Annual Trust Accounting (Connecticut Uniform Trust Code § 45a-499kkk(c))

ANNUAL TRUST ACCOUNTING

Prepared for use under Conn. Gen. Stat. § 45a-499kkk(c) when that subsection applies

I. TRUST IDENTIFICATION

II. TRUSTEE IDENTIFICATION

III. BENEFICIARIES RECEIVING THIS ACCOUNT (§ 45a-499kkk(c); § 45a-499c(23))

IV. SUMMARY OF ACCOUNT

V. SCHEDULE OF RECEIPTS (§ 45a-499kkk(c))

A. Income Receipts

B. Principal Receipts

VI. SCHEDULE OF DISBURSEMENTS (§ 45a-499kkk(c))

A. Ordinary Administration Expenses

B. Distributions to Beneficiaries

C. Taxes

VII. STARTING STATEMENT OF ASSETS (As of [__/__/____])

VIII. ENDING STATEMENT OF ASSETS AND MARKET VALUES (§ 45a-499kkk(c)) (As of [__/__/____])

IX. STATEMENT OF LIABILITIES (§ 45a-499kkk(c))

☐ The Trust has no outstanding liabilities as of the end of the accounting period.

X. TRUSTEE COMPENSATION AND AGENTS HIRED (§ 45a-499kkk(c))

A. Trustee Compensation

B. Agents Hired by Trustee

C. Related-Party Transactions

☐ The Trustee did not engage in any transactions during the accounting period with the Trustee personally, with any entity in which the Trustee holds a beneficial interest, or with any agent related to the Trustee, other than as fully disclosed above.

☐ The following related-party transactions occurred during the accounting period and are fully disclosed for the beneficiaries' review:

[____________________________________________________________]

[____________________________________________________________]

XI. DISCRETIONARY DISTRIBUTION DECISIONS AND DEPARTURES FROM TRUST INSTRUMENT

☐ No material discretionary or non-routine decisions were made during the accounting period beyond what is disclosed in Sections V–X.

XII. ONE-YEAR LIMITATION NOTICE (§ 45a-499rrr(a))

☐ Inter Vivos Trust — Limitation Notice May Apply to Adequately Disclosed Claims. The following NOTICE is provided:

NOTICE TO BENEFICIARIES — LIMITATION ON CLAIMS AGAINST TRUSTEE

Pursuant to Conn. Gen. Stat. § 45a-499rrr(a), you may not commence a judicial proceeding against the Trustee for breach of trust more than ONE (1) YEAR after the date on which this report was sent to you (or to your representative), as to any potential claim for breach of trust that has been adequately disclosed by this report.

A report adequately discloses a potential claim for breach of trust if it provides sufficient information so that you (or your representative) knew of the potential claim or should have inquired into its existence (Conn. Gen. Stat. § 45a-499rrr(b)).

If subsection (a) of Conn. Gen. Stat. § 45a-499rrr does not apply to a claim, the residual limitation under § 45a-499rrr(c) requires commencement within THREE (3) YEARS after the first to occur of: (1) the removal, resignation, or death of the Trustee; (2) the termination of your interest in the Trust; or (3) the termination of the Trust.

You are encouraged to review this report carefully and to consult independent legal counsel promptly if you have any questions or concerns regarding the administration of the Trust.

Date This Report Was Sent: [__/__/____]

One-Year Deadline (from date sent): [__/__/____]

☐ Testamentary Trust — Not Applicable. Conn. Gen. Stat. § 45a-499rrr does not apply to testamentary trusts (§ 45a-499rrr(e)). This account is or will be filed in the Connecticut Probate Court under Conn. Gen. Stat. § 45a-175.

XIII. NOTICE OF RIGHT TO SEEK COURT REVIEW (§§ 45a-499o, 45a-499p, 45a-175)

Depending on whether the Trust is testamentary or inter vivos and the relief requested, a beneficiary may be able to seek relief in a Connecticut Probate Court or the Superior Court. Subject-matter jurisdiction is governed by § 45a-499o; § 45a-499p identifies venue, including several possible Probate Court venues for an inter vivos trust. A beneficiary may seek relief that includes:

• Compel an accounting if you believe this account is incomplete;
• Seek review or approval of an account where authorized by §§ 45a-499o, 45a-499kkk(d), and 45a-175;
• Surcharge the Trustee for any breach of trust; or
• Remove the Trustee for cause.

Potential Connecticut Probate Court Venue (confirm jurisdiction under § 45a-499o):

XIV. BENEFICIARY RECEIPT, RELEASE, AND APPROVAL OF ACCOUNT

I, the undersigned Beneficiary, having received and reviewed the foregoing Annual Trust Accounting for the period stated in Section I, and having had the opportunity to consult with independent counsel, hereby:

☐ APPROVE the account as rendered and RELEASE the Trustee from claims arising from matters adequately disclosed in this account, to the extent permitted by Conn. Gen. Stat. § 45a-499vvv and other applicable law; OR

☐ OBJECT to the following item(s) in this account and reserve all rights:

[____________________________________________________________]

[____________________________________________________________]

Beneficiary Signature: [________________________________]

Print Name: [________________________________]

Date: [__/__/____]

Address: [________________________________]

XV. BENEFICIARY OBJECTION MECHANISM (NON-EXCLUSIVE)

A beneficiary with questions or objections to any item in this account is encouraged (but not required) to contact the Trustee in writing within [____] days of receipt at the address in Section II. This informal step does not extend, shorten, or substitute for the statutory limitation period stated in Section XII, and does not affect your right to petition the Connecticut Probate Court under Section XIII.

Trustee Contact for Objections / Inquiries:

XVI. TRUSTEE VERIFICATION AND SIGNATURE

I, the undersigned Trustee, declare under penalty of false statement under the laws of the State of Connecticut:

1. I have reviewed the foregoing Annual Trust Accounting and each schedule attached;
2. The information set forth is true, correct, and complete to the best of my knowledge, based on the books, records, and supporting documentation of the Trust;
3. All material trust property, liabilities, receipts, disbursements, trustee compensation, agents hired (including any related-party agents), discretionary distribution decisions, and departures from the trust instrument for the accounting period stated above are disclosed; and
4. If § 45a-499kkk(c) applies, this Accounting is furnished under that subsection. If subsection (c) is excluded by § 45a-499kkk(h), this Accounting is furnished under [IDENTIFY TRUST-INSTRUMENT PROVISION / OTHER STATUTE / COURT ORDER / VOLUNTARY BASIS]. For a non-testamentary trust, it is intended to constitute a report sufficient to trigger the one-year limitation period under § 45a-499rrr(a) only as to matters adequately disclosed and only if every statutory condition is satisfied.

Executed on [__/__/____] at [____________________], Connecticut.

Trustee Signature: [________________________________]

Print Name: [________________________________]

Capacity: [________________________________]

XVII. PROOF OF SERVICE

I, the undersigned, declare that I am over the age of 18 years and not a party to this matter. My business or residence address is set forth below. On [__/__/____], I served the foregoing ANNUAL TRUST ACCOUNTING on each beneficiary identified in Section III, by placing a true copy in a sealed envelope addressed to each such beneficiary at the address set forth in Section III, with postage thereon fully prepaid, and depositing the envelope in the United States Mail at [____________________], Connecticut, OR by personal delivery as indicated.

I declare under penalty of false statement under the laws of the State of Connecticut that the foregoing is true and correct.

Date: [__/__/____]

Signature: [________________________________]

Print Name: [________________________________]

Address: [________________________________]

SOURCES AND REFERENCES

• Conn. Gen. Stat. § 45a-499a et seq. (Connecticut Uniform Trust Code) — https://www.cga.ct.gov/current/pub/chap_802c.htm
• Conn. Gen. Stat. § 45a-499e (Default and mandatory rules) — https://www.cga.ct.gov/current/pub/chap_802c.htm
• Conn. Gen. Stat. § 45a-499c(23) (Qualified beneficiary) — https://www.cga.ct.gov/current/pub/chap_802c.htm
• Conn. Gen. Stat. §§ 45a-499o and 45a-499p (Subject-matter jurisdiction and venue) — https://www.cga.ct.gov/current/pub/chap_802c.htm
• Conn. Gen. Stat. § 45a-499kkk (Trustee's duty to inform and report) — https://www.cga.ct.gov/current/pub/chap_802c.htm
• Conn. Gen. Stat. § 45a-499rrr (Limitation of action against trustee) — https://www.cga.ct.gov/current/pub/chap_802c.htm
• Conn. Gen. Stat. § 45a-499vvv (Beneficiary consent, release, or ratification) — https://www.cga.ct.gov/current/pub/chap_802c.htm
• Conn. Gen. Stat. § 45a-499sss (Reliance on trust instrument) — https://www.cga.ct.gov/current/pub/chap_802c.htm
• Conn. Gen. Stat. § 45a-175 (Probate Court — financial accounts of fiduciaries) — https://www.cga.ct.gov/current/pub/chap_801b.htm
• Connecticut Uniform Principal and Income Act, Conn. Gen. Stat. §§ 45a-542 et seq. — https://www.cga.ct.gov/current/pub/chap_802g.htm
• Conn. Gen. Stat. §§ 45a-487k to 45a-487s (Connecticut Qualified Dispositions in Trust Act; CT-APT) — https://www.cga.ct.gov/current/pub/chap_802b.htm
• Connecticut Probate Courts — https://www.ctprobate.gov/
• Public Act 19-137 (adopting Connecticut Uniform Trust Code, effective January 1, 2020).