<html><div><font color="#0000ff" face="Verdana" size="2"></font>Correction: strike "some" insert "no"</div><div>s </div>
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</o:shapelayout></xml><![endif]--><table width="100%" height="400" id="201179" lang="EN-US" border="0" vlink="purple" link="blue"><tbody><tr><td width="100%" valign="top"><div class="WordSection1"><p class="MsoNormal"><font face="Calibri" size="3"><span style='font-family: "Calibri" ,sans-serif; font-size: 12pt;'>I don’t think 11.106.020 would be open-ended. I think that the various general statutes of limitations would apply: 3 years; 6 years on a written agreement (but the beneficiaries might not be parties to the trust); etc., even if not expressed in a particular section. I doubt that, while 11.106.020 may not set a specific limit, there is some limitations period once the beneficiaries have been given information. See Ch. 4.16 for a bunch, and there are others scattered all over the place. <o:p></o:p></span></font></p><p class="MsoNormal"><font face="Calibri" size="3"><span style='font-family: "Calibri" ,sans-serif; font-size: 12pt;'>S <o:p></o:p></span></font></p><p class="MsoNormal"><font face="Calibri" size="3"><span style='font-family: "Calibri" ,sans-serif; font-size: 12pt;'><o:p> </o:p></span></font></p><div><div style="border-width: 1pt medium medium; border-style: solid none none; border-color: rgb(225, 225, 225) currentColor currentColor; padding: 3pt 0in 0in; border-image: none;"><p class="MsoNormal"><b><font face="Calibri" size="2"><span style='font-family: "Calibri" ,sans-serif; font-size: 11pt; font-weight: bold;'>From:</span></font></b><font face="Calibri" size="2"><span style='font-family: "Calibri" ,sans-serif; font-size: 11pt;'> wsbapt-bounces@lists.wsbarppt.com [mailto:wsbapt-bounces@lists.wsbarppt.com] <b><span style="font-weight: bold;">On Behalf Of </span></b>Felicia Value, Attorney at Law<br><b><span style="font-weight: bold;">Sent:</span></b> Thursday, May 14, 2015 3:35 PM<br><b><span style="font-weight: bold;">To:</span></b> WSB Listserv<br><b><span style="font-weight: bold;">Subject:</span></b> [WSBAPT] Trustee Accounting Question<o:p></o:p></span></font></p></div></div><p class="MsoNormal"><font face="Times New Roman" size="3"><span style="font-size: 12pt;"><o:p> </o:p></span></font></p><div><div><div><p class="MsoNormal"><font color="black" face="Calibri" size="3"><span style='color: black; font-family: "Calibri" ,sans-serif; font-size: 12pt;'>Colleagues, <o:p></o:p></span></font></p></div><div><p class="MsoNormal"><font color="black" face="Calibri" size="3"><span style='color: black; font-family: "Calibri" ,sans-serif; font-size: 12pt;'> <o:p></o:p></span></font></p></div><div><p class="MsoNormal"><font color="black" face="Calibri" size="3"><span style='color: black; font-family: "Calibri" ,sans-serif; font-size: 12pt;'>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. <o:p></o:p></span></font></p></div><div><p class="MsoNormal"><font color="black" face="Calibri" size="3"><span style='color: black; font-family: "Calibri" ,sans-serif; font-size: 12pt;'> <o:p></o:p></span></font></p></div><div><p class="MsoNormal"><font color="black" face="Calibri" size="3"><span style='color: black; font-family: "Calibri" ,sans-serif; font-size: 12pt;'>I am seeking a second opinion on my reading of the statues. Is this an accurate statement of current law?: <o:p></o:p></span></font></p></div><blockquote style="margin-top: 5pt; margin-right: 0in; margin-bottom: 5pt;"><div><p class="MsoNormal"><font color="black" face="Calibri" size="3"><span style='color: black; font-family: "Calibri" ,sans-serif; font-size: 12pt;'>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.<o:p></o:p></span></font></p></div><div><p class="MsoNormal"><font color="black" face="Calibri" size="3"><span style='color: black; font-family: "Calibri" ,sans-serif; font-size: 12pt;'> <o:p></o:p></span></font></p></div><div><p class="MsoNormal"><font color="black" face="Calibri" size="3"><span style='color: black; font-family: "Calibri" ,sans-serif; font-size: 12pt;'>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. <o:p></o:p></span></font></p></div></blockquote><div><p class="MsoNormal"><font color="black" face="Calibri" size="3"><span style='color: black; font-family: "Calibri" ,sans-serif; font-size: 12pt;'>Thanks in advance for your learned advice!<o:p></o:p></span></font></p></div><div><p class="MsoNormal"><font color="black" face="Calibri" size="3"><span style='color: black; font-family: "Calibri" ,sans-serif; font-size: 12pt;'> <o:p></o:p></span></font></p></div><div><p class="MsoNormal" style="margin-bottom: 12pt;"><font color="black" face="Calibri" size="3"><span style='color: black; font-family: "Calibri" ,sans-serif; font-size: 12pt;'>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" target="_blank" mce_href="http://www.skagitprobate.com">www.skagitprobate.com</a><br><br>NOTE: I do not use encrypted email. Messages sent to or<br>from my office via email are not secure and may not be<br>protected by attorney client privilege. This email address<br>is not monitored at all times. If your matter is urgent,<br>please phone my office during regular business hours.<br><br>This email may contain confidential material protected by<br>attorney/client privilege, and is intended for use solely by the above<br>referenced recipient. Any review, copying, printing, disclosure,<br>distribution, or other use by any person or entity is strictly<br>prohibited and may be unlawful. If you are not the named recipient, or<br>believe you have received this email in error, please reply to the<br>sender and delete the copy you received. Thank you.<o:p></o:p></span></font></p></div></div></div></div></tr></tbody></blockquote></html>