Annual Trust Accounting (Oregon UTC — ORS § 130.710(3))

ANNUAL ACCOUNTING BY TRUSTEE

Pursuant to Oregon Uniform Trust Code — ORS § 130.710(3)

I. TRUST IDENTIFICATION

II. TRUSTEE INFORMATION

III. RECIPIENTS OF THIS ACCOUNT (ORS § 130.710(3)(a))

This Account is being sent to each of the following persons:

IV. SCHEDULE A — STATEMENT OF ASSETS AT BEGINNING OF PERIOD

V. SCHEDULE B — RECEIPTS (ORS § 130.710(3)(a); ORS Ch. 129 Principal/Income Allocation)

B-1. Income Receipts

B-2. Principal Receipts

VI. SCHEDULE C — DISBURSEMENTS

C-1. Income Disbursements

C-2. Principal Disbursements

VII. SCHEDULE D — DISTRIBUTIONS TO BENEFICIARIES

VIII. SCHEDULE E — TRUSTEE COMPENSATION (ORS § 130.710(3)(a))

Source of compensation (income / principal / mixed): [____________________]

☐ The trustee gave advance notice of the method or rate of compensation (or change thereto) to qualified beneficiaries on [__/__/____] in accordance with ORS § 130.710(2)(d).

IX. SCHEDULE F — PROFESSIONAL AND AGENT FEES PAID

X. SCHEDULE G — STATEMENT OF ASSETS AT END OF PERIOD

XI. SCHEDULE H — STATEMENT OF LIABILITIES AT END OF PERIOD

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

XII. SUMMARY RECONCILIATION

XIII. STATUTORY LIMITATION NOTICE — ONE-YEAR PERIOD UNDER ORS § 130.820

NOTICE OF LIMITATION ON ACTIONS AGAINST TRUSTEE

Pursuant to Oregon Revised Statutes section 130.820(1), a beneficiary of this Trust may not commence a proceeding against the Trustee for breach of trust more than ONE (1) YEAR after the date this report is sent to the beneficiary (or to the beneficiary's representative) 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 if it provides sufficient information so that the beneficiary or representative knows of the potential claim or should have inquired into its existence.

YOU ARE HEREBY INFORMED THAT THE TIME ALLOWED FOR COMMENCING A PROCEEDING AGAINST THE TRUSTEE BASED ON ANY MATTER ADEQUATELY DISCLOSED BY THIS ACCOUNT IS ONE (1) YEAR FROM THE DATE THIS ACCOUNT IS SENT TO YOU.

If you have any objection to this account or any concern about the administration of the Trust, you must raise that objection or commence a judicial proceeding within that one-year period or your claim may be permanently barred.

XIV. BENEFICIARY OBJECTION AND RIGHT TO PETITION COURT

A. Informal Objection to the Trustee

Any beneficiary who objects to any item in this accounting may deliver a written objection to the Trustee at the address listed in Section II within sixty (60) days of receipt of this Account. The written objection should identify the specific item objected to and the basis for the objection. The Trustee will attempt to resolve the objection informally.

B. Right to Petition the Oregon Circuit Court (Probate Department)

Under ORS § 130.050, a beneficiary may petition the Circuit Court — Probate Department — for the county in which the principal place of administration is located, for any relief authorized by the Oregon Uniform Trust Code, including (without limitation) an order:

• Requiring the trustee to account;
• Reviewing and settling the trustee's account;
• Surcharging the trustee for breach of trust;
• Removing the trustee under ORS § 130.635 (UTC 706);
• Compelling redress of any breach of trust under ORS § 130.800 (UTC 1001).

ORS § 130.815 authorizes the court to award reasonable attorney fees and costs to any party, payable by another party or from the trust, in a judicial proceeding involving the validity or administration of a trust.

C. Nothing Herein Extends the One-Year Period

Informal objection to the Trustee under Subsection A does NOT extend, toll, or otherwise modify the one-year limitation period under ORS § 130.820(1) set forth in Section XIII above. To preserve any claim, the beneficiary must commence a judicial proceeding within that period.

XV. OPTIONAL RECEIPT, RELEASE, AND APPROVAL OF ACCOUNTING (ORS § 130.840)

The undersigned beneficiary acknowledges receipt of the foregoing Annual Trust Accounting for the period from [__/__/____] through [__/__/____], representing all schedules described in Sections IV through XII; states that the undersigned has had a full and fair opportunity to review the Accounting and to ask questions of the Trustee; states that the consent given herein has not been induced by any improper conduct of the Trustee and that the undersigned knows of the material facts disclosed; APPROVES the Accounting in all respects; and pursuant to ORS § 130.840 RELEASES, ACQUITS, AND DISCHARGES the Trustee from any and all claims, demands, surcharges, and causes of action arising out of any act, omission, or transaction adequately disclosed in this Accounting.

Beneficiary Signature: [________________________________]

Print Name: [________________________________]

Date: [__/__/____]

Address: [____________________________________________________]

☐ The undersigned signs in the capacity of a representative under ORS §§ 130.080 / 130.105 / 130.110 / 130.120 (circle one) on behalf of [____________________].

XVI. TRUSTEE VERIFICATION AND CERTIFICATION

I (we), the undersigned Trustee(s), declare under penalty of perjury under the laws of the State of Oregon that:

1. I have read the foregoing Annual Trust Accounting and all attached schedules;
2. The Accounting is true, correct, and complete to the best of my knowledge and belief;
3. The Accounting complies with the content requirements of ORS § 130.710(3) and discloses all receipts, disbursements, distributions, trustee compensation, agent fees, and trust property and liabilities for the accounting period stated;
4. I have sent or am sending this Accounting, including the statutory limitation notice set forth in Section XIII, to each permissible distributee of trust income or principal and to each other qualified beneficiary who has requested a report, as required by ORS § 130.710(3)(a);
5. I have acted in good faith and in accordance with the terms and purposes of the Trust and the interests of the qualified beneficiaries, as required by ORS § 130.020 and ORS § 130.655.

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

Trustee Signature: [________________________________]

Print Name: [________________________________]

Capacity: [________________________________]

Co-Trustee Signature (if applicable): [________________________________]

Print Name: [________________________________]

XVII. PROOF OF MAILING / DELIVERY (ORS § 130.035; § 130.820(1))

I declare under penalty of perjury under the laws of the State of Oregon that on the date stated above I sent a true and complete copy of the foregoing ANNUAL TRUST ACCOUNTING, including the statutory limitation notice under ORS § 130.820(1), to each of the persons identified in Section III by the method indicated.

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

Signature: [________________________________]

Print Name: [________________________________]

SOURCES AND REFERENCES

• ORS § 130.710 (Duty to inform and report; annual trustee reports) — https://oregon.public.law/statutes/ors_130.710
• ORS § 130.820 (Limitation of action against trustee — one-year and three-year) — https://oregon.public.law/statutes/ors_130.820
• ORS § 130.815 (Attorney fees and costs in trust proceedings) — https://oregon.public.law/statutes/ors_130.815
• ORS § 130.825 (Reliance on trust instrument) — https://oregon.public.law/statutes/ors_130.825
• ORS § 130.835 (Exculpation of trustee) — https://oregon.public.law/statutes/ors_130.835
• ORS § 130.840 (Beneficiary's consent, release, or ratification) — https://oregon.public.law/statutes/ors_130.840
• ORS § 130.020 (Default and mandatory rules) — https://oregon.public.law/statutes/ors_130.020
• ORS § 130.050 (Role of court in administration of trust) — https://oregon.public.law/statutes/ors_130.050
• ORS Chapter 129 (Oregon Uniform Principal and Income Act) — https://oregon.public.law/statutes/ors_chapter_129
• Oregon Revised Statutes Chapter 130 — Uniform Trust Code — https://www.oregonlegislature.gov/bills_laws/ors/ors130.html