Annual Trust Accounting (Florida)

ANNUAL TRUST ACCOUNTING

Pursuant to Florida Statutes §§ 736.0813(1)(d) and 736.08135

I. STATEMENT IDENTIFYING THE TRUST, TRUSTEE, AND ACCOUNTING PERIOD

(Required by Fla. Stat. § 736.08135(2)(a))

II. SCHEDULE A — RECEIPTS

(Required by Fla. Stat. § 736.08135(2)(b))

All cash and property receipts during the accounting period, allocated between income and principal where applicable.

III. SCHEDULE B — DISBURSEMENTS

(Required by Fla. Stat. § 736.08135(2)(b))

All cash and property disbursements during the accounting period, including significant administrative transactions, allocated between income and principal.

IV. SCHEDULE C — DISTRIBUTIONS TO BENEFICIARIES

(Required disclosure under § 736.08135(2)(b)–(e))

V. SCHEDULE D — GAINS AND LOSSES ON SALE OR DISPOSITION

(Required by Fla. Stat. § 736.08135(2)(b))

Realized gains and losses on the sale or other disposition of trust property during the accounting period.

VI. SCHEDULE E — TRUST ASSETS ON HAND AT END OF PERIOD (CARRYING VALUE AND CURRENT FAIR MARKET VALUE)

(Required by Fla. Stat. § 736.08135(2)(c) — for each asset or class reasonably capable of valuation, the accounting MUST contain TWO values: (i) acquisition/carrying value AND (ii) estimated current value.)

VII. SCHEDULE F — LIABILITIES (KNOWN, NON-CONTINGENT)

(Required by Fla. Stat. § 736.08135(2)(c))

VIII. SCHEDULE G — INCOME / PRINCIPAL ALLOCATIONS, ACCRUALS, ALLOWANCES

(Required by Fla. Stat. § 736.08135(2)(e))

Material allocations of receipts, disbursements, accruals, or allowances between income and principal affecting any beneficiary's interest.

IX. SCHEDULE H — TRUSTEE COMPENSATION AND COMPENSATION OF TRUSTEE'S AGENTS

(Required by Fla. Stat. § 736.08135(2)(b) — compensation paid to the trustee AND to the trustee's agents MUST be shown.)

X. SCHEDULE I — SIGNIFICANT NON-ACCOUNTABLE TRANSACTIONS

(Required by Fla. Stat. § 736.08135(2)(d) — name changes in investment holdings, adjustments to carrying value, changes of custodian, stock splits, etc.)

XI. SCHEDULE J — RECONCILIATION SUMMARY

XII. PLAN OF DISTRIBUTION (FINAL ACCOUNTING ONLY)

(Required by Fla. Stat. § 736.08135(2)(f) for final accountings.)

XIII. SIX-MONTH LIMITATION NOTICE — VERBATIM SAFE-HARBOR FORM

(Fla. Stat. § 736.1008(4)(a) — IMPORTANT; READ CAREFULLY.)

"An action for breach of trust based on matters disclosed in a trust accounting or other written report of the trustee or a trust director may be subject to a 6-month statute of limitations from the receipt of the trust accounting or other written report. If you have questions, please consult your attorney."

The foregoing is a "limitation notice" within the meaning of Fla. Stat. § 736.1008(4)(a) and applies to this trust accounting and to any other trust disclosure document received within one (1) year before, or contained as part of or accompanied by another trust disclosure document received within one (1) year after, this accounting. Matters adequately disclosed in this accounting are subject to a six-month (6-month) limitations period running from receipt of this accounting or the limitation notice, whichever is later (§ 736.1008(2)). Matters NOT adequately disclosed remain governed by the residual limitations periods in Chapter 95 and Fla. Stat. § 736.1008 (generally up to four (4) years, and potentially longer where no final accounting and notice of records availability has been issued — see § 736.1008(3)).

XIV. BENEFICIARY'S RIGHT TO OBJECT; REQUEST FOR ADDITIONAL INFORMATION

Each qualified beneficiary may, within six (6) months of receipt of this accounting:

☐ Request additional information about any item disclosed herein, in writing directed to the trustee.
☐ File a written objection to one or more items disclosed herein.
☐ Commence a proceeding under Fla. Stat. § 736.0201 for breach of trust based on matters disclosed.
☐ Negotiate a release or consent under Fla. Stat. § 736.08125.

A beneficiary may, under Fla. Stat. § 736.0813(2), waive the right to receive future annual accountings; any such waiver must be in writing and may be withdrawn in writing as to future periods only. A pre-existing waiver does not waive a beneficiary's rights as to matters arising before the waiver was given or after a withdrawal of waiver.

XV. TRUSTEE'S VERIFICATION

I, the undersigned Trustee, declare under penalty of perjury under the laws of the State of Florida that I have read the foregoing Annual Trust Accounting, that the matters stated herein are true and correct to the best of my knowledge, information, and belief, that this accounting was prepared in good faith and substantially complies with Fla. Stat. § 736.08135, and that this accounting and the accompanying limitation notice are being delivered to each qualified beneficiary in accordance with Fla. Stat. § 736.0813(1)(d).

STATE OF FLORIDA
COUNTY OF [________________________________]

Sworn to (or affirmed) and subscribed before me by means of ☐ physical presence or ☐ online notarization, this [____] day of [____________], 20[____], by [TRUSTEE NAME], who is personally known to me or who produced [________________________________] as identification.

_______________________________
Notary Public, State of Florida
Print Name: [________________________________]
Commission No.: [________________________________]
My Commission Expires: [__/__/____]

XVI. CERTIFICATE OF SERVICE

I HEREBY CERTIFY that on the [____] day of [____________], 20[____], a true and correct copy of the foregoing Annual Trust Accounting (with the § 736.1008(4)(a) limitation notice incorporated above) was served upon each qualified beneficiary identified below in the manner indicated:

_______________________________
Signature of Trustee / Counsel
Printed Name: [________________________________]
Florida Bar No. (if attorney): [____________]
Date: [__/__/____]

SOURCES AND REFERENCES

• Fla. Stat. § 736.0813 — Trustee's duty to inform and account; annual accounting at § 736.0813(1)(d).
• Fla. Stat. § 736.0813(2) — Waiver of accountings (written; withdrawable as to future periods).
• Fla. Stat. § 736.08135 — Required form and content of trust accountings; (2)(a)–(f) prescribed schedules; (3) family trust company election; (4) applicability beginning January 1, 2003.
• Fla. Stat. § 736.08125 — Limitation on personal liability of trustee; release / discharge.
• Fla. Stat. § 736.1008 — Limitations on proceedings against trustees.
• Fla. Stat. § 736.1008(2) — 6-month bar on adequately disclosed matters.
• Fla. Stat. § 736.1008(3) — Residual accrual rules for undisclosed matters (potentially extending exposure).
• Fla. Stat. § 736.1008(4)(a) — Definition of limitation notice and verbatim safe-harbor form.
• Fla. Stat. § 736.1008(4)(b) — Definition of "trust accounting" (substantial compliance with § 736.08135).
• Fla. Stat. § 736.1008(4)(c) — Definition of "trust disclosure document"; adequate-disclosure standard.
• Fla. Stat. ch. 95 — Residual 4-year limitations period for breach-of-trust claims.
• Rachins v. Minassian, 251 So. 3d 919 (Fla. 4th DCA 2018) — Adequate disclosure standard.
• Sturm v. Davenport, 311 So. 3d 109 (Fla. 4th DCA 2020) — Limitation notice and 6-month bar.

END OF ANNUAL TRUST ACCOUNTING