust.
Most elements of estate planning are not as uncertain as a revival trust. Most of the time, wills, trusts, powers of attorney, and other estate planning documents are executed as planned. However, people should make sure these documents are not confusing, contradictory, or otherwise vulnerable to challenges. For example, beneficiary designations, which override wills and trusts, should be kept up to date.