There is a one (1) year statute of limitations for a beneficiary to bring an action from when the beneficiary, or his or her agent, was sent a report that adequately disclosed the existence of a potential claim for breach of trust.

There is a three (3) years statute of limitations by a beneficiary after the first of any of the following to occur:

(1) The removal, resignation, or death of the trustee;

(2) The termination of the beneficiary’s interest in the trust; or

(3) The termination of the trust.

A trustee can bring a law suit against a co-trustee or former trustee for breach of trust within one (1) year after receiving a report disclosing the potential breach.

If there is no report a trustee can sue a cotrustee or former trustee for breach of trust within three (3) years after the first to occurof: (1) The removal, resignation, or death of the cotrustee or a former trustee; (2) The termination of the beneficiary’s interest in the trust; or (3) The termination of the trust.

A trust advisor or trust protector may commence a suit against a trustee or former trustee for breach of trust within one (1) year after the date the trust advisor or trust protector or the respective representative of each was sent a report that adequately disclosed facts indicating the existence of a potential claim for breach of trust.

If there is no adequate report, a judicial proceeding by a trust advisor or trust protector against a trustee or former trustee for breach of trust must be commenced within three (3) years after the first to occur of:  (1) The removal, resignation, or death of the trustee or a former trustee; (2) The termination of the beneficiary’s interest in the trust; or (3) The termination of the trust.

If none of the beneficiaries may commence a proceeding against the trustee or former trustee for the breach of trust due to the limitations provisions applicable to them, then nor can the trustee, advisor or protector commence such an action.