Annual Trust Accounting (Louisiana Trust Code, La. R.S. § 9:2088)

ANNUAL TRUST ACCOUNTING

Pursuant to the Louisiana Trust Code, La. R.S. § 9:2088

I. TRUST IDENTIFICATION

II. TRUSTEE IDENTIFICATION

III. STATUTORY RECIPIENTS OF THIS ACCOUNT (§ 9:2088)

For a revocable trust, § 9:2088(A) places the accounting duty to the settlor only. Otherwise, identify each beneficiary or legal representative receiving the account. For a first annual account, § 9:2088(B) permits the calendar year in which the trustee became responsible for trust property or an initial period of no more than twelve months, and requires the account within ninety days after that period expires.

IV. SUMMARY OF ACCOUNT

V. SCHEDULE OF RECEIPTS — CASH (§ 9:2088(B))

A. Income Receipts

B. Principal Receipts

VI. SCHEDULE OF DISBURSEMENTS — CASH (§ 9:2088(B))

A. Ordinary Administration Expenses

B. Distributions to Beneficiaries

C. Taxes

VII. RECEIPTS AND DELIVERIES OF NON-CASH TRUST PROPERTY (§ 9:2088(B))

A. Receipts of Non-Cash Property

B. Deliveries / Distributions of Non-Cash Property

VIII. LIST OF TRUST PROPERTY — START OF PERIOD (As of [__/__/____])

IX. LIST OF TRUST PROPERTY — END OF PERIOD (§ 9:2088(B)) (As of [__/__/____])

X. STATEMENT OF LIABILITIES

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

XI. TRUSTEE COMPENSATION AND AGENTS HIRED (§ 9:2173)

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:

[____________________________________________________________]

[____________________________________________________________]

XII. BENEFICIARY'S RIGHT TO INSPECT (§ 9:2089)

Upon a beneficiary's request at reasonable times, La. R.S. § 9:2089 requires the Trustee to provide complete and accurate information about the nature and amount of trust property and to permit the beneficiary or the beneficiary's authorized person to inspect the trust's subject matter and the accounts, vouchers, and other trust-related documents. The statute does not require a written request; this form provides a written-request option for recordkeeping.

XIII. STATEMENT REGARDING PRESCRIPTION (La. Civ. Code art. 3499)

NOTICE REGARDING PRESCRIPTION

The residual prescription for personal actions under Louisiana law is TEN (10) YEARS pursuant to La. Civ. Code art. 3499. This Annual Accounting does not purport to shorten any applicable prescriptive period. A beneficiary's written approval of this Annual Accounting under La. R.S. § 9:2088(D) is, however, CONCLUSIVE against the beneficiary with respect to all matters disclosed in the account. A beneficiary who does not approve in writing may be subject to a contradictory court approval proceeding initiated by the Trustee. Specific claims may be subject to shorter prescriptive periods; recipients are encouraged to consult Louisiana counsel regarding the prescriptive period that may apply to any particular claim.

XIV. BENEFICIARY APPROVAL (§ 9:2088(D))

The undersigned Beneficiary (or legal representative) hereby:

☐ APPROVES this Annual Accounting in all respects. Pursuant to La. R.S. § 9:2088(D), this written approval shall be conclusive against the Beneficiary with respect to all matters disclosed in this Annual Accounting.

☐ OBJECTS to the following items / aspects of this Annual Accounting (specify):

[____________________________________________________________]

[____________________________________________________________]

Beneficiary / Legal Representative Signature: [________________________________]

Print Name: [________________________________]

Capacity (if representative): [________________________________]

Date: [__/__/____]

XV. BENEFICIARY OBJECTION AND ENFORCEMENT MECHANISM (§ 9:2234; § 9:2235)

A beneficiary who has questions or objections to any item in this Annual Accounting is encouraged to contact the Trustee in writing within thirty (30) days of receipt at the address in Section II.

If the matter is not resolved informally, the beneficiary may pursue the following statutory remedies in the District Court of the parish where the Trust is administered (the District Court of the Parish of [____________________]):

• La. R.S. § 9:2234 — Petition for removal of the Trustee for breach of duty, including failure to render a clear and accurate account;
• La. R.S. § 9:2235 — Action to compel an accounting;
• General fiduciary remedies under the Louisiana Trust Code for breach of trust, including damages and disgorgement.

The Trustee may, under La. R.S. § 9:2088(D), apply to the District Court for contradictory approval of this Annual Accounting if a Beneficiary fails or refuses to approve in writing.

XVI. TRUSTEE VERIFICATION

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

1. I have reviewed the foregoing Annual Trust Accounting and each schedule and statement attached;
2. The information set forth is true, correct, and complete to the best of my knowledge and belief, based on the books, records, and supporting documentation of the Trust;
3. All material receipts and disbursements of cash, all receipts and deliveries of other trust property, the list of all trust property at the end of the accounting period, all liabilities, all trustee compensation, and all agents hired (including any related-party agents) for the accounting period stated above are disclosed in detail;
4. This Annual Accounting is rendered in compliance with La. R.S. § 9:2088; and
5. I have continued to act in accordance with my duties under La. R.S. §§ 9:2089, 9:2091, and 9:2092.

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

Trustee Signature: [________________________________]

Print Name: [________________________________]

Capacity: [________________________________]

XVII. 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 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 [____________________], Louisiana, OR by personal delivery as indicated, OR by certified mail, return receipt requested.

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

Date: [__/__/____]

Signature: [________________________________]

Print Name: [________________________________]

Address: [________________________________]

Method of Service: ☐ Certified mail, return receipt requested ☐ First-class mail ☐ Personal delivery ☐ Other: [______________]

SOURCES AND REFERENCES

• La. R.S. § 9:1721 et seq. (Louisiana Trust Code) — https://www.legis.la.gov/legis/Law.aspx?d=109017
• La. R.S. § 9:2088 (Accounting) — https://www.legis.la.gov/legis/LawPrint.aspx?d=106914
• La. R.S. § 9:2089 (Furnishing of Information) — https://www.legis.la.gov/legis/Law.aspx?d=106915
• La. R.S. § 9:2091 (Control and Preservation of Trust Property) — https://www.legis.la.gov/legis/Law.aspx?d=106917
• La. R.S. § 9:2092 (Duty of Loyalty) — https://www.legis.la.gov/legis/Law.aspx?p=y
• La. R.S. § 9:2173 (Trustee Compensation) — https://www.legis.la.gov/legis/Law.aspx?p=y
• La. R.S. § 9:2234 (Removal of Trustee) — https://www.legis.la.gov/legis/Law.aspx?p=y
• La. R.S. § 9:2235 (Action to Compel Accounting) — https://www.legis.la.gov/legis/Law.aspx?p=y
• La. Civ. Code art. 1493 (Forced Heirs) — https://www.legis.la.gov/legis/Law.aspx?d=108811
• La. Civ. Code art. 3499 (Ten-Year Residual Prescription) — https://www.legis.la.gov/legis/Law.aspx?p=y
• FindLaw — La. R.S. § 9:2088 (Annotated) — https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-9-sect-2088/