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Home My WebLink About96-00421 ~ ~ I ..... - ~ 0 CD II- . a .0 II- Z en LLI IN I~E: REVOCABLE TRUSTS OF RICHARD E. CHILDS, DECEASED AND ELIZABETH CHILDS, DECEASED : IN TIlE couln OF COMMON PLEAS : CUMBEI{I,AND COUNTY, PENNSYLVANIA : ORPHANS' COURT DIVISION : NO. .j-$"( - 1995 Et~~t,J! 1f;1./ - I'M"- i!(,~\P ORnER 2.,{ AND NOW, this,::> day of , 1996, the Petilion for Termination and Merger of Trusts in Accordance ith 20 Pa. C,S'A' ~6102(a) presented by Dauphin Deposil Bank and Trust Company, Trustee of the Richard E. Childs Revocable Trust and the Elizabeth Childs Revocable Trust, is hereby granted and the Richard E, Childs Revocable Trust shall be terminated upon the payment of administrative expenses and applicable taxes of said trust and the distribution to Richard E. Childs, Jr, of 50% of the remaining principal and accumulated interest from the trust, free of trust, as provided under Article V of said trust. and the deposit of the other 50% of the remaining principal and accumulated interest of said trust into the Elizabeth Childs Revocable Trust for administration by the Trustee in accordance with the terms and provisions of Article V of said trust and as outlined in paragraph 14 of this Petilion. '-:, (f) ~ r'..' ~, . -.. "lt~~/l ,f~: ~ 0:. ''I ::{: \.. , "1('. a:"- .., r . ~ :s uu to Iheir surviving son, Richard E. Childs, Jr., free of trust, and 50% shall be continued in Irust in two (2) eq\lallrusts for their two (2) grundchildren for 1I term of years until each grandchild attains the age of thirty.five (35) ycars. It was provided that in Ie rest shall be paid annually to each grandchild during said term, with a partial distribution of 40% of the principal and accumulated interest to each grandchild when said grandchild a\lains the age of thirty (30) years, free of trust, and the remaining principal and accumulated interest shall be distributed to each grandchild \lpon a\laining thirty-five (35) years of age, free of trust. A true and correct copy of each of the said Revocable Trusts and amendments are a\lached hereto and marked Exhibit "A". 4. Elizabeth Childs died on May 3D, 1994. 5. According to the terms of the Elizabeth Childs Revocable Trust, upon her decease, Richard E. Childs, her surviving spouse, received net income payments from said trust on an annual basis for the rest of his life. 6. Richard E. Childs died on March 23, 1995. 7. The Revocable Trust of Elizabeth Childs, upon her decease, was administered with interest payments made to her surviving spouse, Richard E. Childs, until his decease. Under the tcrms of the Elizabeth Childs Revocable Trust, upon her husband's death, 50% of said trust principal and accumulated interest was distributed to hcr son, Richard E. Childs, Jr., free of trust, and the other 50% of the trust asscts was continued in two (2) separate and equal trusts for hcr two (2) grandchildren. Your Petitioncr, as Trustce, is administering the two (2) trusts under the tcrms and conditions of said trust until each grandchild attains the distribution agcs of thirty (30) years and thirty-five (35) years. 2 II. Upnn Ihe decease nf Richard E. Childs, Ihe assets nf Ihe Richard E, Childs Revocable Trust are to be distributed under the lerms of lhe lrusl wilh 50% dislrihuted 10 his son, Richard E, Childs, Jr. and 50% placed in Irllst for his two (2) grandchildren. Accordingly, his son, Richard E. Childs, Jr., will receive 50% of his falher's trust assets (principal and accumulated interest), free of trust, and the remaining 50% of trust assets will be continued in two (2) separate and equal trusts each for the benefit of the two (2) grandchildren of Richard E. Childs. Your Petitioner will administer said trusts as Trustee under the terms of the trusts until each grandchild aUains the distribution ages of thirty (30) years and thirty-five (35) years. 9. In order to carry out the administration of the Richard E. Childs Revocable Trust upon the decease of Richard E. Childs, under the terms thereof your Petitioner. as Trustee, is required to make a distribution of 50% of the trust to decedent's son, Richard E. Childs, Jr., free of trust, and to create two (2) separate, equal and identical trusts for the benefit of the two (2) grandchildren of Richard E. Childs and Elizabeth Childs. 10. Each trust has identical language regarding the beneficiaries and the powers of the trustee. 11. Each trust is for the benefit of the same beneficiaries. 12. Richard E. Childs and Elizabeth Childs have two (2) grandchildren, Geoffrey A. Childs, age 23, and Valerie L. Childs, age 18. 13. With the administration of the Richard E. Childs Revocable Trust and the administration of the Elizabeth Childs Revocable Trust by your Petitioner, two (2) trusts for the grandchildren. each having an identical and equal trust, must be created. On an annual 3 ..-.--.--. ,---- .----..- hasis, the administration of these trusts incurs twice the administrntive costs and c~penscs thllt wonld nrise if one consolilllltcd trust were crellted to lIdminister the two (2) trusts for the grandchildren. These excessive and duplicate expendilUres will continue until the termination of each trust when each grandchild shall hnve 1I1lained the age of thirty-five (35) years, 14. Your Petitioner requests that the two (2) identical trusts be reformed, merged and combined into one trust for the equal benefit of the two (2) grandchildren. In order to accomplish this task, your Petitioner requests that as Trustee of the Richard E. Childs Revocable Trust it be authorized to activate said trust, pay therefrom all administrative expenses and applicable taxes and, thereafter, distribute, free of trust. 50% of the principal and accumulated interest of the trust to Richard E. Childs, Jr. and the other 50% of the principal and accumulated interest of the trust shall be deposited to and made a part of the Elizabeth Childs Revocable Trust and be equally credited to the two (2) grandchildren, in trust, to be administered by your Petitioner as Trustee under Article V-DisDositive Provisions of the Elizabeth Childs Revocable Trust, the remaining trust. The result thereof shall be one trust administered for equal benefit of each of the two (2) grandchildren containing each beneficiary's share of the assets of both the Richard E. Childs Revocable Trust and the Elizabeth Childs Revocable Trust. The remaining trust shall be administered byyour Petitioner as Trustee under subsection (b) of Article V-DisDositive Provisions of the Elizabeth Childs Revocable Trust. IS. Without the requested reformation, the true and complete intent of Richard E. Childs and Elizabeth Childs for their grandchildren will be impracticable, since annual 4 current costs and expenses 10 administer ench llf Ihe two (2) nrigillllltruslS will he excessive nnd wlIsleful. 16. This Court has the authority to terminate a trust, in whole or in part, in accordance with 20 Pa.C,S.A. ~6102(a), if it is sutisfied thut the original purpose of the setllor is impracticable of fulfillment and that the termination or partial termination will more nearly approximate the full and complete intention of the settlor to preserve the trust assets for the financial benefit of the two (2) grandchildren. 17. The estimated value of the trusts, when consolidated after payment of the referenced bequests to Richard E. Childs, Jr., as well as payment of taxes and administration expenses, will be in excess of $500,000.00. 18. Copies of this Petition have been provided to all beneficiaries of the trusts, including Geoffrey A. Childs and Valerie L. Childs, the two (2) grandchildren. Both of the grandchildren, who are of the majority age, consent to this Petition. Copies of the their Consents are attached hereto and marked Exhibit "B". 19. There are only two (2) individuals having a beneficial interest in this Petition for Termination and Merger of Trusts, namely Geoffrey A. Childs and Valerie L. Childs, the trust beneficiaries and grandchildren who are indicated to be of majority age and who have consented to this Petition. WHEREFORE, your Petitioner respectfully requests this Court, pursuant to the Probate, Estates and Fiduciaries Code, 20 Pa. C,S.A. fi6102(a), to terminate the Richard 5 '. E. Childs Rcvocnhlc TruSl, ns dClnilcd ill Pnrngrnph 14 Ill' Ihis PClilillll, ill Ilrder In fullill lhc illlelllions of R ichnrd Childs, Dcccnscd, nnd Eliznhclh Childs, Dccensed, nnd cffecl thc consolidnled Irusl of E1izahelh Childs for administration purposes on behalf of rhc two (2) grandchildren, Gcoffrey A. Childs and Valcric L. Childs, undcr thc terms of the Elizabeth Childs Rcvocablc Trust as currently administcrcd by your Pctitioner as Trustcc. Respectfully submilled, Dated: Mav 7. 1996 :y~U~N z.r-oOSIT/B'URUST COMPANY Thomas W. Walker Sr. Vice President and Trust Officer 8 West High Street Carlisle, Pennsylvania 17013 Pctitioner William D. Boswell, Esq. Boswell Snyder Tintncr & Piccola P.O. Box 741 Harrisburg, PA 17108'{)741 717-236-9377 Allorney for Estate of Richard E. Childs. Deceased and Elizabeth Childs, Deceased 6 , VERIFICATION I, THOMAS W. WALKER, Scnior Vicc Prcsidcnt of Dauphin Dcposit Blink and Trust Company, Trustcc of thc Richard E. Childs Rcvocablc Trust and thc Elizabcth Childs Rcvocablc TrusI, hcrcby dcposc and say thatthc facts sct forth in thc forcgoing Petitioa for Tcrmination and Mcrgcr of Trusts In Accordancc With 20 Pa.C.S.A. fi6102(a) are truc and corrcct 10 the best of my information, knowlcdge and belief. This statement is madc subjcct to thc penalties of 18 Pa. C.S.A. fi4904 rclating 10 unsworn falsification to authorities. By: OS IT BA~UST COMPANY Thomas W. Walkcr Senior Vice President Dated: May 7 , 1996 .. -SWEll., SNYDER, TINTNER & PICCL .1 COUNSU OMS. T lAW . . in NmlllfrMm.n SUliIIl 1'.0. nox HI IIAlllll!llll!lIli, PA 1110M.ONI ,. <x)-'l/rJ- 4,;) I --- 1I''R~OC1\t1t;~.rKU~.J I\Ul'-c.c.l'IL:.I' J.. -.,.- -. 1 F ---~1I-- 1 " day of January, 1992, THIS AGREEMENT, made this __11 between RICHARD E. CHILDS, of the City of Harrisburg, County of Dauphin and commonwealth of Pennsylvania, hereinafter called "settlor", of the one part, and DAUPHIN DEPOSIT BANK AND TRUST COMPANY, of the City of Harrisburg aforesaid, hereinafter called "Trustee", of the other part. I. TRUST PROPERTY For good and valuable considerations passing between the parties hereto, Settlor hereby transfers and delivers to the Trustee certain designated personal property which is more fully set forth in the schedule attached hereto and marked Schedule "A", to have and to hold the same and any other cash or other property, real, personal or mixed, which Trustee may, pursuant to any of the provisions of this Trust Agreement, at any time and from time to time hereafter receive, hold or acquire, all such property being hereafter referred to collectively as the Trust Estate, for the uses and purposes and upon the terms and conditions as are hereinafter set forth. As further evidence of such transfer, Settlor has executed or will execute or cause to be executed all such other instr'xments as may be required for the purpose of completing the assignment or transfer of title to the Trustee of such property. The Trustee accepts such transfer and ~ . ,. L "'"" "..., , assignment to itself as 'rt"ustee, and underta~:es to hold, manage, and dispose of the trust property in accordance with this agreement. II. LIFE INCOME TO SETTLOR During the lifetime of Settlor the net income and the principal of the trust shall be administered by Trustee for Settlor's benefit, subject, however, to the following terms and conditions: (a) Trustee shall hold, manage, invest and reinvest the Trust Estate and shall collect all income thereof. (b) The net income of the trust shall be paid to Settlor in quarterly or more frequent installments as may be convenient to the Settlor, or be distributed to and in such manner as Settlor may, from time to time, specify in written directions delivered to Trustee. (c) Settlor may withdraw part or all of the trust principal at any time, or from time to time, by a written request signed and acknowledged by Settlor and delivered in his lifetime to Trustee. (d) In the event of the disability of Settlor for any reason whatsoever, as much of the income and principal as Trustee may deem proper for the welfare and support of said disabled Settlor shall be paid to or applied directly for the benefit of such disabled Settlor. -2- - ,.... III. ADDITIONAL PROPERTY In addition to the rights to receive net income and withdraw principal, as specified in paragraph II hereof, Settlor reserves to himself the right at any time, and from time to time, to transfer during his lifetime, or at his death by testamentary disposition, additional property at any time whatsoever to Trustee hereunder. Trustee may likewise receive from other persons, individual, corporate or fiduciary, property, tangible or intangible, by gift, assignment or otherwise, which property, when accepted by Trustee shall become a part of the corpus of this trust. Trustee, however, in its sole discretion, may refuse any such property tendered to it by persons other than the Settlor, or the survivor of him. IV. ACCUMULATED INCOME ON DEATH OF SETTLOR; LAST ILLNESS AND FUNERAL EXPENSES Upon the death of Settlor, Trustee shall continue to hold all of the trust assets, as then constituted, including the property which may be added to the trust by Settlor's Last Will and Testament, which property shall be administered and distributed subject to the following terms and conditions: (a) Any accumulated, accrued and undistributed income shall be added to and become a part of the principal of the Trust Estate. -3- ."",, .- (b) Trustee shall pay to the personal representative of the estate of Settlor the expenses of Settlor's last illness and funeral, expenses of administering his estate and his debts, together with estate, inheritance, succession or other death taxes, including any penalty and interest thereon, to the extent that such expenses, debts and taxes cannot otherwise be satisfied from the assets forming a part of Settlor's probate estate. (c) The balance of the Trust Estate shall be administered and distributed pursuant to the provisions hereinafter set forth. V. DISPOSITIVE PROVISIONS Upon the decease of Settlor, the trust shall continue for the benefit of Settlor's wife, Elizabeth Childs, and to pay the entire net income therefrom at least annually to, but may be hy installments at the discretion of Trustee, directly to Settlor's said wife, or for her use and benefit for and during the term of her natural life. Upon the decease of Settlor I s wife, any accumulated income in her income trust shall be paid by Trustee to said wife's personal representative for use by such personal representative in the administration of said wife's estate. Upon the decease of Settlor's wife, or should she predecease Settlor, Trustee shall apportion the balance of the Trust Estate, and all assets becoming a part thereof, as follows: -4- ~ ~ (a) Fifty (50%) percent of the Trust Estate shall be forthwith paid and distributed to Trustee, free of this trust, to settlor's son, Richard E. Childs, Jr., if living at the time of the decease of Settlor's wife. (b) Fifty (50%) percent of the Trust Estate (or one hundred (100%) percent in the event Settlor's son, Richard E. Childs, Jr., shall predecease both Settlor and her husband) shall be maintained by Trustee under this trust for the benefit of the issue of Settlor's son, the grandchildren of Settlor, living at the time of the decease of Settlor's wife, to be distributed in the following manner: (1) Trustee is authorized, in its sole discretion, to distribute to and for the benefit of such grandchildren of Settlor, income, principal or both during such grandchildren's minority. (2) Upon attainment of majority of each of such grandchild, annually thereafter all income to which such grandchild is entitled shall be paid to such grandchild annually or at such lesser intervals as Trustee, in its sole discretion, shall determine. (3) Upon the attainment of the age of thirty (30) years of each such grandchild, Trustee shall deliver to such grandchild, free of this trust, forty (40%) percent of the principal and accumulated interest to which such grandchild would -5- - ./"...- assets for, common or preferred corporate shares, bonds, notes, debentures, or other evidences of indebtedness, or fractional interests in the same, equipment trust certificates, participations in any common trust fund or funds now or hereafter operated and maintained by any corporate trustee at any time serving hereunder, and in savings accounts or certificates of deposit with such corporate trustee or in any other bank, including shares of such corporate trustee or any corporation affiliated with the corporate trustee. (b) To retain as part of any trust any and all of the properties and securities transferred to or acquired by Trustee, so long as Trustee may deem it advisable or expedient to do so, regardless of whether such properties and securities are of the kind and class authorized by law for the investment or trust funds or not so authorized. (c) To retain cash funds invested for such reasonable period of time as Trustee may determine, pending investment of distribution to the beneficiaries hereunder. (d) To sell, convey, mortgage, lease, create security interest in, transfer, assign, exchange, alter or vary all properties, real, personal and mixed, transferred to or acquired by Trustee, without the necessity of obtaining any court order or notice to or consent of any beneficiary hereunder. -7- ,.""-' ~. (e) To vote all shares and to exercise all rights incident to the ownership of shares, bonds or other securities or properties held in trust and to issue proxies to vote such shares and to exercise such rights; to sell or exercise any subscription rights; to sell or retain any and all share dividends; to consent to or join in any plans of reorganization, readjustment, merger, consolidation, or liquidation in respect to any corporation whose shares, bonds or other securities are a part of the trust, including becoming a member of any shareholders' or bondholders' committee; to accept and hold any securities issued pursuant to any plan or reorganization, readjustment, merger, consolidation, or liquidation; to pay any assessments on shares or securities held in such trust, or to relinquish the same and to otherwise exercise any and all rights and powers and deal in and with the securities held in such trust in the same manner and to the same extent as any individual owner and holder thereof might do. (f) To retain such agents and attorneys as Trustee may employ for the protection, conservation and administration of the trusts, and to pay such agents and attorneys reasonable compensation. (g) To borrow money and to pledge or mortgage or create a security interest in any trust property whenever Trustee shall deem it appropriate and for the best interests of each trust. -8- .-... I" Ih) To allocate between principal and income with respect to both receipts and expenditures in accordance with the Uniform principal and Income Act in effect, from time to time, in the commonwealth of Pennsylvania. Ii) To purchase assets at their fair market value from the estate of the grantor. Ij) To compromise, settle or abandon all claims in favor of or against such trust hereunder, and to enter into any transaction authorized by this paragraph with the legal representatives of any estate or with the trustees of any other trust estates in which any beneficiary hereunder has a beneficial interest, even though any such legal representatives or trustees are also a trustee hereunder. Ik) To register any property in the name of a nominee or to hold the same unregistered or in such form that title will pass by delivery. (1) At the termination of the Trust Estate or share thereof, to divide, partition, allot and distribute the trust according to such method or procedure as Trustee may elect, whenever such act shall be required or advisable, and, except as may otherwise be provided herein, to do so in kind or partly in kind and partly in money, according to its valuation thereof. The discretion and acts of Trustee for and in such division and allotment and in determining the relative values of the -9- . . X. DISTIUBU1'ION AND RIGII'l'S OF OTHERS The rights, title, benefits, interests and estate of any beneficiary under the trusts created herein shall not be subject to the rights or claims of his or her creditors, subject or liable to any process of law or court, nor subject to transfer, assignment, pledge or hypothecation by any beneficiary, and all of the income, principal or other benefits from or under any trust herein created shall be payable and deliverable only, wholly, exclusively and personally to the designated beneficiaries hereunder, at the time the designated beneficiaries are entitled to take the same under the terms of this trust instrument. XI. AMENDMENT AND REVOCATION Settlor reserves the right to revoke, in whole or in part, or to alter or amend this instrument or any amendment hereof in any respect to all or any party; however, the duties and liabilities of Trustee shall not be materially increased without its consent. Revocations, alterations, or amendments shall, by an instrument in writing, be signed and acknowledged by Settlor and shall take effect only upon delivery to Trustee during the lifetime of Settlor. The rights reserved by Settlor shall continue throughout his natural life, and may be repeatedly exercised from time to time as he shall see fit. -11- - . .-. scm:llUI.1\ "A" ASSI\TS 18.554 units Dnuphin Deposit IInnk nnd Trust Compnny Municipnl 1I0nd Fund nt n vnlue of $196.230.89 6,683 units Dauphin Deposit IInnk nnd Trust Compnny Common Stock Fund nt n value of $ 86.600.96 Cnsh $ 1,051.13 -...... .-' COMMONWEALTH OF PENNSYLVANIA ss: COUNTY OF DAUPHIN On this, the ,,71/ rA day of , 1992, before me, a Notary public, personally appear d RICHA E. CHILDS, known to me (or satisfactorily proven) to be the person whose name is sub- scribed to the within instrument, and acknowledged that he exe- cuted the same for the purposes therein contained. IN WITNESS WHEREOF, I have hereunto set my hand and official seal. <,~J. L ~.J,1 Notary P ic ' My commission expires: r I COMMONWEALTH OF PENNSYLVANIA ) ) ss: COUNTY OF .BAUPHIN(~, ",/.,.,(;",,1'(.. ) I On the J'I'.d day of ~n€!""'''- , 1992, before me, a Notary Public, personally appeare9"~Jh",,~~ /,) /dd..e~ , who acknowledged himself to be (Vice) President of Dauphin Deposit Bank and Trust company, and being authorized to do so as such officer, has executed the within instrument for the purposes therein contained by signing the name of the corporation by himself as such officer. IN WITNESS WHEREOF, I have hereunto set my hand and official seal. )..' , ')/'N6t.:!ry // ( ,..,--: 11 '~FUl.J.-. public My commission Expires: -13- .---. P.lot.\F:I:\l. S[I\l . \ IL' ~ PublIC cc.,'.'MI t. l;'J f!tGc,y D. .1"" . ( . ,'..lh!1J (cl;:-ty c,,'"''''''' Il "9S MY Cornrn;ui~" EJpilO\ fch. ' _~.__F"."-'---".'-" - ~ \ tf'l -' '1 '.':'! 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H f-4 e::I . ~ :;j fil e>:H 0'1 8~:;j:::~ cncn(..rJW&::I A Eo<U .-~ 0::> Eo< :;j Ul UlH " ~..: ,.,e: l:; ~t-:t p..e>:<~~ 0 HI'< ., ~Eo<A 0 P-< A~ -::! 1'.1 ." <. a. ::> . A :z; Eo< ~ :z; v.'oj Eo< "'00 -Eo< Ul I'<~ ~ '.' .- N )~ -. -8 e>:~:z;u:z; ~~:z;~~ e>: p.. 0'" ~ 6 ffi ::: ~e>:o H I'< UUP-< ~~~i5~ a .. AU"H~ ;t <~Ul ~ ~ ~()''h'lJ tJnr:tJ 84\ AB '411,"OJ94 UO!l"QfJ RIP '0 0'" 'P94~g pORodoJd 411'" O~UCPJOOO" UI p"'~.p uOllnQfJl',P pun ^1"1I}l~''!.'' peWJuuOO luno~~Vnbl-,;e:-~ . .' - -- ... " .. , D Dauphin Deposit Bank and Trust COfl'l/XTrj . . .. '-.. . .. , . .J . , \ . RECEIPTS OF PRINCIPAL , . Fiduciary Acquisition Value Description Waiver of Principal Accounting: Periodic statements were submitted to the life tenant; therefore, the accountant charges itself with the principal balance in accordance with the last statement of 12/31/94 Balance Consist of the Following Assets: 18,061 units Municipal Bond Fund 1,887,06 191,320,34 Capital Reserve Account 6,597 units Common Stock Collective Investment Fund 85,486.54 ..__....__... 278,693,94 Cash: 1995.01.20 Elizabeth Childs TIA - Monthly Income Distribution 955.28 1995.02-21 Elizabeth Childs TIA . Monthly Income Distribution 814,27 1995.03-20 Elizabeth Childs TIA - Monthly Income Distribution 1,022.56 1995-04-28 Transferred from Income Accrued Interest to date of death on Municipal Bond Fund 891. 72 1995-04.28 Transferred from Income Accrued Interest to date of death on Navigator Fund 4,60 1995.04-28 Transferred from Income Accrued interest to date of death on Common Stock Collective Investment Fund 401. 39 1995-04.28 Transferred from Income Net accumulated Income to date of death 1,106.83 ................... .. 5,196.65 -3- , , . <Ill, GAINS AND !.OSSgS ON SAl.g~ OR OTm:R DISPOSlTIONS/PIUNCtPAI. Gllln I.oss 1995-04-04 1,180 units Common Stock Collective Investment Fund Net Proceeds Fid, Acq, Value 30,001. 75 15,290,91 11, ,710.81, 0.00 1996-06-03 423 units Common Stock CollectIve Investment Fund Net Proceeds Fid. Acq. Value 14,011,17 10,754,84 3,256,33 0,00 1996-06-04 1,258 units Municipal Bond Fund Net Proceeds Fid. Acq. Value 14,009.50 13,921. 77 87,73 0.00 1996-07-01 245 units Common Stock Collective Investment Fund Net Proceeds Fid, Acq, Value 8,005.97 6,229.16 1,776,81 0.00 1996-07-01 718 units Municipal Bond Fund Net Proceeds Fid, Acq. Value 8,003,68 7,945.81 57,87 0.00 Total Gains and Losses/Principal Less Loss 19,889.58 0,00 0,00 Net Gain .-----....-..--- 19,889,58 ------------- -5- , . ., DISIIURSEMENTS OF PRINCll'AI, . . General Disbursements: Reserves: .............. 1,00,00 Cumberland County Register of Wills . Cost of Filing Account William D. Boswell, Esquire Boswell, Snyder, Tintner & Piccola . Attorney's Fcc Reimbursement of Expenses 4.359,00 84.99 --............- 4,443.99 -..-..---......-.... 4,843.99 ....-......--..-...... Total Disbursements of Principal 1.,843.99 ------------ .6. I' . ill DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES 1996-06-01, Richard E. Childs Estate - 70,1,06,86 Transfer for payment of Expenses per Article IV (B) of the Trust Agreement --......--.__ 70,1,06.86 Total Distributions of Principal 70,406.86 ------------- -7- , ' , . RECEIPTS OF INCOME Interest: 1995-01-03 Navigator Fund 6.55 1995-02-01 Navigator Fund 1..11 1995-03-01 Navigator Fund 3,23 1995 -01, -03 Navigator Fund 4.60 1995-05-01 Navigator Fund 18,55 1995-07-05 Navigator Fund 13.99 1995-08-01 Navigator Fund 15.59 1995-10-02 Navigator Fund 21. 94 1995-11-01 Navigator Fund 25,29 1995-12-01 Navigator Fund 27,32 1996-01-03 Navigator Fund 33.33 1996-02-01 NaVigator Fund 98,85 1996-04-02 Navigator Fund 27.17 1996-05-01 Navigator Fund 2.93 1996-06-03 Navigator Fund 4.94 1996-07-01 Navigator Fund 11.15 ..............-......-- 319,54 Other: 1995-01-03 Common Stock Collective 399.25 Investment Fund 1995-01-04 Municipal Bond Fund 879,97 1995-02-01 Common Stock Collective 251. 96 Investment Fund 1995-02-02 Municipal Bond Fund 889.98 1995-03-02 Common Stock Collective 480,59 Investment Fund 1995-03-02 Municipal Bond Fund 888.49 -10- , ' 1996-03-01, Municipal Bond Fund 861. B9 1996-03-01, Navigator Fund 98,12 1996-04-01 Common Stock Collective 322,56 Investment Fund 1996-04-01 Municipal Bond Fund 886.28 1996-05-02 Common Stock Collective 225,95 Investment Fund 1996-05-07 Municipal Bond Fund 698,37 1996-06-03 Common Stock Collective 215,56 Investment Fund 1996-06-04 Municipal Bond Fund 722.95 1996-07-01 Common Stock Collective 217,82 Investment Fund 1996-07-01 Municipal Bond Fund 682.95 ........................ .. 21,571.36 ......-----..-..-. Total Receipts of Income 21,890.90 ------------- ," -12- , . DISBURSEMENTS OF INCpME 1995-01-23 Dauphln Deposlt Bank and Trust 253,50 Co, - Commission 1995-02-22 Dauphln Deposlt Bank and Trust 2/.8,73 Co. - Conunlsslon 1995-03-21 Dauphln Deposlt Bank and Trust 265,118 Co. - Commlsslon 1995-04-21 Dauphln Deposlt Bank and Trust 249.76 Co. - Conunlsslon 1995-04-28 Transferred to Principal 1,106.83 Accrued Income to Date of Death 1995-05-23 Dauphln Deposlt Bank and Trust 240.03 Co. - Conunlsslon 1995-06-21 Dauphln Deposlt Bank and Trust 263,29 Co, - Conunlsslon 1995-07-21 Dauphln Deposlt Bank and Trust 259,36 Co, - Conunlsslon 1995-08-22 Dauphln Deposlt 8ank and Trust 251. 32 Co, - Conunlsslon \ 1995-09-21 Dauphln Deposlt Bank and Trust 263.62 Co. - Conunlsslon 1995-10-23 Dauphln Deposlt Bank and Trust 262.28 Co. - Conunlsslon 1995-11-21 Dauphln Deposlt Bank and Trust 258.90 Co, - Conunlsslon 1995-12-21 Dauphln Deposlt Bank and Trust 274.29 Co, - Conunlsslon 1996-01-23 Dauphln Deposlt Bank and Trust 282,00 Co. - Conunlsslon 1996-02-21 Dauphln Deposlt Bank and Trust 286.63 Co. - Commlsslon 1996-03-21 Dauphln Deposlt Bank and Trust 272.96 Co. - Commisslon 1996-04-23 Dauphln Deposlt Bank and Trust 100.76 \ Co. - Conunlsslon w-- 1996-05-21 Dauphln Deposlt Bank and Trust 102.41 Co. - Conunlsslon ; -13- .' .' 1996-06-21 Dauphin Deposit Bank and Trust Co. - Commission 99.09 5, 3[,1. 2[, Total Disbursements of Incomo 5, 341. 24 ------------- l ;I 'j ~ "0' -14- , .~ .,; ';'" I . :) [I ii If' i I i ..... .. .' PROPOSED DISTRIBUTIONS TO BENEFICIARIES . . Current Value 07/02/96 Fiduciary Acquisition Value ........... -.......... To: Elizabeth P. Childs Revocable Trust Agreement of Trust Dated January 24, 1992, as amended April 27, 1993, Dauphin Deposit Bank and Trust Company, Trustee, flblo Geoffrey A, Childs. 25% of residue, as directed by the Order of the Court of Common Pleas of Cumberland County, Orphans' Court Division, on May 23, 1996, and filed In this Court to No, 551 Year 1995, as to the Elizabeth Childs Revocable Trust and No. 421 Year 1996, as to the Richard E, Childs Revocable Trust Principal: ...........--. 552.88 552.88 Cash Securities: ..-......----...- 45,759,23 45,428,36 4,105 units Municipal Bond Fund 1,187 units Common Stock Collective Investment Fund 38,788.12 30,179.64 Income: Cash 3,655.02 3,655.02 ----....-....--.. ....-....-.........- 88,755.25 79,815,90 ------------ ------------ -17- . . " . . . To: Richard E, Chllds, Jr, - 50\ of Residue . . Residue, free of trust, under Article V(a) of said trust, as dtrected by the Order of the Court of Common t'lells of Cumberland County, orphans' Court Division, on May 23, 1996, and filed In this Court to No. 551 Year 1995, as to the Elizabeth chllds Revocable Trust and No, 421 Year 1996, as to the Richard E, Chllds Revocable Trust Principal: .................. 1,105.74 Cash 1,105,74 Securities: .................... .. 90,856.71 60,384,71 8,210 units Municipal Bond Fund 91,518,46 77,608.91 2,375 units Common Stock Collective Investment Fund Income: Cash 7,310.03 7,310,03 .---.------- ------......--.. 177,543,14 159,657,19 ------------ ------------ 355,053.64 319,288,99 ------------ ------------ -19- , . ,