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Functions of a Trust Protector During Biostasis and at the Time of Cryogenic Revival

John Dedon, Esq.

page 2 of 5

The Trustee
First, let’s explore who the trustee is. The trustee could be an individual, such as a family member. Ideally, however, as no one Dedon quote knows how long the trust will last, it is preferable to use an institutional trustee. An institutional trustee will provide permanence.

In choosing an institution, find one that will always have a successor, even if it is merged with another institution. An institutional trustee can provide professional management because this is something the institution does for a living. You also want the fiduciary duty that a corporate trustee can provide. A corporate trustee is going to be licensed and regulated and accustomed to handling these situations on a daily basis. In the case of a dynasty trust, it would be unusual for anyone but an institutional corporate trustee to serve as manager of the trust.

The Trust Protector
What is the role of the trust protector? In a nutshell, the trust protector does what the grantors (Mr. and Mrs. Cryonic) would do if they were alive.

The trust protector oversees the trust. In this role, we need someone who is flexible and can adapt to changes in the law and related facts and ammend the trust as necessary. It would not be ideal for the trust protector to be an institution because an institution would not have this flexibility. It is unlikely that family or beneficiaries could serve as trust protectors because the trust may persist for decades or centuries, longer than their life spans.

We’ve eliminated family and institutions; the logical entity for this role is a law or accounting firm. These entities have the licensing requirements and expertise, but are also flexible and relatively free of restrictions and regulations. They are able to move in and make appropriate changes. It is worth noting that a lawyer or CPA, as trust protector, has the same fiduciary duty of impartiality and loyalty to Mr. and Mrs. Cryonic and their beneficiaries as the institutional trustee does.

Functions of the Trust Protector
What are some of the specific things that the trust protector does? The trust protector might be asked to change the situs[1] of the trust. Currently, the law allows one to create a dynasty trust that continues in perpetuity for beneficiaries. The trust protector needs to make sure this is possible. For example, South Dakota, Delaware, and Alaska are states that are friendly to dynasty trusts. If the state's laws should change, the trust protector could initiate a move to a more amicable environment.

The trust protector would also be trusted to change the trustee if they became unfriendly to what the grantor intends for their trust. If the trustee’s philosophy unexpectedly changes or they are merged with another institution, the trust protector can find a new trustee.

If a trust instrument so dictates, the trust protector may also be the party to make distributions while Mr. and Mrs. Cryonic are in biostasis. If some of the trust is to be used to support children or grandchildren while the grantors are in biostatis, the trust protector would administer this.

Footnotes (back to top)
1. Situs - (Latin) “Site”; fixed location; place. Usually a place where a thing has legal ties. Law Dictionary for Nonlawyers, Fourth Edition, Daniel Oran, J.D. (2000)

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