I signed a consent form at the clinic which addresses disposition of my embryos. How is the trust more beneficial than the consent form I signed?
This is one of many questions fertility patients considering the trust have. First, your trust is specifically drafted for you: your wishes, your circumstances, your individual needs, your family dynamic. Generally, consent forms address the basic issues, but a trust allows you to structure a detailed plan for your embryos now and well into the future.
Second, the trust can exist after your death and continue to maintain and protect your embryos for up to 360 years after death. * The consent form is a contract which terminates at death.
Third, interpretation and enforcement of consent forms by courts across the country has been varied and inconsistent , whereas every state recognizes trusts and courts are accustomed to interpreting trust provisions.
Once I establish my trust, are there any reporting requirements or tax returns due?
No, there are no reporting requirements or filing requirements. You will not be required to obtain a federal tax identification number because the embryos are not income producing assets. If you choose to fund the trust after your death in order to continue payment of storage fees, your Successor Trustee will then file a tax return on behalf of the trust.
How does the trust reduce court involvement?
Trust assets are not probate assets, which means at death trust assets pass by the terms of the trust by operation of law, not by court order. The Successor Trustee follows the instructions of the trust without having to have the probate court interpret or approve your wishes.
How do I change the place of administration of my trust?
Every state recognizes trusts and has enacted trust law. These laws are fairly uniform across the country. Since you control your trust as Trustee, you are free to choose the state law which applies to the trust at any time. The initial situs of the trust is Mississippi, which is beneficial because it allows the trust to remain in existence for 360 years after death. If you would like to change the state of administration at any time or have any other questions, please contact me and I will provide an addendum to your trust, free of charge, which clearly states your wishes.