Annual Trust Accounting (Mississippi Uniform Trust Code § 91-8-813(c))

ANNUAL TRUST ACCOUNTING

Pursuant to Mississippi Code Annotated § 91-8-813(c)

I. TRUST IDENTIFICATION

II. TRUSTEE IDENTIFICATION

III. QUALIFIED BENEFICIARIES RECEIVING THIS ACCOUNT (§ 91-8-813(c); § 91-8-110)

IV. SUMMARY OF ACCOUNT

V. SCHEDULE OF RECEIPTS (§ 91-8-813(c))

A. Income Receipts

B. Principal Receipts

VI. SCHEDULE OF DISBURSEMENTS (§ 91-8-813(c))

A. Ordinary Administration Expenses

B. Distributions to Beneficiaries

C. Taxes

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

VIII. ENDING STATEMENT OF ASSETS — WITH MARKET VALUES (§ 91-8-813(c))

As of [__/__/____]

☐ Market value not feasibly determined for the following asset(s); basis stated:

[____________________________________________________________]

IX. STATEMENT OF LIABILITIES (§ 91-8-813(c))

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

X. TRUSTEE COMPENSATION AND AGENTS HIRED (§ 91-8-813(c))

A. Trustee Compensation — Source and Amount (§ 91-8-813(c))

B. Agents Hired by Trustee — Compensation (§ 91-8-813(c))

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:

[____________________________________________________________]

[____________________________________________________________]

XI. § 91-8-1005 LIMITATION NOTICE — ONE-YEAR BAR ON CLAIMS

NOTICE OF ONE-YEAR LIMITATION PERIOD UNDER MISSISSIPPI CODE ANNOTATED § 91-8-1005:

Mississippi law provides that a beneficiary may not commence a proceeding against the Trustee for breach of trust more than ONE (1) YEAR after the date the beneficiary (or the beneficiary's representative) was sent a report that adequately disclosed the existence of a potential claim for breach of trust. Miss. Code Ann. § 91-8-1005(a). A report adequately discloses a potential claim if it provides sufficient information for the beneficiary to know of the potential claim, to be presumed to know of it, or to be put on notice to inquire into its existence. Miss. Code Ann. § 91-8-1005(b).

THIS ACCOUNTING IS A REPORT WITHIN THE MEANING OF § 91-8-1005. ANY POTENTIAL CLAIM FOR BREACH OF TRUST DISCLOSED BY (OR INQUIRABLE FROM) THIS ACCOUNTING MUST BE COMMENCED IN THE CHANCERY COURT OF [____________________] COUNTY, MISSISSIPPI, NOT LATER THAN ONE (1) YEAR FROM THE DATE THIS ACCOUNTING WAS SENT TO YOU.

If the one-year bar of § 91-8-1005(a) does not apply, the residual three-year period of § 91-8-1005(c) governs and runs from the earliest of (i) the Trustee's removal, resignation, or death; (ii) termination of your interest in the Trust; or (iii) termination of the Trust.

XII. JUDICIAL FORUM — MISSISSIPPI CHANCERY COURT (§ 91-8-203; § 91-8-204; § 91-8-205)

A beneficiary who wishes to object to any item set forth in this Accounting, or to seek judicial settlement, surcharge, or other relief, may petition the Chancery Court of [____________________] County, Mississippi, under Miss. Code Ann. § 91-8-205 and related provisions of the Mississippi Uniform Trust Code.

Subject-matter jurisdiction over the Trust and this Accounting is vested by Miss. Code Ann. § 91-8-203. Venue is proper in the Chancery Court of the county in which the principal place of administration of the Trust is located (Miss. Code Ann. § 91-8-204).

XIII. BENEFICIARY OBJECTION MECHANISM

A beneficiary with questions or objections regarding any item in this Accounting is encouraged (but not required) to contact the Trustee in writing within [____] days of receipt at the address in Section II. Submission of an informal objection does NOT toll, extend, shorten, or substitute for the one-year limitation period under Miss. Code Ann. § 91-8-1005 or the three-year residual period thereunder. A beneficiary preserving rights against the running of the limitation period must commence a proceeding in the Chancery Court within the statutory period.

Trustee Contact for Objections / Inquiries:

XIV. TRUSTEE VERIFICATION AND SIGNATURE

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

1. I have reviewed the foregoing Annual 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 trust property, liabilities, receipts, disbursements, market values (where feasible), trustee compensation (including its source and amount), and agents hired (including any related-party agents and their compensation) for the accounting period stated above are disclosed; and
4. This accounting is furnished pursuant to Miss. Code Ann. § 91-8-813(c).

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

Trustee Signature: [________________________________]

Print Name: [________________________________]

Capacity: [________________________________]

XV. OPTIONAL — BENEFICIARY RECEIPT AND RELEASE (§ 91-8-1009)

I, the undersigned beneficiary, acknowledge that I have received the foregoing Annual Accounting of the [________________________________] Trust for the period from [__/__/____] through [__/__/____]. Having had a reasonable opportunity to review the Accounting and to consult independent counsel of my own choosing:

☐ I APPROVE the Accounting in all respects and, pursuant to Miss. Code Ann. § 91-8-1009, RELEASE the Trustee from any and all claims arising out of acts and omissions adequately disclosed by this Accounting.

☐ I APPROVE the Accounting WITH EXCEPTIONS set forth in writing and attached hereto.

☐ I DO NOT APPROVE the Accounting and reserve all rights.

Beneficiary Signature: [________________________________]

Print Name: [________________________________]

Date: [__/__/____]

Address: [________________________________]

XVI. 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 qualified 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 [____________________], Mississippi, 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 Mississippi that the foregoing is true and correct.

Date: [__/__/____]

Signature: [________________________________]

Print Name: [________________________________]

Address: [________________________________]

SOURCES AND REFERENCES

• Miss. Code Ann. § 91-8-103 (Definitions) — https://law.justia.com/codes/mississippi/title-91/chapter-8/article-1/section-91-8-103/
• Miss. Code Ann. § 91-8-105 (Default and Mandatory Rules) — https://law.justia.com/codes/mississippi/title-91/chapter-8/article-1/section-91-8-105/
• Miss. Code Ann. § 91-8-110 (Qualified Beneficiaries) — https://law.justia.com/codes/mississippi/title-91/chapter-8/article-1/section-91-8-110/
• Miss. Code Ann. § 91-8-203 (Subject-Matter Jurisdiction) — https://law.justia.com/codes/mississippi/title-91/chapter-8/article-2/section-91-8-203/
• Miss. Code Ann. § 91-8-204 (Venue) — https://law.justia.com/codes/mississippi/title-91/chapter-8/article-2/section-91-8-204/
• Miss. Code Ann. § 91-8-205 (Judicial Accountings and Settlements) — https://law.justia.com/codes/mississippi/title-91/chapter-8/article-2/section-91-8-205/
• Miss. Code Ann. § 91-8-813 (Duty to Inform and Report) — https://law.justia.com/codes/mississippi/title-91/chapter-8/article-8/section-91-8-813/
• Miss. Code Ann. § 91-8-1005 (Limitation of Action Against Trustee) — https://law.justia.com/codes/mississippi/title-91/chapter-8/article-10/section-91-8-1005/
• Miss. Code Ann. § 91-8-1008 (Exculpation of Trustee) — https://law.justia.com/codes/mississippi/title-91/chapter-8/article-10/section-91-8-1008/
• Miss. Code Ann. § 91-8-1009 (Beneficiary Consent, Release, or Ratification) — https://law.justia.com/codes/mississippi/title-91/chapter-8/article-10/section-91-8-1009/
• Mississippi Senate Bill 2727 (2014 Reg. Sess.) — Mississippi Uniform Trust Code — https://billstatus.ls.state.ms.us/documents/2014/html/SB/2700-2799/SB2727PS.htm