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

This legal template focuses on the establishment of a Charitable Remainder Annuity Trust (CRAT) in the state of Massachusetts, governed by the laws of the United States. The CRAT is a type of trust designed to provide income to the trust beneficiaries during their lifetimes, with the remaining assets ultimately benefiting a chosen charitable organization.

The template specifically highlights Concurrent and Consecutive Interests for Two Measuring Lives, which refers to how income distributions from the trust are determined. Typically, CRATs involve one or more individuals who receive income for their lifetimes, known as measuring lives. This template offers guidance on how to structure the trust so that income payments occur concurrently or consecutively based on the lives of two individuals.

The document covers important legal aspects such as the responsibilities and limitations of the trustee, who will manage and distribute the trust assets. It may also outline the rights and obligations of the trust beneficiaries and specify the charitable organization(s) that will ultimately receive the remaining assets upon the beneficiaries' passing.

It is essential to adhere to the specific laws and regulations of Massachusetts and the United States when establishing this trust, and this legal template provides a standardized framework to ensure compliance with the relevant legal requirements.