Annual Trust Accounting (West Virginia Uniform Trust Code § 44D-8-813(c))

ANNUAL TRUST ACCOUNTING

Pursuant to West Virginia Code § 44D-8-813(c)

I. TRUST IDENTIFICATION

II. TRUSTEE IDENTIFICATION

III. BENEFICIARIES RECEIVING THIS REPORT (§ 44D-8-813(c))

IV. SUMMARY OF ACCOUNT

V. SCHEDULE OF RECEIPTS (§ 44D-8-813(c))

A. Income Receipts

B. Principal Receipts

VI. SCHEDULE OF DISBURSEMENTS (§ 44D-8-813(c))

A. Ordinary Administration Expenses

B. Distributions to Beneficiaries

C. Taxes

VII. STARTING INVENTORY — LIST OF TRUST ASSETS (As of [__/__/____])

VIII. ENDING INVENTORY — LIST OF TRUST ASSETS (§ 44D-8-813(c)) (As of [__/__/____])

IX. STATEMENT OF LIABILITIES (§ 44D-8-813(c))

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

X. TRUSTEE COMPENSATION — SOURCE AND AMOUNT (§ 44D-8-813(c))

☐ The Trustee has waived compensation for this accounting period.

☐ A change in the method or rate of compensation took effect on [__/__/____]; advance notice under § 44D-8-813(b)(4) was given on [__/__/____].

XI. AGENTS HIRED AND RELATED-PARTY TRANSACTIONS

A. Agents Hired

B. 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 for the beneficiaries' review:

[____________________________________________________________]

[____________________________________________________________]

XII. STATUTORY LIMITATIONS NOTICE (W. Va. Code § 44D-10-1005)

NOTICE OF LIMITATIONS PERIOD UNDER W. VA. CODE § 44D-10-1005

Under West Virginia Code § 44D-10-1005(a), a beneficiary may not commence a proceeding against a trustee for breach of trust more than ONE (1) YEAR after the beneficiary or a representative was sent a report that adequately disclosed the existence of a potential claim and informed the beneficiary of the time allowed for commencing a proceeding. This Accounting gives notice of that period. The one-year period applies to a potential claim only if the report gives enough information that the beneficiary knows or should know of the claim, as required by § 44D-10-1005(b).

If the one-year period does not apply, then under W. Va. Code § 44D-10-1005(c) any judicial proceeding against the Trustee for breach of trust must be commenced within FIVE (5) YEARS after the first to occur of: (1) the removal, resignation, or death of the Trustee; (2) the termination of your interest in the Trust; (3) the termination of the Trust; or (4) the time when you knew or should have known of the breach of trust.

Date this Accounting Was Sent to Beneficiary: [__/__/____]

XIII. BENEFICIARY OBJECTION MECHANISM

A beneficiary who has questions or objections to any item in this Accounting is requested to deliver a written objection to the Trustee within [____] days of receipt at the address in Section II. The objection must:

(1) Be in writing;

(2) Identify the specific item, transaction, schedule, or asset valuation objected to;

(3) State the basis for the objection; and

(4) State the relief or correction requested.

The requested objection period above does not itself shorten, extend, or substitute for the statutory limitations period under W. Va. Code § 44D-10-1005 described in Section XII.

Trustee Contact for Objections / Inquiries:

XIV. JUDICIAL PROCEEDINGS

A beneficiary may seek judicial review concerning trust administration. W. Va. Code § 44D-2-203 governs subject-matter jurisdiction for a proceeding brought by a trustee or beneficiary, and § 44D-2-204 governs venue.

XV. BENEFICIARY RECEIPT AND RELEASE (§ 44D-10-1009) — OPTIONAL

The undersigned beneficiary acknowledges receipt of the foregoing Annual Trust Accounting for the period [__/__/____] through [__/__/____]; has reviewed it; has had a reasonable opportunity to inquire and to obtain independent advice; and, having capacity to do so, hereby:

(a) APPROVES the acts and omissions of the Trustee as set forth in this Accounting;

(b) CONSENTS to all transactions disclosed in this Accounting;

(c) RATIFIES the Trustee's administration of the Trust for the accounting period; and

(d) RELEASES the Trustee from claims for breach of trust arising from conduct materially disclosed in this Accounting, to the extent permitted by W. Va. Code § 44D-10-1009.

This Receipt and Release is given with knowledge of the beneficiary's rights and the material facts relating to the matters released, including the disclosures in this Accounting, and is not induced by improper conduct by the Trustee. Under § 44D-10-1009, a release does not protect the Trustee from liability for a breach if it was induced by improper conduct or the beneficiary did not know the relevant rights or material facts when signing.

Beneficiary Signature: [________________________________]

Print Name: [________________________________]

Date: [__/__/____]

Capacity (Beneficiary / Authorized Representative): [____________________]

☐ Beneficiary declines to sign a Receipt and Release. The Trustee acknowledges that no release is required, and the statutory limitations periods under § 44D-10-1005 continue to apply.

XVI. TRUSTEE VERIFICATION

I, the undersigned Trustee, certify:

1. I have reviewed the foregoing Annual Trust 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 receipts, disbursements, assets, liabilities, the source and amount of trustee compensation, and agents hired (including any related-party agents) for the accounting period stated above are disclosed;

4. The market values of trust assets are stated where feasibly determinable, and the basis for any non-determination is identified; and

5. This Accounting is furnished pursuant to W. Va. Code § 44D-8-813(c) and includes notice of the limitation periods stated in W. Va. Code § 44D-10-1005.

Executed on [__/__/____] at [____________________], West Virginia.

Trustee Signature: [________________________________]

Print Name: [________________________________]

Capacity: [________________________________]

XVII. PROOF OF SERVICE

I certify that on [__/__/____], I delivered the foregoing ANNUAL TRUST ACCOUNTING to each beneficiary identified in Section III at the address listed there, using the methods checked below.

Methods used (check all that apply):

☐ Certified mail, return receipt requested

☐ First-class mail, postage prepaid

☐ Personal delivery

☐ Other delivery method: [____________________]

I certify that this delivery record is accurate.

Date: [__/__/____]

Signature: [________________________________]

Print Name: [________________________________]

Address: [________________________________]

SOURCES AND REFERENCES

• W. Va. Code § 44D-1-101 (West Virginia Uniform Trust Code) — https://code.wvlegislature.gov/44D-1-101/
• W. Va. Code § 44D-1-103 (Definitions) — https://code.wvlegislature.gov/44D-1-103/
• W. Va. Code § 44D-2-203 (Subject-Matter Jurisdiction) — https://code.wvlegislature.gov/44D-2-203/
• W. Va. Code § 44D-2-204 (Venue) — https://code.wvlegislature.gov/44D-2-204/
• W. Va. Code § 44D-8-813 (Duty to Inform and Report) — https://code.wvlegislature.gov/44D-8-813/
• W. Va. Code § 44D-10-1005 (Limitation of Action Against Trustee) — https://code.wvlegislature.gov/44D-10-1005/
• W. Va. Code § 44D-10-1009 (Beneficiary's Consent, Release, or Ratification) — https://code.wvlegislature.gov/44D-10-1009/