How Summafolio formats it
Accountings for Washington are formatted to the structure of: Washington trust and estate accounting.
Uniform principal/income account containing the annual statement elements of RCW 11.106.020 and the reporting duties of RCW 11.98.072.
Sources:
- RCW 11.106.020
- RCW 11.98.072
- RCW 11.68 (nonintervention powers)
- RCW 11.104B (Uniform Fiduciary Income and Principal Act)
Two reporting statutes
For a trustee's statement, Washington's statutes set the content rather than a form. Two statutes matter, and Summafolio's uniform principal-and-income layout covers both.
The annual itemized statement: RCW 11.106.020
A trustee appointed by a will, deed or agreement must mail or deliver, at least annually, to each permissible distributee a written itemized statement of all current receipts and disbursements, both principal and income (RCW 11.106.020). On request of a beneficiary, the trustee must also furnish an itemized statement of all property then held. The trustee may file the statement in the superior court of the county where the trustee resides.
Keeping beneficiaries informed: RCW 11.98.072
The trustee keeps all qualified beneficiaries reasonably informed and responds promptly to requests (RCW 11.98.072). Within 60 days of accepting the trusteeship of an irrevocable trust (created, or become irrevocable, after December 31, 2011), the trustee notifies the qualified beneficiaries, including of their right to request information. While the trustor of a revocable trust is living, only the trustor is entitled to information. There is a narrower rule when the trustor's spouse or domestic partner is the only permissible distributee and the other qualified beneficiaries are their descendants. If a qualified beneficiary has to go to court to get information, the court may award costs and attorneys' fees.
Principal and income: Washington adopted the new uniform act
Washington's principal-and-income rules are now the Uniform Fiduciary Income and Principal Act, chapter 11.104B RCW. The former Uniform Principal and Income Act, chapter 11.104A RCW, was repealed effective January 1, 2022 (chapter 11.104A). The new act includes unitrust provisions and a power to adjust, so check which regime a trust uses before you allocate.
Estates
Washington estates can be administered with nonintervention powers (chapter 11.68 RCW), which changes court oversight. We haven't summarized estate accounting requirements here. Summafolio can produce an estate accounting in the uniform layout if beneficiaries or the court need one.
What Summafolio produces
The annual statement of receipts and disbursements with principal and income kept separate, the statement of property held (carrying and current values), gains and losses, compensation paid, and a cash reconciliation to every statement.
Frequently asked questions
Can the trust waive the annual statement?
The trustor can waive or modify the RCW 11.98.072 notice requirements. Washington also lets trust provisions relieve a trustee of statutory duties (RCW 11.97.010, cross-referenced in RCW 11.106.020). Read the instrument with counsel.
Do I file the statement with the court?
Filing is optional under RCW 11.106.020.
Samples and next steps
Other states
- California
- Florida
- New York
- Pennsylvania
- Texas
- Illinois
- Ohio
- Georgia
- North Carolina
- Arizona
- New Jersey
- Michigan
- Virginia
- Uniform format