In the realm of science fiction and futuristic aspirations, cryonics has always held a peculiar fascination. You might recall the image of Walt Disney frozen in a cryogenic chamber awaiting the day technology would bring him back to life. While that particular tale is more myth than reality, the concept behind it is starting to seep into the very real and very grounded world of estate planning for the wealthy. Despite the fact that modern science has only mastered the art of freezing bodies, attorneys for ultra-rich anti-death advocates are forging ahead with a novel financial instrument: the “Revival trust.”
Imagine you’re a billionaire who has decided to take the icy plunge into cryogenic preservation, eagerly awaiting the day when medical advancements can bring you back to life. Naturally, the prospect of awakening penniless is less than appealing. Enter the “Revival trust,” a financial safety net designed to keep your wealth intact during your frosty slumber. Estate planners are busy crafting these trusts for individuals who are preparing for or have already undergone cryopreservation. This isn’t some fringe idea anymore; it’s an eccentricity that’s gaining traction among the wealthy.
Mark House, an estate lawyer with the Alcor Life Extension Foundation—a facility that has already iced 230 individuals—notes that the idea has evolved from being seen as a crackpot scheme to something merely eccentric. Thousands of people worldwide are either planning to enter cryosleep or have already embarked on this futuristic journey. With a price tag of at least $500,000 just to ensure the trust remains solvent over time, the business of cryonics is a lucrative one, tapping into the hopes and dreams of those who wish to cheat death.
But how do you ensure that after centuries, when you’re finally revived, you can access your wealth? The answer lies in meticulous planning and the appointment of a “trust protector.” This individual or entity has the authority to determine whether you have indeed been successfully revived. Peggy Hoyt, a Florida-based estate planner, explains that criteria for revival vary. Some individuals demand they be revived with their memories intact, while others are satisfied with the idea of being cloned or having their consciousness uploaded to a computer. This level of customization ensures that each trust is tailored to the unique desires of the frozen benefactor.
The people investing in these revival trusts are optimistic about the future. Take Steve LeBel, a retired hospital executive from Michigan, who is actively seeking ways to ensure his wealth is available when—or if—he is revived. He acknowledges the uncertainty but remains hopeful that 200 years from now, there will be enough money left to pay for the resurrection process. The world he and others envision is one where technological advancements have leapt forward, offering possibilities we can barely fathom today.
While the idea of cryonic revival remains a speculative dream, the financial mechanisms being put in place indicate a serious commitment from those who can afford to dream big. Whether or not these efforts will eventually pay off, only time will tell. In the meantime, the wealthy elite are putting their money on ice, quite literally, in hopes that the future holds the promise of a second chance at life.
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