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

This legal template focuses on the establishment and regulation of a Charitable Remainder Annuity Trust (CRAT) with concurrent and consecutive interests for two measuring lives under the jurisdiction of New Jersey and the laws of the United States. A CRAT is a specific type of trust that allows an individual (or individuals) to donate assets to a charitable organization while retaining a fixed income stream for a specified period of time.

In this context, the legal template likely provides a standardized framework for creating a CRAT in New Jersey, adhering to the applicable laws and regulations of the state and the broader legal system of the United States. It likely incorporates provisions and guidelines for establishing the trust, identifying the charitable beneficiary, selecting the measuring lives (the individuals whose lives are used to determine the duration of the income stream), and determining the annuity payout rate.

The template may also include instructions on how the trust should be funded, how the assets should be managed, and how any income or gains generated should be distributed. Additionally, it may contain provisions for contingencies, such as what happens if one or both of the measuring lives pass away or if circumstances change that would require modification or termination of the trust.

Overall, the template serves as a comprehensive legal document that enables individuals in New Jersey to create a CRAT with concurrent and consecutive interests for two measuring lives, while ensuring compliance with the relevant laws and regulations in the state and the United States.