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 Uniform Principal and Income Act, Idaho Code Title 68, Chapter 10)

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 — An action for relief not otherwise provided for must be commenced within four (4) years after accrual. Whether this residual period applies depends on the claim.

This Account is provided as an [☐ annual / ☐ interim / ☐ final] account. An annual or interim account that does not show termination of the trustee-beneficiary relationship does not by itself satisfy the final-account conditions for the six-month period in § 15-7-307. Where the Account is a final account showing termination and fully disclosing a matter, the six-month period may apply to a breach-of-trust claim after receipt. The statute's separate three-year protection requires receipt of a final account or statement and notice of the location and availability of records for examination. Other deadlines may apply to other claims.

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

XII. BENEFICIARY OBJECTION MECHANISM

The written-objection step below is an optional communication process; its blank deadline does not shorten any statutory limitation period or prevent a timely court proceeding.

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. If judicial relief is needed, seek advice about petitioning the court of registration under Idaho Code § 15-7-201. Confirm the trust's registration, court assignment, and applicable procedure before filing. Relief may include:

• An order compelling a further or different accounting;
• An order settling the account and passing upon the acts of the Trustee;
• An order determining a trustee's duty or removing the Trustee where warranted; 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 only from claims arising from acts and transactions fully disclosed in this Account and supporting records that the beneficiary has had a reasonable opportunity to examine, to the extent permitted by Idaho law;

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

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

The undersigned acknowledges the opportunity to consult independent counsel before signing this Receipt and Release. A beneficiary may request relevant records under Idaho Code § 15-7-303(b); signing the receipt alone does not represent that records not provided were reviewed.

XIV. TRUSTEE VERIFICATION AND SIGNATURE

I, the undersigned Trustee, certify to the best of my knowledge and after reasonable review:

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. DELIVERY RECORD

The Trustee records delivery of this Account and any supporting materials below.

Recorded by: [________________________________] Date: [__/__/____]

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 — https://legislature.idaho.gov/statutesrules/idstat/Title15/T15CH7/SECT15-7-201/
• 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 Title 68, Chapter 10 (Idaho Uniform Principal and Income Act).
• Ferguson v. Ferguson, 167 Idaho 495, 473 P.3d 363 (2020).