Charitable Remainder Unitrust: An irrevocable trust created under the authority of Internal Revenue Code § 664. This special, irrevocable trust (known as a “CRUT”) has two primary characteristics: 1) Once established, the CRUT distributes a fixed percentage of the value of its assets (on an annual or more frequent basis) to a non-charitable beneficiary (which is considered the Settlor of the trust); and 2) At the expiration of a specified time (usually the death of the Settlor), the remaining balance of the CRUT’s assets are distributed to a named charity in the trust document.
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