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

This legal template pertains to the establishment and functioning of a Charitable Remainder Annuity Trust (CRAT) in the state of Pennsylvania, United States of America. A CRAT is a type of irrevocable trust that allows individuals to retain a fixed annual income from their assets for a specific period or until their death while also supporting a charitable cause.

The focus of this template is on CRATs with concurrent and consecutive interests for two measuring lives. Concurrent interests refer to two individuals, usually a married couple, who are both entitled to receive income from the trust during their lifetimes. Consecutive interests, on the other hand, indicate that if one individual passes away, the surviving beneficiary continues to receive income until their death.

This legal template aims to provide a comprehensive framework for creating and managing such a trust in accordance with the specific regulations and requirements set forth by Pennsylvania state law and the broader legal landscape within the United States. It may include provisions related to the identification and appointment of trustees, the determination of the fixed annuity payout amount, the selection of the charitable recipient(s), and the specific instructions for the distribution and administration of the trust assets.

Overall, this legal template offers a standardized format and guidelines for individuals interested in establishing a charitable remainder annuity trust with concurrent and consecutive interests for two measuring lives in Pennsylvania under the jurisdiction of the USA law.