Charitable Remainder Unitrust (CRUT): NICRUT Unitrust Payment for a Term of Years (Illinois)

This legal template provides a framework for creating a Charitable Remainder Unitrust (CRUT) with the specific provision of a NICRUT (Net Income with Makeup Charitable Remainder Unitrust) unitrust payment for a specified term of years under the jurisdiction of Illinois, United States. A CRUT is a type of irrevocable trust that allows the grantor to receive income for a set period while designating a charitable organization as the ultimate beneficiary of any remaining assets upon the termination of the trust. This template outlines the necessary legal clauses, terms, and conditions required to establish a CRUT within the state of Illinois, ensuring compliance with the relevant laws and regulations. Additionally, it specifies the incorporation of a NICRUT provision, which can enable any net income shortfall to be made up in subsequent years during the term of the trust, thereby maintaining consistent income payments to the grantor. The template aims to provide a comprehensive and legally sound foundation for creating a Charitable Remainder Unitrust with specific provisions tailored to the laws of Illinois, offering a framework for individuals seeking to establish a charitable trust structure for the benefit of both themselves and designated charitable organizations.