Annual Trust Accounting (Utah Uniform Trust Code, Utah Code §§ 75-7-811, 75-7-1005)

ANNUAL TRUST ACCOUNTING

Pursuant to Utah Code § 75-7-811(3) (Utah Uniform Trust Code)

I. TRUST IDENTIFICATION

☐ This Trust is a Utah Domestic Asset Protection Trust under Utah Code § 25-6-502.

II. TRUSTEE(S) AND CONTACT INFORMATION

III. RECIPIENTS — QUALIFIED BENEFICIARIES (§ 75-7-103; § 75-7-811(3))

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

V. SCHEDULE B — RECEIPTS DURING ACCOUNTING PERIOD

B-1. Income Receipts

B-2. Principal Receipts

VI. SCHEDULE C — DISBURSEMENTS DURING ACCOUNTING PERIOD

C-1. Administration Expenses

C-2. Taxes Paid

C-3. Distributions to Beneficiaries (see Schedule F)

VII. SCHEDULE D — STATEMENT OF ASSETS AT END OF PERIOD

Trust Liabilities at End of Period: $[__________]

Net Trust Estate at End of Period: $[__________]

VIII. SCHEDULE E — TRUSTEE COMPENSATION (§ 75-7-811(3); § 75-7-904)

IX. SCHEDULE F — DISTRIBUTIONS TO BENEFICIARIES

X. SCHEDULE G — RELATED-PARTY AGENTS / TRANSACTIONS

XI. SCHEDULE H — RECONCILIATION

XII. SCHEDULE I — PRINCIPAL / INCOME ALLOCATION SUMMARY

XIII. STATUTORY ADVISORY — LIMITATIONS ON CLAIMS (UTAH CODE § 75-7-1005)

NOTICE TO BENEFICIARIES — LIMITATION OF ACTION AGAINST TRUSTEE (Utah Code § 75-7-1005):

You are advised that under Utah Code § 75-7-1005(1), you may not commence a proceeding against the Trustee for breach of trust more than SIX (6) MONTHS after the date this Accounting was sent to you if this Accounting adequately discloses the existence of any potential claim for breach of trust. An Accounting "adequately discloses" a potential claim if it provides sufficient information so that you know of the potential claim or should have inquired into its existence.

If the six-month period above does not apply, then under Utah Code § 75-7-1005(3) a proceeding for breach of trust must be commenced within ONE (1) YEAR after the first of the following events to occur: (a) the removal, resignation, or death of the Trustee; (b) the termination of your interest in the Trust; or (c) the termination of the Trust.

Utah Code § 75-7-1005(4) does not preclude an action to recover for fraud or misrepresentation related to this Accounting.

If you have any objection to this Accounting, or if you believe the Trustee has committed a breach of trust, you should consult with a Utah-licensed attorney IMMEDIATELY and, if appropriate, file a petition with the District Court for the county of the principal place of administration of the Trust under Utah Code § 75-7-201.

XIV. BENEFICIARY RECEIPT, APPROVAL, AND RELEASE (Utah Code § 75-7-1009)

The undersigned beneficiary acknowledges:

1. Receipt of the foregoing Annual Trust Accounting for the [_______________________] Trust covering the period [__/__/____] through [__/__/____];
2. Reasonable opportunity to review the Accounting and to consult with independent counsel and a tax advisor of the beneficiary's choosing;
3. That all material facts known to the Trustee concerning the administration of the Trust during the accounting period have been disclosed;
4. Approval of all acts and transactions of the Trustee reflected in the Accounting; and
5. Release of the Trustee from all claims and liabilities arising out of acts or omissions adequately disclosed by this Accounting, EXCEPT for claims arising out of fraud, misrepresentation, bad faith, reckless indifference, or facts not adequately disclosed.

This release is given under Utah Code § 75-7-1009 and is subject to that section's protective provisions.

Beneficiary Signature: [________________________________]

Print Name: [________________________________]

Date: [__/__/____]

Representative under § 75-7-303 (if applicable): [________________________________]

XV. BENEFICIARY OBJECTION (OPTIONAL — INSTEAD OF SIGNING RELEASE)

The undersigned beneficiary OBJECTS to one or more items in the Accounting and reserves all rights under Utah Code § 75-7-1005 and other applicable law:

Items Objected To:

[________________________________________________________________]

[________________________________________________________________]

Basis of Objection:

[________________________________________________________________]

[________________________________________________________________]

Beneficiary Signature: [________________________________]

Print Name: [________________________________]

Date: [__/__/____]

The beneficiary is advised that a written objection alone does not stop the running of any limitations period; a judicial petition in the District Court (probate division) of the county of the trust's principal place of administration may be required.

XVI. TRUSTEE VERIFICATION

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

1. I have prepared, or caused to be prepared under my supervision, the foregoing Annual Trust Accounting for the [________________________________] Trust covering the period [__/__/____] through [__/__/____];

2. The information contained in this Accounting (including all Schedules A through I) is true, correct, and complete to the best of my knowledge and belief;

3. I have administered the Trust during the accounting period in accordance with the terms of the Trust and Utah law, including the duty to administer prudently under Utah Code § 75-7-901;

4. The source and amount of all compensation paid to me as Trustee is fully disclosed in Schedule E;

5. All related-party transactions and agent compensation arrangements are fully disclosed in Schedule G;

6. I have sent this Accounting to each Qualified Beneficiary (or representative under § 75-7-303) listed in Section III by a method reasonably suitable under Utah Code § 75-7-110; and

7. The statutory advisory in Section XIII is included to inform beneficiaries of the limitations periods under Utah Code § 75-7-1005.

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

Trustee Signature: [________________________________]

Print Name: [________________________________]

Capacity: [________________________________]

XVII. PROOF OF SERVICE / DELIVERY

I declare under penalty of perjury under the laws of the State of Utah that on the date stated above I served the foregoing ANNUAL TRUST ACCOUNTING on each Qualified Beneficiary (or representative) listed in Section III at the address shown therein.

Signature: [________________________________]

Print Name: [________________________________]

Date: [__/__/____]

SOURCES AND REFERENCES

• Utah Code § 75-7-103 (Definitions) — https://le.utah.gov/xcode/Title75/Chapter7/75-7-S103.html
• Utah Code § 75-7-105 (Default and Mandatory Rules) — https://le.utah.gov/xcode/Title75/Chapter7/75-7-S105.html
• Utah Code § 75-7-201 (District Court Jurisdiction) — https://le.utah.gov/xcode/Title75/Chapter7/75-7-S201.html
• Utah Code § 75-7-303 (Representation) — https://le.utah.gov/xcode/Title75/Chapter7/75-7-S303.html
• Utah Code § 75-7-811 (Duty to Inform and Report; Annual Report) — https://le.utah.gov/xcode/Title75/Chapter7/75-7-S811.html
• Utah Code § 75-7-901 (Duty to Administer Prudently) — https://le.utah.gov/xcode/Title75/Chapter7/75-7-S901.html
• Utah Code § 75-7-904 (Trustee's Compensation) — https://le.utah.gov/xcode/Title75/Chapter7/75-7-S904.html
• Utah Code § 75-7-1005 (Limitation of Action Against Trustee) — https://le.utah.gov/xcode/Title75/Chapter7/75-7-S1005.html
• Utah Code § 75-7-1008 (Exculpation of Trustee) — https://le.utah.gov/xcode/Title75/Chapter7/75-7-S1008.html
• Utah Code § 75-7-1009 (Beneficiary's Consent, Release, or Ratification) — https://le.utah.gov/xcode/Title75/Chapter7/75-7-S1009.html
• Utah Code § 25-6-502 (Utah Domestic Asset Protection Trust) — https://le.utah.gov/xcode/Title25/Chapter6/25-6-S502.html
• Utah Uniform Principal and Income Act, Utah Code § 22-3-101 et seq.
• Utah State Courts — District Court Probate Division — https://www.utcourts.gov/en/about/courts/district/probate.html