X-Message-Number: 16404
Date: Fri,  1 Jun 2001 20:44:45 -0700
Subject: Blank checks (was Life insurance)
References:  <>

From: "Jan Coetzee" <>
>My youngest son who is extremely bright (He is entering college) and
>my ex-wife who respects my whishes agreed to keep two checks made out
>to CI. Each one one check.The amount is not filled in. I trust both
>because they do not need money. The money is kept in a special
>checking account. When clinical death is imminent. CI will be informed
>and the money wired. I will appreciate opinions before I take action.

You're willing to give your son and your ex-wife blank checks.  This
is remarkable.  I can't tell whether you have relationships with
remarkable people, or you're just remarkably stupid, but either way it
is remarkable.  :-).

I think that checks older than 6 months aren't valid any more.  I
guess you'll have to leave the dates blank too.  If there's someone
else who thinks they deserve the money, they could conceivably
challenge the validity of the signature, and you wouldn't be around to
defend yourself.

If you're wiring the money, why do you need the checks?  Maybe I just
don't understand the proposed scheme.

Make sure CI consents to whatever scheme you select.

You'd better think about the tax implications.  Who owns the checking
account?  Maybe you're making a large gift to the owner of the
checking account, and if the gift is big enough there are taxes to be
paid.  One option would be to give your ex-wife and son power of
attorney limited to wiring the money from that account, but you still
own the account; in this case I don't think there would be tax

Have you considered simply giving CI the money now? 

Your scheme only seems simple in the case when you know in advance
when you're going to die, since dead people can't write checks and I
don't know if an undated blank check filled in after the person is
dead is negotiable.  Sometimes people die suddenly, so it may not be
safe to assume that your ex-wife and son have any advance notice.

Alcor has a scheme where you can put the money in a charitable
remainder trust (CRT).  I don't see why doing a similar deal with CI
would be any different, except if CI hasn't done this before there
would be hassle just because you're first.

It would probably be worth spending a few hundred bucks to get advice
from a lawyer.

Emotional instability in the presence of a recently dead father or
ex-spouse is the norm.  That clouds reason and might make it hard for
them to follow your instructions.  You say your son is bright.  I
don't know your son, but I'm sure every Cryonet reader has noticed by
now that intelligence is not equal to emotional stability.

I haven't kept track of whether you're in the US or not.  If you
aren't in the US, then I'm making extremely wild guesses instead of
just making wild guesses.  Free advice is worth every penny.  :-).

Tim Freeman       
; formerly 

Rate This Message: http://www.cryonet.org/cgi-bin/rate.cgi?msg=16404