A charitable remainder trust annuity (CRAT) is a type of annuity plan that provides for an income to the owner of the trust during their lifetime and provides the remaining funds and funding sources to the charity upon the owner's death. These trusts are usually set up by individuals between the ages of 55 and 80 who need only a fixed amount of income for the remainder of their life. With the help of an accountant or estate planner the donor's assets are placed in trust that provides a determined amount of income to the donor for the remainder of life or a predetermined number of years. The donor specifies one or more charitable organizations to be the beneficiary upon their death. The donor can choose to be the trustee of the CRAT or may designate a trustee.