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))

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 the date this Report was sent to the beneficiary (or to the beneficiary's representative), if this Report adequately disclosed the existence of a potential claim for breach of trust. A report adequately discloses a potential claim if it provides sufficient information so that the beneficiary or representative knows of the potential claim or should have inquired into its existence (§ 1005(2)).

YOU ARE HEREBY INFORMED that any judicial proceeding against the Trustee for breach of trust based on any matter disclosed in this Report MUST be commenced WITHIN ONE (1) YEAR of the date this Report is sent to you, or your claim based on such matter will be forever barred. If you do not understand this Notice, you are urged to consult promptly with an attorney licensed in the State of Maine.

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

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

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

You are hereby notified that, as the recipient of this Report, you may petition the Maine Probate Court to obtain a judicial review of this Report and of the acts of the Trustee. 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;
• Petitions for instructions concerning trust administration;
• Petitions for modification or termination of the trust (§§ 410-417);
• Petitions concerning decanting under §§ 1301-1325.

A petition is generally filed in the Maine Probate Court for the county where the principal place of administration of the Trust is located (18-B M.R.S. § 204).

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.

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 the Maine Probate Court for the county of the Trust's principal place of administration as described in Section XIII.

XVI. TRUSTEE VERIFICATION AND SIGNATURE

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

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, 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 ACCOUNTING AND TRUSTEE'S REPORT 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 [____________________], Maine, OR by certified mail, return receipt requested, OR by personal delivery as indicated.

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

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 et seq. (Maine Probate Court) — https://legislature.maine.gov/statutes/4/title4ch7sec0.html