Annual Trust Accounting (Idaho Code § 15-7-303)

ANNUAL TRUST ACCOUNTING

Pursuant to Idaho Code § 15-7-303

I. TRUST IDENTIFICATION

II. TRUSTEE IDENTIFICATION

III. BENEFICIARIES RECEIVING THIS ACCOUNT (§ 15-7-303(c))

IV. SUMMARY OF ACCOUNT

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

VI. ENDING STATEMENT OF ASSETS (As of [__/__/____])

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

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

VIII. SCHEDULE OF RECEIPTS

A. Income Receipts (Idaho UPIA, Idaho Code § 68-10-101 et seq.)

B. Principal Receipts

IX. SCHEDULE OF DISBURSEMENTS

A. Ordinary Administration Expenses

B. Taxes

C. Distributions to Beneficiaries

X. TRUSTEE COMPENSATION AND AGENT COMPENSATION

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. STATEMENT REGARDING LIMITATIONS PERIODS

The recipient is informed of the following limitations principles under Idaho law:

• Idaho Code § 15-7-307 — Where a beneficiary has received a final account or statement fully disclosing the matter and showing termination of the trust relationship between the trustee and the beneficiary, a claim for breach of trust is barred unless commenced within six (6) months after receipt of the final account. In any event, a trustee who has issued a final account that the beneficiary received and who has informed the beneficiary of the location and availability of records for examination is protected after three (3) years, even absent full disclosure.

• Idaho Code § 5-218(4) — An action for relief on the ground of fraud or mistake is subject to a three (3) year limitations period, with accrual running from the beneficiary's discovery of the facts constituting the fraud or mistake.

• Idaho Code § 5-224 — A civil action not otherwise expressly provided for is subject to a four (4) year residual limitations period, commonly applied in Idaho to claims for breach of fiduciary duty arising under the common law.

This Account is provided as an [☐ annual / ☐ interim / ☐ final] account. Where the Account is an annual or interim account, the § 15-7-307 final-account bars do not commence as a result of this Account; general civil-procedure limitations periods govern. Where the Account is a final Account showing termination of the trust relationship, the recipient is advised that the § 15-7-307 six-month and three-year bars may apply commencing upon receipt.

Recipients are encouraged to consult independent counsel concerning any applicable limitations period.

XII. BENEFICIARY OBJECTION MECHANISM

A beneficiary who objects to any item in this Account may:

1. Deliver a written objection to the Trustee at the address shown in Section II within [____] days of receipt of this Account, identifying the item objected to and the basis for the objection;

2. Petition the Magistrate Division of the District Court (or the District Court) for the county of trust registration / principal administration under Idaho Code §§ 15-7-201 et seq. for relief, including, without limitation:

• An order compelling a further or different accounting;
• An order settling the account and passing upon the acts of the Trustee;
• An order surcharging or removing the Trustee for breach of trust; or
• Such other relief as the court deems just.

XIII. BENEFICIARY RECEIPT AND RELEASE (OPTIONAL)

The undersigned beneficiary, having reviewed the foregoing Annual Trust Accounting and the supporting books and records (or having waived such review after being informed of the right to examine them), hereby:

☐ APPROVES the Account as a true and correct statement of the Trustee's administration of the Trust for the accounting period;

☐ RELEASES AND DISCHARGES the Trustee from any and all claims arising from acts and transactions disclosed in the Account, to the extent permitted by Idaho law and subject to the limitations preserved below;

☐ OBJECTS to the following items (specify): [________________________________];

☐ RESERVES any and all rights with respect to matters not adequately disclosed in the Account.

The undersigned acknowledges that the undersigned has had the opportunity to consult independent counsel before signing this Receipt and Release.

XIV. TRUSTEE VERIFICATION AND SIGNATURE

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

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), distributions, and related-party transactions for the accounting period stated above are fully disclosed;

4. The books and records supporting this Account are maintained at [____________________] and are available for examination by any beneficiary identified in Section III upon reasonable request;

5. This Accounting is furnished pursuant to Idaho Code § 15-7-303 and in satisfaction of the Trustee's fiduciary duties under Idaho law.

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

Trustee Signature: [________________________________]

Print Name: [________________________________]

Capacity: [________________________________]

XV. PROOF OF SERVICE

I, the undersigned, declare that I am over the age of 18 years and not a party to this matter. 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 [____________________], Idaho, OR by personal delivery as indicated.

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

Date: [__/__/____]

Signature: [________________________________]

Print Name: [________________________________]

Address: [________________________________]

SOURCES AND REFERENCES

• Idaho Code § 15-7-302 — https://legislature.idaho.gov/statutesrules/idstat/Title15/T15CH7/SECT15-7-302/
• Idaho Code § 15-7-303 — https://legislature.idaho.gov/statutesrules/idstat/Title15/T15CH7/SECT15-7-303/
• Idaho Code § 15-7-307 — https://legislature.idaho.gov/statutesrules/idstat/Title15/T15CH7/SECT15-7-307/
• Idaho Code §§ 15-7-201 et seq. — https://legislature.idaho.gov/statutesrules/idstat/title15/t15ch7/
• Idaho Code § 5-218 — https://legislature.idaho.gov/statutesrules/idstat/Title5/T5CH2/SECT5-218/
• Idaho Code § 5-224 — https://legislature.idaho.gov/statutesrules/idstat/Title5/T5CH2/SECT5-224/
• Idaho Code § 68-10-101 et seq. (Idaho Uniform Principal and Income Act).
• Ferguson v. Ferguson, 167 Idaho 4, 467 P.3d 389 (2020).