Annual Trust Accounting (Ohio)

ANNUAL TRUSTEE'S REPORT AND ACCOUNTING

(Pursuant to Ohio Revised Code § 5808.13(C))

STATE OF OHIO
COUNTY OF [________________________________]

I. TRUST IDENTIFICATION

II. ACCOUNTING PERIOD

III. CURRENT BENEFICIARIES RECEIVING THIS REPORT

IV. SCHEDULE A — ASSETS ON HAND AT BEGINNING OF ACCOUNTING PERIOD

V. SCHEDULE B — RECEIPTS DURING ACCOUNTING PERIOD

B-1. Income Receipts (Allocated to Income)

B-2. Principal Receipts (Allocated to Principal)

TOTAL RECEIPTS: $[____________]

VI. SCHEDULE C — DISBURSEMENTS DURING ACCOUNTING PERIOD

C-1. Administrative Disbursements

C-2. Tax Payments

C-3. Distributions to Beneficiaries

TOTAL DISBURSEMENTS: $[____________]

VII. SCHEDULE D — TRUSTEE AND AGENT COMPENSATION

D-1. Trustee Compensation

D-2. Agent Compensation (R.C. § 5808.07)

VIII. SCHEDULE E — TRUST LIABILITIES

IX. SCHEDULE F — ASSETS ON HAND AT END OF ACCOUNTING PERIOD

Net Position at End of Period (Total Assets at FMV less Total Liabilities): $[____________]

X. STATUTE OF LIMITATIONS — TWO-YEAR LIMITATION NOTICE (R.C. § 5810.05)

IMPORTANT NOTICE OF LIMITATIONS PERIOD UNDER OHIO LAW

You are hereby notified that, pursuant to Ohio Revised Code § 5810.05(A), you may not commence a proceeding against the Trustee for breach of trust more than TWO (2) YEARS after the date this Trustee's Report is sent to you (or to your representative or beneficiary surrogate) if this Report adequately discloses the existence of a potential claim for breach of trust.

A report "adequately discloses the existence of a potential claim for breach of trust" within the meaning of R.C. § 5810.05(A) if it provides sufficient information so that you, or your representative, know of the potential claim or should have inquired into its existence.

In the absence of a report adequately disclosing the existence of a potential claim, R.C. § 5810.05(C) provides a residual limitation period of FOUR (4) YEARS running from the first to occur of: (1) the removal, resignation, or death of the Trustee; (2) the termination of your interest in the Trust; or (3) the termination of the Trust.

DATE THIS REPORT IS SENT: [__/__/____]

DATE TWO-YEAR LIMITATION PERIOD EXPIRES: [__/__/____]

XI. RECEIPT, RELEASE, AND RATIFICATION (R.C. § 5810.09)

The undersigned beneficiary, having received, reviewed, and considered the foregoing Annual Trustee's Report and Accounting for the accounting period stated in Section II:

A. RECEIPT. Acknowledges receipt of the foregoing Report and all schedules, exhibits, and attachments thereto.

B. REVIEW. Acknowledges having had a reasonable opportunity to review the Report and any supporting documentation, and to consult independent legal, tax, and accounting counsel.

C. RELEASE AND RATIFICATION. Pursuant to R.C. § 5810.09, the undersigned hereby:

1. Approves and ratifies the acts, transactions, accountings, distributions, allocations between principal and income, investments, retentions, compensation, and other actions of the Trustee as disclosed in this Report;

2. Releases and discharges the Trustee, and the Trustee's agents, employees, successors, and assigns, from any and all claims, demands, liabilities, and causes of action arising out of or related to any matter disclosed in this Report, EXCEPT for liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of a beneficiary, which under R.C. § 5810.08 may not be exculpated; and

3. Acknowledges that this Release is given (a) freely and voluntarily, (b) with full knowledge of the matters disclosed in the Report, (c) without coercion or undue influence by the Trustee, and (d) after a meaningful opportunity to consult with independent counsel.

D. NO RELEASE OF UNDISCLOSED MATTERS. Nothing in this Receipt and Release shall release the Trustee from liability for matters that are not adequately disclosed in this Report, nor for any action constituting bad faith or reckless indifference under R.C. § 5810.08.

Dated: [__/__/____]

___________________________________________
[Printed Name of Beneficiary]
☐ Beneficiary in own capacity
☐ Representative of beneficiary [________________________________] under
☐ R.C. § 5803.03 (parent / guardian / agent) ☐ R.C. § 5803.04 (virtual representation)

___________________________________________
Witness — Printed Name & Signature

___________________________________________
Witness — Printed Name & Signature

XII. BENEFICIARY OBJECTION MECHANISM

If you object to any item disclosed in this Report or to any act of the Trustee disclosed herein, you may:

1. Deliver a written objection to the Trustee at the address in Section I within [____] days of the date this Report is sent. Failure to object does NOT, by itself, constitute a release under R.C. § 5810.09, but the two-year limitation under R.C. § 5810.05(A) will continue to run from the date the Report is sent.

2. Request additional information under R.C. § 5808.13(A) reasonably necessary to protect your interests.

3. Commence a judicial proceeding in the appropriate Ohio Probate Court under R.C. § 5810.01 to assert a breach-of-trust claim, subject to the limitations periods in R.C. § 5810.05.

4. Negotiate a nonjudicial settlement agreement under R.C. § 5801.10 to resolve matters in dispute.

Address for objection: [________________________________]
Objection deadline: [__/__/____]

XIII. TRUSTEE VERIFICATION

I, [________________________________], being the Trustee of the [TRUST NAME], hereby state under penalty of perjury under the laws of the State of Ohio that:

1. I have prepared (or caused to be prepared under my direction) the foregoing Annual Trustee's Report and Accounting;
2. The Report fairly and accurately reflects all assets, liabilities, receipts, disbursements, and distributions of the Trust during the accounting period stated in Section II to the best of my knowledge and belief;
3. The compensation disclosed in Schedule D is the only compensation paid to me (and any agents whose compensation was paid by the Trust) for services as Trustee during the accounting period;
4. I have administered the Trust in good faith and in accordance with the terms of the trust instrument and applicable Ohio law (R.C. §§ 5808.01-5808.16); and
5. This Report is being sent to all current beneficiaries (or their representatives) in compliance with R.C. § 5808.13(C).

Dated: [__/__/____]

___________________________________________
[Printed Name], Trustee of [TRUST NAME]

___________________________________________
[Printed Name], Co-Trustee of [TRUST NAME] (if applicable)

XIV. NOTARY ACKNOWLEDGMENT

STATE OF OHIO
COUNTY OF [________________________________]

On this [____] day of [______________], 20[____], before me, the undersigned notary public, personally appeared [________________________________], known to me (or satisfactorily proved) to be the person(s) whose name(s) is/are subscribed to the foregoing instrument as Trustee(s), and acknowledged that he/she/they executed the same in the capacity stated and for the purposes therein contained.

___________________________________________
Notary Public, State of Ohio
My Commission Expires: [__/__/____]

[NOTARY SEAL]

XV. CERTIFICATE OF SERVICE

I hereby certify that on the date set forth below, a true and complete copy of the foregoing Annual Trustee's Report and Accounting (with all schedules and the § 5810.05 Limitation Notice) was sent to the following persons by the method indicated:

___________________________________________
[Printed Name], Trustee / Authorized Agent
Date: [__/__/____]

SOURCES AND REFERENCES

• Ohio Revised Code § 5808.13 — Keeping beneficiaries informed; requests; required reports.
• Ohio Revised Code § 5810.05 — Limitations period for action against trustee.
• Ohio Revised Code § 5810.08 — Exculpation of trustee (bad faith / reckless indifference).
• Ohio Revised Code § 5810.09 — Beneficiary's consent, release, or ratification.
• Ohio Revised Code Chapter 5812 — Ohio Uniform Principal and Income Act.
• Ohio Revised Code § 5807.08 — Compensation of trustee.
• Ohio Revised Code § 5808.07 — Delegation by trustee (agent compensation).
• Ohio Revised Code § 5801.10 — Nonjudicial settlement agreements.
• Schuster v. Schuster and related Ohio authority on adequate disclosure under § 5810.05.
• Carlucci, "Ohio Trust Accountings: Keeping Beneficiaries Informed and Trustees Out of Trouble," Probate Law Journal of Ohio, Vol. 35, Issue 4 (March/April 2025).
• Uniform Trust Code §§ 813, 1005, 1008, 1009 (source provisions for the Ohio Trust Code).

END OF ANNUAL TRUSTEE'S REPORT AND ACCOUNTING (OHIO)