Charitable Remainder Annuity Trust (CRAT): Concurrent and Consecutive Interests For Two Measuring Lives (Illinois)

This legal template focuses on the creation and operation of a Charitable Remainder Annuity Trust (CRAT) under Illinois law in the United States. The CRAT is a philanthropic tool that allows individuals to establish a trust while providing a fixed annuity income to designated beneficiaries for a specific period or their lifetimes. This specific template incorporates the concept of concurrent and consecutive interests, which means that the annuity payments can be made to multiple individuals successively based on their lives as the measuring lives. Consequently, the trust beneficiaries will receive regular income from the donated assets while ensuring that any remaining trust assets go to the chosen charitable organizations upon termination. The template provides guidance on the legal requirements, provisions, and obligations necessary for establishing and maintaining a CRAT incorporating concurrent and consecutive interests for two measuring lives, ensuring compliance with the relevant Illinois and US laws.