In a CRAT or CRUT, who is able to manage the assets?

In a Charitable Remainder Annuity Trust (CRAT) or Charitable Remainder Unitrust (CRUT), the grantor or transferor has the authority to manage the assets when they create the trust. This means they can decide how the assets are invested and can have significant control over the financial aspects of the trust during their lifetime, assuming they have retained the power to direct the assets. Typically, the grantor may appoint a trustee to manage the assets on their behalf, but the ultimate control and management rights can remain with the grantor, especially in a revocable trust situation.

The other parties mentioned, such as beneficiaries, trustees, or independent financial advisors, may have roles in the trust's operation or management, but the initial management rights are held by the grantor. Understanding who has management authority helps clarify the dynamics of how these trusts operate concerning asset management and decision-making.