Functions of a Trust Protector During Biostasis and at the Time of Cryogenic Revival
John Dedon, Esq.
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By working with them now, the trust protector will be able to institutionalize that role within the law firm and preserve it. This will ensure that we are as close as we can be to the intent of Mr. and Mrs. Cryonic when some of these things need to be acted upon in future years.
As we explore the functions of a trust protector in this new field, we need to ask all of these questions and identify all of the potential issues. We must try to draft this role with flexibility in mind, not withstanding the fact that we have an irrevocable trust that the terms (within certain limits) are to be adhered to long into the future.
Compensation
There are a host of ways to compensate the trust protector. He or she could be paid an annual fee which is a percentage of the managed assets. This is often how an institutional trustee is paid. Or, the trust protector could be paid an hourly rate or on a retainer basis.
One creative way to compensate the trust protector would be to build in an additional payment for when Mr. and Mrs. Cryonic are revived. This will create an incentive to monitor Alcor and the related laws and to motivate the trust protector to provide the best circumstances for the couple.
If a lawyer is serving as trust protector, he or she will be concerned about liability. Therefore, the typical liability indemnification provisions that you would see for that institutional trustee may apply for a trust protector.
The uncertainty of the possible situations discussed in this article dictate that the time is upon us to consider the needs, rights, and laws pertaining to cryogenic preservation and securing assets for future use.
John P. Dedon, Esq. is an estate planning, business, tax and wealth preservation attorney. He has been in private practice since 1984, concentrating in federal taxation matters. John has been quoted extensively in newspapers throughout the country, such as the Washington Post and Chicago Tribune, on estate planning matters.