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<DIV><SPAN style="FONT-FAMILY: ; COLOR: ">Colleagues, </SPAN></DIV>
<DIV><SPAN style="FONT-FAMILY: ; COLOR: "></SPAN> </DIV>
<DIV><SPAN style="FONT-FAMILY: ; COLOR: ">I’m writing a letter to a trustee
client and trying to include concrete guidance re: when he <U>must</U> provide
beneficiaries with an accounting, and also how he can start the clock running on
a time-bar against claims of trust mismanagement. </SPAN></DIV>
<DIV><SPAN style="FONT-FAMILY: ; COLOR: "></SPAN> </DIV>
<DIV><SPAN style="FONT-FAMILY: ; COLOR: ">I am seeking a second opinion on my
reading of the statues. </SPAN><SPAN style="FONT-FAMILY: ; COLOR: ">Is
this an accurate statement of current law?: <BR></SPAN></DIV>
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<DIV>RCW 11.106.020 requires the trustee of an irrevocable trust to give trust
beneficiaries a written statement each year of current receipts and
disbursements of trust income and principal. These annual statements do
not begin any statute of limitations which would time-bar a beneficiary from
challenging trustee actions.</DIV>
<DIV> </DIV>
<DIV>RCW 11.96A.070 describes an optional “report” a trustee may send to trust
beneficiaries. The statute sets out the contents of the report,
which are more extensive than the annual accounting described in RCW
11.106.020. Delivery of a report to a beneficiary starts the clock on a
three-year statute of limitations. Three years after delivery of a
report, a beneficiary is time-barred from beginning an action against the
trustee for breach of trust committed more than three years prior. This
is the only time-bar available to Washington trustees for challenges from
beneficiaries. </DIV></BLOCKQUOTE>
<DIV>Thanks in advance for your learned advice!</DIV>
<DIV> </DIV>
<DIV style="FONT-SIZE: 12pt; FONT-FAMILY: 'Calibri'; COLOR: #000000">Felicia
Value<BR>Attorney at Law<BR>PO Box 578/116 North Third Street<BR>La Conner, WA
98257<BR>(360) 466-2088<BR><A
href="http://www.skagitprobate.com">www.skagitprobate.com</A><BR><BR>NOTE: I do
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