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

The Charitable Remainder Unitrust (CRUT): Fixed Percent Unitrust Payment for Term of One Measuring Life (New York) legal template is a document designed to establish a trust agreement under USA law, specifically applicable to New York state. It outlines the terms and conditions for a charitable remainder unitrust, which is a type of estate planning arrangement commonly used for individuals who wish to provide for charitable organizations while retaining an income stream during their lifetime.

This template provides clarity on the fixed percentage unitrust payment method, which determines the amount paid to the named beneficiary on an annual basis. The term of the unitrust, measured by the lifetime of a specified individual referred to as the measuring life, is also defined within the document.

The legal template includes provisions to identify the charitable organization or organizations that will ultimately receive the remaining assets of the trust after the termination of the unitrust period. It also addresses various administrative matters such as trustee selection, instructions for investment management, and the potential appointment of successor trustees if necessary.

Additionally, it recognizes the necessity to comply with the relevant provisions of New York state law and the Internal Revenue Code, ensuring that the trust's charitable nature is maintained and that any associated tax benefits are properly pursued and administered.

Overall, this legal template provides a comprehensive framework that combines the objectives of providing for both loved ones and charitable organizations, all while adhering to the specific legal requirements of New York and the United States.