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

You are hereby informed that, under West Virginia Code § 44D-10-1005(a), a beneficiary may NOT commence a proceeding against the Trustee for breach of trust more than ONE (1) YEAR after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust and informed the beneficiary of the time allowed for commencing a proceeding. This Annual Trust Accounting is such a report. To the extent any item or transaction set forth in this Accounting may give rise to a claim against the Trustee for breach of trust, any such proceeding must be commenced WITHIN ONE (1) YEAR after the date this Accounting was sent to you.

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.

Submitting (or failing to submit) a written objection within the period above is a contractual procedure and does NOT 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. RIGHT TO PETITION THE CIRCUIT COURT

A beneficiary may seek judicial intervention in the Circuit Court of [____________________] County, West Virginia, with respect to this Accounting or the Trustee's administration. The Circuit Court has subject-matter jurisdiction over trust matters under W. Va. Code § 44D-2-203, with venue determined under § 44D-2-204. Relief available under the West Virginia Uniform Trust Code includes, without limitation, compelling the trustee to account, surcharging the trustee, removing the trustee, and construing trust terms.

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 any and all claims, demands, and liabilities arising from any matter disclosed in this Accounting, to the maximum extent permitted by W. Va. Code § 44D-10-1009.

This Receipt and Release is given with full knowledge of the rights described in this Accounting (including the statutory limitations notice in Section XII) and is not induced by any improper conduct by the Trustee.

Beneficiary Signature: [________________________________]

Print Name: [________________________________]

Date: [__/__/____]

Capacity (Beneficiary / Representative under § 44D-3-301 et seq.): [____________________]

☐ 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, declare under penalty of perjury under the laws of the State of West Virginia:

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) with a limitations notice calibrated to W. Va. Code § 44D-10-1005.

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

Trustee Signature: [________________________________]

Print Name: [________________________________]

Capacity: [________________________________]

XVII. PROOF OF SERVICE

I, the undersigned, declare under penalty of perjury under the laws of the State of West Virginia that I am over the age of 18 years and not a beneficiary of the Trust. My business or residence address is set forth below. On [__/__/____], I served the foregoing ANNUAL TRUST ACCOUNTING on each beneficiary identified in Section III by placing a true copy in a sealed envelope addressed to each beneficiary at the address set forth in Section III, with postage thereon fully prepaid, and depositing the envelope in the United States Mail at [____________________], West Virginia, OR by personal delivery as indicated below.

Methods used (check all that apply):

☐ Certified mail, return receipt requested

☐ First-class mail, postage prepaid

☐ Personal delivery

☐ Other method reasonably calculated to give actual notice: [____________________]

I declare under penalty of perjury under the laws of the State of West Virginia that the foregoing is true and correct.

Date: [__/__/____]

Signature: [________________________________]

Print Name: [________________________________]

Address: [________________________________]

SOURCES AND REFERENCES

• W. Va. Code § 44D-1-101 et seq. (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-1-105 (Default and Mandatory Rules) — https://code.wvlegislature.gov/44D-1-105/
• W. Va. Code § 44D-2-203 (Subject-Matter Jurisdiction) — https://code.wvlegislature.gov/44D-2-203/
• 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-10-1008 (Exculpation of Trustee) — https://code.wvlegislature.gov/44D-10-1008/
• W. Va. Code § 44D-10-1009 (Beneficiary's Consent, Release, or Ratification) — https://code.wvlegislature.gov/44D-10-1009/