Annual Trust Accounting (Informal / Intermediate)

ANNUAL TRUST ACCOUNTING

Informal Intermediate Accounting Under New York EPTL § 11-1.7, SCPA § 2210, and Common Law

I. TRUST IDENTIFICATION

1. Name of Trust: [________________________________] (the "Trust").

2. Date of Trust Instrument: [__/__/____]

3. Settlor(s): [________________________________]

4. Trustee(s) Rendering Account: [________________________________]

5. Taxpayer Identification Number (EIN): [____-_______]

6. Type of Accounting:

☐ Annual Informal Accounting (voluntary; non-judicial)
☐ Intermediate Accounting under SCPA § 2210
☐ Interim Accounting
☐ Final Accounting (use separate final-accounting template)

7. Accounting Period:

From [__/__/____] through [__/__/____]

II. PARTIES

Trustee Contact: [________________________________]

Counsel for Trustee (if any): [________________________________]

III. SUMMARY STATEMENT

1. Principal on Hand at Beginning of Period (Carrying Value): $[__________]

2. Principal on Hand at Beginning of Period (Fair Market Value): $[__________]

3. Income on Hand at Beginning of Period: $[__________]

4. Total Receipts During Period: $[__________]

5. Total Disbursements During Period: $[__________]

6. Total Distributions During Period: $[__________]

7. Principal on Hand at End of Period (Carrying Value): $[__________]

8. Principal on Hand at End of Period (Fair Market Value): $[__________]

9. Income on Hand at End of Period: $[__________]

IV. SCHEDULES

Schedule A — Principal Received

Total Principal Received: $[__________]

Schedule A-1 — Realized Increases in Principal

Total Realized Increases: $[__________]

Schedule A-2 — Income Collected

Total Income Collected: $[__________]

Schedule B — Realized Decreases in Principal

Total Realized Decreases: $[__________]

Schedule C — Principal Disbursements (Administrative)

Total Principal Disbursements: $[__________]

Schedule C-1 — Income Disbursements (Administrative)

Total Income Disbursements: $[__________]

Schedule C-2 — Trustee Commissions / Fees Paid

Total Trustee Fees: $[__________]

Schedule D — Distributions to Beneficiaries

Total Distributions: $[__________]

Schedule E — Trust Assets on Hand at End of Period

Total Assets on Hand (Carrying): $[__________]
Total Assets on Hand (FMV): $[__________]

Schedule F — Unpaid Administration Expenses

Total Unpaid Expenses: $[__________]

Schedule G — Unpaid Claims

Schedule H — Computation of Trustee Commissions

Schedule I — Other Pertinent Facts and Cash Reconciliation

[________________________________]

Schedule J — Statement of Proposed Distribution and Receipt & Release

V. TRUSTEE'S VERIFICATION

I, [________________________________], the undersigned Trustee of the Trust, verify under penalty of perjury under the laws of the State of New York that:

1. I have read the foregoing account and the annexed schedules.

2. The account and schedules are true and correct to the best of my knowledge and belief.

3. I have not received any money or other property of the Trust not accounted for herein.

4. I have not made any payment or distribution from the Trust except as set forth herein.

5. All known liabilities of the Trust are disclosed.

Trustee Signature: [________________________________]

Print Name: [________________________________]

Date: [__/__/____]

VI. ACKNOWLEDGMENT

STATE OF NEW YORK

COUNTY OF [________________________________]

On the [____] day of [____________], in the year [______], before me, the undersigned, personally appeared [________________________________], personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity.

Notary Public Signature: [________________________________]

Commission Expires: [__/__/____]

VII. STATUTE OF LIMITATIONS NOTICE TO BENEFICIARIES

1. Under New York SCPA § 1715 and the residual six-year limitations period reflected in CPLR § 213(8), a beneficiary who receives an accounting and who fails to object within the applicable limitations period may be barred from later challenging the matters disclosed.

2. A beneficiary may petition the Surrogate's Court to compel a formal judicial accounting under SCPA § 2308.

3. A beneficiary should consult independent counsel before signing the Receipt, Release and Refunding Agreement in Section VIII.

VIII. RECEIPT, RELEASE AND REFUNDING AGREEMENT (Schedule J)

The undersigned Beneficiary acknowledges, agrees, and represents as follows:

1. The Beneficiary has received and reviewed the foregoing Annual Trust Accounting for the period [__/__/____] through [__/__/____].

2. The Beneficiary has had the opportunity to consult independent legal and tax counsel.

3. The Beneficiary approves the account and releases and discharges the Trustee from all liability for acts and omissions disclosed in the account.

4. The Beneficiary acknowledges the six-year residual statute of limitations applicable under CPLR § 213(8) and SCPA § 1715.

5. The Beneficiary agrees to refund any overpayment in the event that any distribution to the Beneficiary is later determined to have been made in error.

6. This Receipt and Release is not a judicial settlement under SCPA Article 22; it is a private settlement effective among the signing parties.

Beneficiary Signature: [________________________________]

Print Name: [________________________________]

Date: [__/__/____]

Acknowledgment before Notary:

STATE OF NEW YORK

COUNTY OF [________________________________]

On the [____] day of [____________], in the year [______], before me personally appeared [________________________________], known to me or proved to be the person described in and who executed the foregoing instrument, and acknowledged the execution thereof.

Notary Public: [________________________________]

Commission Expires: [__/__/____]

IX. ALTERNATIVE: PETITION FOR FORMAL JUDICIAL ACCOUNTING (Cross-Reference)

If any beneficiary declines to sign the Receipt and Release in Section VIII, or if the Trustee otherwise requires a binding judicial settlement of accounts, the Trustee or the beneficiary may proceed under:

• SCPA § 2308 — Petition to Compel Account of Inter Vivos Trustee
• SCPA § 2210 — Schedules and types of judicial accountings
• SCPA Article 22 — Miscellaneous Proceedings; Settlement of Accounts
• CPLR Article 22 — Settlement of Accounts of Fiduciaries
• SCPA § 2110 — Attorneys' fees payable from trust corpus

Sources and References

• New York EPTL § 11-1.7 (fiduciary duty)
• New York EPTL § 7-2.3 (duty of impartiality)
• New York SCPA § 2210 (types of accountings)
• New York SCPA § 2308 (compel account of inter vivos trustee)
• New York SCPA § 2110 (attorneys' fees from trust corpus)
• New York SCPA § 1715 (limitations on accounting objections)
• New York CPLR § 213(8) (6-year fraud limitations period)
• New York CPLR Article 22 (settlement of accounts of fiduciaries)
• Matter of Wallens, 9 N.Y.3d 117 (2007)
• Matter of Hunter, 4 N.Y.3d 260 (2005)
• New York State Unified Court System — Surrogate's Court Forms: https://ww2.nycourts.gov/forms/surrogates/index.shtml