Charitable Remainder Unitrust (CRUT): Fixed Percent Unitrust Payment for Term of One Measuring Life (Illinois)

This legal template is a document designed to establish and guide the creation of a Charitable Remainder Unitrust (CRUT) in the state of Illinois, in compliance with the laws of the United States. Specifically, this template addresses a type of unitrust payment structure that entails a fixed percentage payout throughout the term of the trust, which is generally measured by the lifespan of an individual beneficiary.

The Charitable Remainder Unitrust (CRUT) is a charitable planning tool that allows individuals to donate assets or property to a trust, retaining the right to receive a fixed percentage of income from the trust for a predetermined period or until their death. Upon the termination of the trust, the remaining assets are then directed towards a charitable organization or cause specified by the trust creator.

This legal template likely provides a comprehensive framework for setting up such a trust, covering various aspects such as the selection of the beneficiary whose life will be used to measure the term of the trust, specifying the fixed percentage payments to be made during the term, outlining the procedures for administering and managing the trust, and detailing the obligations and responsibilities of the trustee(s).

Additionally, the template might address the requirements and regulations set forth by Illinois state laws and ensure compliance with federal laws governing charitable trusts in the United States. It could also include provisions related to potential contingencies, tax implications, and the appointment of successor beneficiaries or trustees.

Overall, this legal template helps individuals navigate the process of establishing a Charitable Remainder Unitrust (CRUT) in Illinois, ensuring that their charitable intentions are properly documented and legally executed while providing them with a predictable income stream during their designated measuring life.