Annual Trust Accounting (Georgia)

ANNUAL TRUST ACCOUNTING

(Pursuant to O.C.G.A. § 53-12-243(b))

STATE OF GEORGIA
COUNTY OF [________________________________]

I. TRUST IDENTIFICATION

1. Trust Name:
[________________________________]

2. Date of Original Trust Instrument:
[__/__/____]

3. Settlor / Grantor:
[________________________________]

4. Date Trust Became Irrevocable (if applicable):
[__/__/____]

5. Trustee(s) Rendering This Accounting:

6. Trust Federal Tax ID (last 4): XX-XXX[____]

7. Trust Situs / Principal Place of Administration:
[County], Georgia

II. ACCOUNTING PERIOD AND TYPE

Accounting Period: From [__/__/____] through [__/__/____].

Type of Accounting (check all that apply):

☐ Annual accounting pursuant to O.C.G.A. § 53-12-243(b)(1)
☐ Termination accounting (remainder beneficiaries)
☐ Change-of-trustee accounting (to successor trustee)
☐ Accounting in response to qualified beneficiary's reasonable request under O.C.G.A. § 53-12-243(a)
☐ Accounting required by trust instrument provision
☐ Voluntary interim accounting (to start § 53-12-307(a) two-year limitations clock)

III. RECIPIENT BENEFICIARIES

This Accounting is being furnished to the following beneficiaries:

IV. SUMMARY OF ACCOUNT

V. SCHEDULE A — ASSETS ON HAND AT CLOSE OF PERIOD

Liabilities

Net Trust Estate (Assets less Liabilities): $[__________]

VI. SCHEDULE B — RECEIPTS

Schedule B-1. Principal Receipts

Schedule B-2. Income Receipts

VII. SCHEDULE C — DISBURSEMENTS

Schedule C-1. Principal Disbursements

Schedule C-2. Income Disbursements

VIII. SCHEDULE D — DISTRIBUTIONS TO BENEFICIARIES

IX. SCHEDULE E — TRUSTEE COMPENSATION

X. SCHEDULE F — AGENT AND PROFESSIONAL COMPENSATION

XI. NARRATIVE OF TRUSTEE'S ACTS AND MATERIAL TRANSACTIONS

A. Material Transactions During Accounting Period:
[________________________________]
[________________________________]

B. Changes in Investment Policy or Asset Allocation:
[________________________________]

C. Related-Party / Conflicted Transactions (Disclosure Required Under O.C.G.A. § 53-12-242 Duty of Loyalty):
[________________________________]

D. Litigation, Claims, or Disputes Involving the Trust:
[________________________________]

E. Deviations From Trust Instrument or Reliance on Trust Protector / Directing Party:
[________________________________]

F. Valuation Methodology for Non-Marketable Assets:
[________________________________]

XII. STATUTE OF LIMITATIONS NOTICE — O.C.G.A. § 53-12-307

TWO-YEAR LIMITATIONS PERIOD. Pursuant to O.C.G.A. § 53-12-307(a), if this Accounting adequately discloses the existence of any claim by a beneficiary against the Trustee for breach of trust, any such claim shall be barred unless a proceeding to assert the claim is commenced within TWO (2) YEARS after the beneficiary's receipt of this Accounting. A report "adequately discloses" a claim if it provides sufficient information so that the beneficiary knows of such claim or reasonably should have inquired into its existence.

SIX-YEAR RESIDUAL. If this Accounting does not adequately disclose the existence of a particular claim, that claim shall be barred unless commenced within SIX (6) YEARS after the beneficiary discovered, or reasonably should have discovered, the subject of the claim.

EACH ACT SEPARATELY. Each act of alleged trustee mismanagement that detrimentally affects a beneficiary creates a separate cause of action with its own limitations period. Wells Fargo Bank, N.A. v. Cook, 332 Ga. App. 834 (2015).

XIII. BENEFICIARY OBJECTION MECHANISM

A beneficiary who objects to any item, transaction, or representation in this Accounting may:

A. Informal Objection. Submit a written objection to the Trustee at the address in Section I within [____] days of receipt of this Accounting. The Trustee will respond in writing within a reasonable time.

B. Formal Petition. File a petition in the Superior Court of the county in which the Trust is administered or in which the Trustee resides, pursuant to O.C.G.A. § 53-12-261 and the Trustee-liability and beneficiary-remedy provisions of O.C.G.A. § 53-12-300 et seq. Georgia Superior Courts have concurrent jurisdiction with Probate Courts over trust matters. Available remedies include compelling further accounting, surcharge of the Trustee, removal of the Trustee, denial of compensation, and any other relief authorized by the Revised Georgia Trust Code.

C. Effect of Failure to Object. Subject to O.C.G.A. § 53-12-302 (release / consent / ratification) and § 53-12-307 (limitation of actions), failure to object within the applicable limitations period may bar later claims relating to matters adequately disclosed in this Accounting.

XIV. TRUSTEE VERIFICATION

I, the undersigned Trustee, hereby verify under penalty of perjury under the laws of the State of Georgia that:

1. I have read this Annual Trust Accounting in its entirety;
2. The matters stated herein and in all attached Schedules are true, correct, and complete to the best of my knowledge, information, and belief, based on the books and records of the Trust;
3. All material transactions, related-party dealings, and acts of administration during the accounting period have been disclosed; and
4. I have not knowingly omitted any fact, transaction, or claim that a qualified beneficiary would reasonably need to evaluate the administration of the Trust.

Executed this [____] day of [______________], 20[____], at [____________________], Georgia.

XV. NOTARIZATION

STATE OF GEORGIA
COUNTY OF [________________________________]

Sworn to and subscribed before me this [____] day of [______________], 20[____], by [TRUSTEE NAME(S)], who is/are personally known to me or who produced [________________________________] as identification.

____________________________
Notary Public
My Commission Expires: [__/__/____]
(NOTARY SEAL)

XVI. PROOF OF SERVICE

I hereby certify that on the [____] day of [______________], 20[____], I caused a true and correct copy of this Annual Trust Accounting and all Schedules to be served upon each beneficiary listed in Section III by the method indicated therein.

____________________________
Signature

Print Name: [________________________________]
Title / Capacity: [Trustee / Agent for Trustee]
Date: [__/__/____]

SCHEDULE G — BENEFICIARY RECEIPT AND RELEASE

(To Be Executed by Each Beneficiary Pursuant to O.C.G.A. § 53-12-302)

The undersigned beneficiary of the Trust identified above:

1. RECEIPT. Acknowledges receipt on the [____] day of [______________], 20[____] of the foregoing Annual Trust Accounting for the period [__/__/____] through [__/__/____], together with all Schedules.

2. REVIEW. Has had a reasonable opportunity to review the Accounting and to consult with independent legal, tax, and financial advisors of the beneficiary's choosing.

3. APPROVAL. ☐ Approves the Accounting in full / ☐ Approves the Accounting except as noted on the attached objection.

4. RELEASE. Subject to O.C.G.A. § 53-12-302, releases and discharges the Trustee from all liability for acts and transactions adequately disclosed in this Accounting. This release does not extend to any matter that was not adequately disclosed, to any breach procured by fraud, concealment, or improper conduct of the Trustee, or to any claim that would survive ratification under Georgia law.

5. WAIVER OF FURTHER NOTICE (OPTIONAL). ☐ The beneficiary expressly waives, in writing pursuant to O.C.G.A. § 53-12-243(c), the right to a report or accounting for ☐ this accounting period only / ☐ all future accounting periods until withdrawn in writing.

Executed this [____] day of [______________], 20[____].

Notarization (Beneficiary):

STATE OF [________________]
COUNTY OF [________________]

Sworn to and subscribed before me this [____] day of [______________], 20[____], by [BENEFICIARY NAME], who is personally known to me or who produced [________________________________] as identification.

____________________________
Notary Public
My Commission Expires: [__/__/____]
(NOTARY SEAL)

SOURCES AND REFERENCES

• O.C.G.A. § 53-12-243 — Duty to provide reports and information; annual / termination / change-of-trustee accountings.
• O.C.G.A. § 53-12-242 — Duty of loyalty.
• O.C.G.A. § 53-12-261 — Powers of trustees; superior court venue.
• O.C.G.A. § 53-12-300 et seq. — Trustee liability and beneficiary remedies.
• O.C.G.A. § 53-12-302 — Beneficiary consent, release, and ratification.
• O.C.G.A. § 53-12-307 — Limitation of actions for breach of trust (two-year / six-year).
• Hasty v. Castleberry, 293 Ga. 727 (2013) — What constitutes an adequate report.
• Smith v. SunTrust Bank, 325 Ga. App. 531 (2014) — Quarterly statements insufficient as a report.
• Wells Fargo Bank, N.A. v. Cook, 332 Ga. App. 834 (2015) — Each act creates a separate limitations period.
• Revised Georgia Trust Code of 2010, Ga. L. 2010, p. 579, § 1/SB 131.

END OF ANNUAL TRUST ACCOUNTING