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<DIV dir=ltr>
<DIV style="FONT-SIZE: 12pt; FONT-FAMILY: 'Calibri'; COLOR: #000000">
<DIV>Thank you Karen!</DIV>
<DIV
style='FONT-SIZE: small; TEXT-DECORATION: none; FONT-FAMILY: "Calibri"; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; DISPLAY: inline'>
<DIV style="FONT: 10pt tahoma">
<DIV> </DIV>
<DIV style="BACKGROUND: #f5f5f5">
<DIV style="font-color: black"><B>From:</B> <A title=kboxx@uw.edu
href="mailto:kboxx@uw.edu">Karen E. Boxx</A> </DIV>
<DIV><B>Sent:</B> Friday, May 15, 2015 11:40 AM</DIV>
<DIV><B>To:</B> <A title=wsbapt@lists.wsbarppt.com
href="mailto:wsbapt@lists.wsbarppt.com">WSBA Probate & Trust Listserv</A>
</DIV>
<DIV><B>Subject:</B> Re: [WSBAPT] Trustee Accounting Question</DIV></DIV></DIV>
<DIV> </DIV></DIV>
<DIV
style='FONT-SIZE: small; TEXT-DECORATION: none; FONT-FAMILY: "Calibri"; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; DISPLAY: inline'>
<DIV class=WordSection1>
<P class=MsoNormal><SPAN
style='FONT-SIZE: 11pt; FONT-FAMILY: "Calibri","sans-serif"; COLOR: #1f497d'>Felicia,
here’s what was intended by the rewrite of 11.96A.070:<o:p></o:p></SPAN></P>
<P class=MsoNormal><SPAN
style='FONT-SIZE: 11pt; FONT-FAMILY: "Calibri","sans-serif"; COLOR: #1f497d'><o:p></o:p></SPAN> </P>
<P class=MsoListParagraph
style="TEXT-INDENT: -0.25in; mso-list: l0 level1 lfo1"><SPAN
style='FONT-SIZE: 11pt; FONT-FAMILY: "Calibri","sans-serif"; COLOR: #1f497d'><SPAN
style="mso-list: ignore">-<SPAN
style='FONT: 7pt "Times New Roman"'>
</SPAN></SPAN></SPAN><SPAN
style='FONT-SIZE: 11pt; FONT-FAMILY: "Calibri","sans-serif"; COLOR: #1f497d'>The
3 year SOL begins to run when the trustee gives a report to the beneficiary
disclosing the info that would be the basis of a claim and tells the benie that
the SOL has started to run. The report doesn’t have to be in the form
described in paragraph b or have to give all that info BUT a report in that form
gets the presumption that there was adequate disclosure that the statute starts
to run. If no report, then under 11.96A.070(c), the SOL is 3 years from
the end of the trustee’s term, the termination of the trust or the termination
of the benie’s interest in the trust (whichever happens first). The
revised statute of limitations is explained on page 882 of Katie Groblewski’s
and my law review article: 88 Wash.L.Rev. 813 (2013). <A
href="http://ssrn.com/abstract=2340718">http://ssrn.com/abstract=2340718</A>
<o:p></o:p></SPAN></P>
<P class=MsoNormal><SPAN
style='FONT-SIZE: 11pt; FONT-FAMILY: "Calibri","sans-serif"; COLOR: #1f497d'>karen<o:p></o:p></SPAN></P>
<P class=MsoNormal><SPAN
style='FONT-SIZE: 11pt; FONT-FAMILY: "Calibri","sans-serif"; COLOR: #1f497d'><o:p></o:p></SPAN> </P>
<P class=MsoNormal><B><SPAN
style='FONT-SIZE: 10pt; FONT-FAMILY: "Tahoma","sans-serif"'>From:</SPAN></B><SPAN
style='FONT-SIZE: 10pt; FONT-FAMILY: "Tahoma","sans-serif"'>
wsbapt-bounces@lists.wsbarppt.com [mailto:wsbapt-bounces@lists.wsbarppt.com]
<B>On Behalf Of </B>Sam Furgason<BR><B>Sent:</B> Friday, May 15, 2015 10:59
AM<BR><B>To:</B> WSBA Probate & Trust Listserv<BR><B>Subject:</B> Re:
[WSBAPT] Trustee Accounting Question<o:p></o:p></SPAN></P>
<P class=MsoNormal><o:p></o:p> </P>
<DIV>
<P class=MsoNormal>Correction: strike "some" insert "no"<o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal>s <o:p></o:p></P></DIV>
<P class=MsoNormal style="MARGIN-BOTTOM: 12pt"><SPAN
style='FONT-SIZE: 10pt; FONT-FAMILY: "Tahoma","sans-serif"'>-----Original
Message-----<BR><B>From:</B> Sam Furgason [<A
href="mailto:sam@furgasons.com">mailto:sam@furgasons.com</A>]<BR><B>Sent:</B>
Thursday, May 14, 2015 07:26 PM<BR><B>To:</B> ''WSBA Probate & Trust
Listserv''<BR><B>Subject:</B> Re: [WSBAPT] Trustee Accounting
Question</SPAN><o:p></o:p></P>
<TABLE id=201179 class=MsoNormalTable style="WIDTH: 100%; COLOR: #000000"
cellSpacing=3 cellPadding=0 width="100%" border=0>
<TBODY>
<TR>
<TD
style="WIDTH: 100%; PADDING-BOTTOM: 0.75pt; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt"
vAlign=top width="100%">
<P class=MsoNormal><SPAN style='FONT-FAMILY: "Calibri","sans-serif"'>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.
</SPAN><o:p></o:p></P>
<P class=MsoNormal><SPAN
style='FONT-FAMILY: "Calibri","sans-serif"'>S </SPAN><o:p></o:p></P>
<P class=MsoNormal><SPAN
style='FONT-FAMILY: "Calibri","sans-serif"'> </SPAN><o:p></o:p></P>
<DIV>
<DIV
style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 3pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; border-image: none">
<P class=MsoNormal><B><SPAN
style='FONT-SIZE: 11pt; FONT-FAMILY: "Calibri","sans-serif"'>From:</SPAN></B><SPAN
style='FONT-SIZE: 11pt; FONT-FAMILY: "Calibri","sans-serif"'> <A
href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</A>
[<A
href="mailto:wsbapt-bounces@lists.wsbarppt.com">mailto:wsbapt-bounces@lists.wsbarppt.com</A>]
<B>On Behalf Of </B>Felicia Value, Attorney at Law<BR><B>Sent:</B>
Thursday, May 14, 2015 3:35 PM<BR><B>To:</B> WSB
Listserv<BR><B>Subject:</B> [WSBAPT] Trustee Accounting
Question</SPAN><o:p></o:p></P></DIV></DIV>
<P class=MsoNormal> <o:p></o:p></P>
<DIV>
<DIV>
<DIV>
<P class=MsoNormal><SPAN
style='FONT-FAMILY: "Calibri","sans-serif"; COLOR: black'>Colleagues,
</SPAN><o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style='FONT-FAMILY: "Calibri","sans-serif"; COLOR: black'> </SPAN><o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style='FONT-FAMILY: "Calibri","sans-serif"; COLOR: black'>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><o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style='FONT-FAMILY: "Calibri","sans-serif"; COLOR: black'> </SPAN><o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style='FONT-FAMILY: "Calibri","sans-serif"; COLOR: black'>I am seeking a
second opinion on my reading of the statues. Is this an accurate
statement of current law?: </SPAN><o:p></o:p></P></DIV>
<BLOCKQUOTE
style="MARGIN-BOTTOM: 5pt; MARGIN-TOP: 5pt; MARGIN-RIGHT: 0in">
<DIV>
<P class=MsoNormal><SPAN
style='FONT-FAMILY: "Calibri","sans-serif"; COLOR: black'>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.</SPAN><o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style='FONT-FAMILY: "Calibri","sans-serif"; COLOR: black'> </SPAN><o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style='FONT-FAMILY: "Calibri","sans-serif"; COLOR: black'>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.
</SPAN><o:p></o:p></P></DIV></BLOCKQUOTE>
<DIV>
<P class=MsoNormal><SPAN
style='FONT-FAMILY: "Calibri","sans-serif"; COLOR: black'>Thanks in
advance for your learned advice!</SPAN><o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal><SPAN
style='FONT-FAMILY: "Calibri","sans-serif"; COLOR: black'> </SPAN><o:p></o:p></P></DIV>
<DIV>
<P class=MsoNormal style="MARGIN-BOTTOM: 12pt"><SPAN
style='FONT-FAMILY: "Calibri","sans-serif"; COLOR: black'>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>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.</SPAN><o:p></o:p></P></DIV></DIV></DIV></TD></TR></TBODY></TABLE>
<P class=MsoNormal><o:p></o:p> </P></DIV>
<P>
<HR>
_______________________________________________<BR>WSBAPT mailing
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