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 confirms that each beneficiary listed above is served in a manner that satisfies the deemed-receipt rules of Iowa Code § 633A.4504(2).

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 is encouraged (but not required) to deliver a written objection to the Trustee at the address in Section II within [____] days of receipt of this accounting. Submitting an informal objection does NOT extend, toll, or substitute for the one-year statutory period under Iowa Code § 633A.4504. To preserve any claim, the beneficiary must commence a proceeding in the Iowa District Court within ONE (1) YEAR after receipt of this accounting.

The Iowa District Court has jurisdiction over trust proceedings under Iowa Code § 633A.6101. Petitions a beneficiary may file 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.

Venue is governed by Iowa Code § 633A.6201.

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 any claim or liability arising from any act, omission, or transaction adequately disclosed in the foregoing accounting, to the extent permitted by Iowa Code § 633A.4506; PROVIDED, that this release does not extend to (a) breaches not adequately disclosed; (b) breaches in bad faith or with reckless indifference to the beneficiaries' interests; or (c) breaches for personal profit (Iowa Code § 633A.4505); 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 served this accounting on each adult beneficiary, and on the appropriate representative of each minor or incompetent beneficiary, who may receive a distribution of income or principal during the accounting period, in a manner consistent with the deemed-receipt rules of Iowa Code § 633A.4504(2).

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 served the foregoing ANNUAL TRUST ACCOUNTING (including the optional § 633A.4504 explanation) on each beneficiary or representative identified in Section III, by placing a true copy in a sealed envelope addressed to each such person at the address set forth in Section III, with postage thereon fully prepaid, by [☐ certified mail return receipt requested ☐ first-class mail ☐ personal delivery ☐ other reasonable method: ____________________].

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 § 633A.4213 (Duty to Inform and Account) — https://www.legis.iowa.gov/docs/code/633A.4213.pdf.
• Iowa Code § 633A.4504 (Limitation of Action Against Trustee) — https://www.legis.iowa.gov/docs/code/633A.4504.pdf.
• Iowa Code § 633A.4505 (Exculpation of Trustee) — https://www.legis.iowa.gov/docs/code/633A.4505.pdf.
• Iowa Code § 633A.4506 (Beneficiary Consent, Release, or Ratification) — https://www.legis.iowa.gov/docs/code/633A.4506.pdf.
• Iowa Code Chapter 633A (Iowa Trust Code) — https://www.legis.iowa.gov/docs/code/633A.pdf.
• Iowa Code § 633A.6101 (District Court Jurisdiction) — https://www.legis.iowa.gov/docs/code/633A.6101.pdf.
• Iowa Code Chapter 637 (Uniform Principal and Income Act) — https://www.legis.iowa.gov/docs/code/637.pdf.