Monday, October 12, 2009
Medical advances that make possible the storage of genetic materials after death are expanding the role of trustees, and According to Jerry Cooper, Trust Administrators Tool-Up for Custody and Care of Client's Genetic Property, The Trust Advisor Blog:
To account for this material, estate planners have begun to recommend adding provisions to their client’s trusts to be sure this property is managed properly after death – requiring trustees to understand this new language and take on new responsibilities
The blog discusses the possible need for estate planning provisions that address the extraction, storage, and proper use of these genetic materials, in addition to the status of any heirs that may result from such material.
For more information, see Jerry Cooper, Trust Administrators Tool-Up for Custody and Care of Client's Genetic Property, The Trust Advisor Blog.