Annual Trust Accounting and Trustee's Report (Maine Uniform Trust Code 18-B M.R.S. § 813(3))

ANNUAL ACCOUNTING AND TRUSTEE'S REPORT

Pursuant to 18-B M.R.S. § 813(3) (Maine Uniform Trust Code)

I. TRUST IDENTIFICATION

II. TRUSTEE IDENTIFICATION

III. RECIPIENTS OF THIS REPORT (§ 813(3))

Send annual and termination reports to distributees and permissible distributees of trust income or principal, and to other qualified beneficiaries who request a report. Check the trust terms and any valid modification of reporting duties under § 105(3). During the settlor's lifetime, a revocable trust's § 813 reporting duties are owed to the settlor under § 813(6). On a trustee vacancy with no cotrustee remaining, § 813(3) requires a report to qualified beneficiaries.

IV. SUMMARY OF ACCOUNT

V. SCHEDULE OF RECEIPTS (§ 813(3))

A. Income Receipts

B. Principal Receipts

VI. SCHEDULE OF DISBURSEMENTS (§ 813(3))

A. Ordinary Administration Expenses

B. Distributions to Beneficiaries

C. Taxes

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

VIII. ENDING STATEMENT OF ASSETS (§ 813(3)) (As of [__/__/____])

IX. STATEMENT OF LIABILITIES (§ 813(3))

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

X. TRUSTEE COMPENSATION AND AGENTS HIRED (§ 813(3))

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. DISCRETIONARY DISTRIBUTION DECISIONS AND MATERIAL FACTS (§ 813(1))

Material facts and discretionary decisions during the accounting period (if none, so state):

[____________________________________________________________]

[____________________________________________________________]

[____________________________________________________________]

☐ No material events outside ordinary administration occurred during the period.

XII. LIMITATION NOTICE — ONE-YEAR PERIOD UNDER 18-B M.R.S. § 1005(1)

NOTICE TO BENEFICIARIES — STATUTORY TIME LIMIT TO CONTEST

Under 18-B M.R.S. § 1005(1), a beneficiary may NOT commence a proceeding against the Trustee for breach of trust more than ONE (1) YEAR after this Report was sent to the beneficiary (or the beneficiary's representative), if this Report adequately disclosed the existence of a potential claim and informed the beneficiary of the time allowed to commence a proceeding. A report adequately discloses a potential claim if it provides enough information for the beneficiary or representative to know of the claim or to inquire into its existence (§ 1005(2)).

YOU ARE HEREBY INFORMED that, if this Report adequately discloses a potential breach-of-trust claim, a proceeding on that claim must be commenced within ONE (1) YEAR after this Report is sent to you or your representative. If you do not understand this Notice, consult promptly with an attorney licensed in Maine.

If § 1005(1) does not apply, § 1005(3) instead measures a six-year period from the first of the trustee's removal, resignation or death; termination of the beneficiary's trust interest; or termination of the trust.

Date this Report is being sent: [__/__/____]

One-Year Deadline (approximate; consult counsel): [__/__/____]

XIII. RIGHT TO PETITION A MAINE COURT (§ 203; § 204)

As the recipient of this Report, you may seek judicial review of the Report and the Trustee's acts. The Maine Probate Court and Superior Court have concurrent jurisdiction over trust proceedings under § 203. Available proceedings include, without limitation:

• Petitions to compel the trustee to redress a breach of trust (§ 1001);
• Petitions to compel an accounting, remove or surcharge a trustee (§ 1001).

A petition is generally filed in the county where the Trust's principal place of administration is located. For a testamentary trust while the estate remains open, § 204(1) also permits the county where the estate is being administered.

XIV. RECEIPT, APPROVAL, AND RELEASE BY BENEFICIARY (§ 1009) — OPTIONAL

I, the undersigned beneficiary, hereby acknowledge:

1. I have received and reviewed the foregoing Annual Accounting and Trustee's Report for the period stated;
2. I understand the limitation notice in Section XII and the one-year period under 18-B M.R.S. § 1005(1);
3. I approve the acts of the Trustee as set forth in the Report and consent to all transactions described therein;
4. To the extent permitted by 18-B M.R.S. § 1009, I release the Trustee from liability for breach of trust based on any matter adequately disclosed in this Report; and
5. This release is given knowingly and voluntarily, with knowledge of my rights and the material facts disclosed in the Report.
6. This consent and release were not induced by improper conduct of the Trustee.

Beneficiary Signature: [________________________________]

Print Name: [________________________________]

Date: [__/__/____]

☐ I decline to execute this Receipt & Release at this time. My rights under § 1005 and § 1009 are otherwise unaffected.

XV. BENEFICIARY OBJECTION MECHANISM

A beneficiary with questions or objections to any item in this Report is encouraged (but not required) to contact the Trustee in writing within [____] days of receipt at the address in Section II. This informal step does not extend, shorten, or substitute for the statutory limitations period stated in Section XII.

Trustee Contact for Objections / Inquiries:

If informal resolution is not achieved, a beneficiary may petition a court with jurisdiction in the county permitted by § 204, as described in Section XIII.

XVI. TRUSTEE VERIFICATION AND SIGNATURE

I, the undersigned Trustee, certify:

1. I have reviewed the foregoing Annual Accounting and Trustee's Report 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 discretionary distribution decisions for the accounting period stated above are disclosed; and
4. This Report is furnished pursuant to 18-B M.R.S. § 813(3) and includes the limitation notice required to commence the one-year period under 18-B M.R.S. § 1005(1).

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

Trustee Signature: [________________________________]

Print Name: [________________________________]

Capacity: [________________________________]

XVII. PROOF OF SERVICE

I, the undersigned, certify that on [__/__/____], I sent the foregoing ANNUAL ACCOUNTING AND TRUSTEE'S REPORT to each beneficiary identified in Section III, by placing a copy in a sealed envelope addressed to each recipient at the address set forth in Section III, with postage prepaid, and depositing the envelope in the United States Mail at [____________________], Maine, OR by certified mail, return receipt requested, OR by personal delivery as indicated.

I certify that the foregoing delivery record is true and correct to the best of my knowledge.

Date: [__/__/____]

Method of Service: ☐ First-class mail ☐ Certified mail, return receipt requested ☐ Personal delivery ☐ Electronic delivery (with consent)

Signature: [________________________________]

Print Name: [________________________________]

Address: [________________________________]

SOURCES AND REFERENCES

• 18-B M.R.S. § 105 (Default and Mandatory Rules) — https://legislature.maine.gov/statutes/18-B/title18-Bsec105.html
• 18-B M.R.S. § 801 (Duty to Administer Trust) — https://legislature.maine.gov/statutes/18-B/title18-Bsec801.html
• 18-B M.R.S. § 802 (Duty of Loyalty) — https://legislature.maine.gov/statutes/18-B/title18-Bsec802.html
• 18-B M.R.S. § 813 (Duty to Inform and Report) — https://legislature.maine.gov/statutes/18-B/title18-Bsec813.html
• 18-B M.R.S. § 1001 (Remedies for Breach of Trust) — https://legislature.maine.gov/statutes/18-B/title18-Bsec1001.html
• 18-B M.R.S. § 1005 (Limitation of Action Against Trustee) — https://legislature.maine.gov/statutes/18-B/title18-Bsec1005.html
• 18-B M.R.S. § 1008 (Exculpation of Trustee) — https://legislature.maine.gov/statutes/18-B/title18-Bsec1008.html
• 18-B M.R.S. § 1009 (Beneficiary's Consent, Release, or Ratification) — https://legislature.maine.gov/statutes/18-B/title18-Bsec1009.html
• 18-B M.R.S. § 203 (Subject-Matter Jurisdiction) — https://legislature.maine.gov/statutes/18-B/title18-Bsec203.html
• 18-B M.R.S. § 204 (Venue) — https://legislature.maine.gov/statutes/18-B/title18-Bsec204.html
• 4 M.R.S. § 251 (Probate judges' general jurisdiction) — https://legislature.maine.gov/statutes/4/title4sec251.html