Annual Trust Accounting (Iowa Code § 633A.4213(3) — With § 633A.4504 Limitation Notice)

ANNUAL TRUST ACCOUNTING

Pursuant to Iowa Code § 633A.4213

I. TRUST IDENTIFICATION

II. TRUSTEE IDENTIFICATION

II-A. STATUTORY APPLICABILITY AND RECIPIENT GATE

Before describing this accounting as required by § 633A.4213, confirm each
applicable branch:

☐ The trust is irrevocable.

☐ The trust was created on or after July 1, 2002, and the settlor did not
specifically waive § 633A.4213 in the trust instrument. If the trust predates
July 1, 2002, or contains a waiver, analyze any common-law accounting right
separately; subsection (7) preserves that right despite the statutory gate.

☐ No settlor retains the right to change beneficiaries, and no party holds a
presently exercisable general power of appointment. If either condition exists,
subsection (4) requires reporting only to that settlor or power holder.

☐ Every annual-accounting recipient below is an adult beneficiary, or the
representative of a minor or incompetent beneficiary, who may receive income or
principal during this accounting period, and has not specifically waived the
accounting for this period.

III. BENEFICIARIES RECEIVING THIS ACCOUNT (§ 633A.4213(3))

☐ The Trustee has recorded the delivery method and recipient for each person listed above. Actual receipt for purposes of Iowa Code § 633A.4504(2) must be determined from the facts.

IV. SUMMARY OF ACCOUNT (§ 633A.4213(3), Last Sentence — Beginning and Ending Balance)

V. SCHEDULE A — RECEIPTS

A. Income Receipts

B. Principal Receipts

VI. SCHEDULE B — DISBURSEMENTS

A. Ordinary Administration Expenses

B. Distributions to Beneficiaries

C. Taxes

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

VIII. SCHEDULE D — ENDING STATEMENT OF ASSETS (As of [__/__/____])

IX. SCHEDULE E — STATEMENT OF LIABILITIES

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

X. SCHEDULE F — TRUSTEE COMPENSATION AND AGENTS

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 or a related party 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 beneficiary review:

[____________________________________________________________]

[____________________________________________________________]

XI. INVESTMENT PERFORMANCE AND NARRATIVE (§ 633A.4213(6) Reasonable Disclosure)

Material Events and Significant Transactions During the Period:

[____________________________________________________________]

[____________________________________________________________]

Investment Strategy and Performance:

[____________________________________________________________]

[____________________________________________________________]

Distribution Decisions and Rationale (for Discretionary Trusts):

[____________________________________________________________]

[____________________________________________________________]

XII. OPTIONAL EXPLANATION OF ONE-YEAR BAR (§ 633A.4504)

OPTIONAL EXPLANATION OF LIMITATION ON CLAIMS AGAINST TRUSTEE (IOWA CODE § 633A.4504)

Under Iowa Code § 633A.4504, a claim against the Trustee for breach of trust is BARRED as to any beneficiary who has received this accounting or other report that adequately discloses the existence of the claim, UNLESS a proceeding to assert the claim is commenced in the Iowa District Court within ONE (1) YEAR after the beneficiary's receipt of this accounting or report. An accounting or report adequately discloses the existence of a claim if it provides sufficient information so that the beneficiary knows of the claim or reasonably should have inquired into its existence.

You should review this accounting and the accompanying schedules carefully and promptly. As to any claim adequately disclosed by this accounting, a proceeding must be commenced in the Iowa District Court within ONE (1) YEAR after receipt, or that claim will be barred.

For purposes of this notice, a beneficiary is deemed to have received this accounting (i) if an adult reasonably capable of understanding the accounting, on personal receipt; (ii) if an adult not reasonably capable of understanding, on receipt by the beneficiary's legal representative; or (iii) if a minor, on receipt by the minor's guardian, conservator, or, if none, a non-conflicted parent. (Iowa Code § 633A.4504(2).)

XIII. BENEFICIARY OBJECTION MECHANISM (§ 633A.6101 — Iowa District Court)

A beneficiary who has questions or objections to any item in this accounting may deliver a written objection to the Trustee at the address in Section II. An informal objection does not itself commence a proceeding under Iowa Code § 633A.4504. For a claim adequately disclosed by this accounting, the beneficiary must commence a proceeding within one year after receipt unless another limitation or exception applies.

The Iowa district court sitting in probate has jurisdiction over trust proceedings under Iowa Code § 633A.6101. Proceedings under § 633A.6202 include, without limitation:

• Petition by a qualified beneficiary to compel an accounting after the
  trustee refuses a written request (§ 633A.4213(5));

• Petition for surcharge for breach of trust;

• Petition for removal of trustee;
• Petition for instructions; and
• Petition for any other relief authorized under Iowa Code Chapter 633A.

Under Iowa Code § 633A.6104(1), a proceeding may be commenced in the county of the trust's principal place of administration; for a testamentary trust, it may also be commenced in the county where the decedent's estate is administered. Subsections (2) and (3) provide other venue rules.

Trustee Contact for Objections / Inquiries:

XIV. OPTIONAL — RECEIPT, RELEASE, AND REFUNDING AGREEMENT (§ 633A.4506)

☐ Not requested — the Trustee is not soliciting a beneficiary receipt and release in connection with this accounting.

☐ Requested — the Trustee is soliciting a written receipt and release from each adult beneficiary on the form below. Each beneficiary is strongly encouraged to consult independent counsel before signing.

RECEIPT, RELEASE, AND REFUNDING AGREEMENT

I, the undersigned beneficiary of the [_________________________] Trust, having received and reviewed the foregoing Annual Trust Accounting for the period from [__/__/____] through [__/__/____], and having been advised of my right to consult independent counsel:

1. ACKNOWLEDGE receipt of the foregoing accounting and all attached schedules;

2. APPROVE the acts and accountings of the Trustee for the accounting period as set forth in the foregoing accounting;

3. RELEASE AND DISCHARGE the Trustee from claims arising from acts, omissions, or transactions adequately disclosed in the foregoing accounting, only to the extent this release is effective under Iowa Code § 633A.4506. It does not waive claims based on facts not adequately disclosed, and it remains subject to the protections in § 633A.4506(2)-(3), including the rule for a release induced by improper trustee conduct; and

4. AGREE TO REFUND any over-distribution made to me to the extent later determined necessary to satisfy trust obligations or to equalize distributions.

I confirm that I have signed this Receipt, Release, and Refunding Agreement freely, without coercion, after having had a reasonable opportunity to review the accounting and to consult counsel.

Beneficiary Signature: [________________________________]

Print Name: [________________________________]

Date: [__/__/____]

State of Iowa, County of [____________________], ss.

Subscribed and sworn to before me on [__/__/____] by [________________________________].

Notary Public Signature: [________________________________]

My Commission Expires: [__/__/____]

XV. TRUSTEE VERIFICATION AND SIGNATURE

I, the undersigned Trustee, declare under penalty of perjury under the laws of the State of Iowa:

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 receipts, disbursements, assets, liabilities, trustee compensation, agents hired (including any related-party agents), and related-party transactions for the accounting period stated above are disclosed;

4. This accounting is furnished pursuant to Iowa Code § 633A.4213(3) and contains an optional explanation of Iowa Code § 633A.4504; and

5. I have sent this accounting to each adult beneficiary, and to the appropriate representative of each minor or incompetent beneficiary, who may receive a distribution of income or principal during the accounting period, by the methods recorded below. Whether a beneficiary received it for purposes of Iowa Code § 633A.4504(2) depends on the actual recipient and facts.

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

Trustee Signature: [________________________________]

Print Name: [________________________________]

Capacity: [________________________________]

State of Iowa, County of [____________________], ss.

Subscribed and sworn to before me on [__/__/____] by [________________________________].

Notary Public Signature: [________________________________]

My Commission Expires: [__/__/____]

XVI. 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 sent or delivered the foregoing ANNUAL TRUST ACCOUNTING (including the optional § 633A.4504 explanation) to each beneficiary or representative identified in Section III by [☐ certified mail, return receipt requested ☐ first-class mail ☐ personal delivery ☐ other reasonable method: ____________________]. For each mailed copy, I addressed a sealed envelope to the recipient at the address in Section III, prepaid the proper postage, and deposited it in the United States Mail.

I declare under penalty of perjury under the laws of the State of Iowa that the foregoing is true and correct.

Date: [__/__/____]

Signature: [________________________________]

Print Name: [________________________________]

Address: [________________________________]

SOURCES AND REFERENCES

• Iowa Code Chapter 633A (2026 Iowa Trust Code; §§ 633A.1102, .1109, .4213, .4504, .4506, .6101, .6104, .6202) — https://www.legis.iowa.gov/docs/ico/chapter/633A.pdf.