HomeMy WebLinkAbout04-11-07
In re:
ESTATE OF
JOSEPH P. HANNA,
DECEASED
: IN THE COURT OF COMMON PLEAS
: CUMBERLAND COUNTY, PENNSYL VANIA
: NO. 2006-00487
CONSENT TO TERMINATION OF TRUST
WHEREAS, Joseph P. Hanna, ("Decedent") of6 Truffel Glen Road, Mechanicsburg,
Cumberland County, Pennsylvania, died on December 13, 2005, leaving a Last Will and
Testament dated July 26, 1995 ("Will") which is attached hereto as Exhibit A;
WHEREAS, said Will was admitted to probate by the Register of Wills of Cumberland
County, Pennsylvania, on May 25,2006;
WHEREAS, Audrey A. Hanna, his wife ("Mrs. Hanna"), of 6 Truffel Glen Road,
Mechanicsburg, Cumberland County, Pennsylvania, has been duly appointed and -is now seiV}ng
'_ -, ~l
as Executrix of said Will;
WHEREAS, Paragraph 2 of said Will created a Trust for the benefit of Mrs. Hanna---
during her lifetime, and appointing Mrs. Hanna and Fulton Financial Advisors, locat~d at 2Q~
North 3rd Street, Harrisburg, Dauphin County, Pennsylvania, as Co-Trustees (the "Credit SRelter
Trust");
WHEREAS, the remainder beneficiaries of said Credit Shelter Trust are Mrs. Hanna's
children: Jennifer Paige Hanna DiMasi, 1732 North Rhodes Street, #284, Arlington, Virginia;
Christopher M. Hanna, 2915 Cherry Street, Falls Church, Virginia; and Ashley R. Hanna, 6
Truffel Glen Road, Mechanicsburg, Cumberland County, Pennsylvania (collectively the
"Remainder Beneficiaries");
WHEREAS, the only probate asset with which to fund The Credit Shelter Trust is
Ninety Five Thousand Two Hundred Forty (95,240) shares of closely held stock in DakTech,
Inc., a North Dakota corporation, valued at approximately Ninety-Five Thousand Two Hundred
Forty ($95,240.00) Dollars (the "Asset");
WHEREAS, pursuant to its current fee schedule, Fulton Financial Advisors has advised
by letter dated September 19,2006, that it would charge $5,000 per year to administer the Credit
Shelter Trust and said letter is attached hereto as Exhibit B; and
WHEREAS, pursuant to Paragraph 14(b) of said Will, Fulton Financial Advisors has
exercised its discretion to terminate the Credit Shelter Trust "due to its small size";
AND NOW, THEREFORE, Mrs. Hanna, Fulton Financial Advisors, and the Remainder
Beneficiaries, individually and as a representative of those who hereafter may claim through
them, and on their behalf, hereby consent to the following:
1. The Credit Shelter Trust created in the Will of Decedent is hereby terminated.
2. The Asset, together with any and all dividends of the Asset paid to date or paid in
the future shall be paid directly to Mrs. Hanna.
3. Mrs. Hanna and Fulton Financial Advisors are hereby absolute, unconditionally
and irrevocably released and forever discharged of and from any and all manner of actions,
causes of action, suits, liens, debts, due sums of money, reckonings, bonds, bills, specialties,
covenants, contracts, controversies, agreements, promises, variances, trespasses, damages,
judgments, extents, executions, claims, demands, losses, costs and expenses whatsoever in law or
equity in any way relating to the termination of the Credit Shelter Trust and the distribution of
4. This Consent may be executed in any number of counterparts and each of
the counterparts shall for all purposes be deemed to be original.
WHEREFORE, the undersigned hereby consent to and join the termination of
the Credit Shelter Trust for the purposes expressed herein.
AUD~~~~~
Co-Trustee and Executrix
FULTON FINANCIAL ADVISORS, Co-
Trustee
BY:
Name:
Title:
JENNIFER PAIGE HANNA DIMASI
CHRISTOPHER M. HANNA
ASHLEY R. HANNA
4. This Consent may be executed in any number of counterparts and each of the
counterparts shall for all purposes be deemed to be original.
WHEREFORE, the undersigned hereby consent to and join the termination of
the Credit Shelter Trust for the purposes expressed herein.
AUDREY A. HANNA, individually and as
Co-Trustee and Executrix
FULTON FINANCIAL ADVISORS, Co-
Trustee
~ ()
BY: A'YlOVL
// ame: <5'a . '/' ~ rn/Y?~t1 .
Title:\'. '0 P'L~/Gi'v1-11 ~ 1f.J--hlYl.sh 0
f'J/JIU?A.r
JENNIFER PAIGE HANNA DIMASI
CHRISTOPHER M. HANNA
ASHLEY R. HANNA
4. This Consent may be executed in any number of counterparts and each of the
counterparts shall for all purposes be deemed to be original.
WHEREFORE, the undersigned hereby consent to and join the termination of the Credit
Shelter Trust for the purposes expressed herein.
AUDREY A. HANNA, individually and as
Co- Trustee and Executrix
FULTON FINANCIAL ADVISORS, Co-Trustee
BY:
Name:
Title:
~~
CHRISTOP ER M. H A
ASHLEY R. HANNA
4. This Consent may be executed in any number of counterparts and each of the
counterparts shall for all purposes be deemed to be original.
WHEREFORE, the undersigned hereby consent to and join the termination of the Credit
Shelter Trust for the purposes expressed herein.
AUDREY A. HANNA, individually and as
Co- Trustee and Executrix
FULTON FINANCIAL ADVISORS, Co-Trustee
BY:
Name:
Title:
JENNIFER PAIGE HANNA DIMASI
CHRISTOPHER M. HANNA
~~
,\ I
;. ; '.
ASHLEY R. H NNA' -
COMMONWEATH OF PENNSYLVANIA
: SS.
COUNTY OF
On this, the ~?. ,,0 day of ~ 2007, before me, the undersigned
officer personally appeared, Audrey A. Hanna, known to me, (or satisfactorily proven) to
be the person whose name is subscribed to the within instrument, and acknowledged that
she executed the same in the capacities indicated therein, as her free and voluntary act,
for the purposes therein contained.
COMMONWEALTH OF PENNSYL~IA
Notarial Seal
Jonathan C. Bowser, Notary Public
Swatara Twp., Dauphin County
My Commission Expires June 29, 2010
Member. Pennsylvania Association of Notaries
IN WIlNESS WHEREOF, I hereunder set my hand and official seal.
4?~--
,/Notary Public-- .-
COMMONWEATH OF PENNSYLVANIA
: SS.
COUNTY OF
On this, the day of 2006, before me, the undersigned
officer personally appeared, , who acknowledged _self
to be the [title] of Fulton Bank, and that as such [title], being
authorized to do so, and acknowledged that _ executed the same in the capacities
indicated therein, as _ free and voluntary act, for the purposes therein contained.
IN WI1NESS WHEREOF, I hereunder set my hand and official seal.
Notary Public
COMMONWEA TH OF PENNSYLVANIA
: SS.
COUNTY OF
On this, the day of 2007, before me, the undersigned
officer personally appeared, Audrey A. Hanna, known to me, (or satisfactorily proven) to
be the person whose name is subscribed to the within instrument, and acknowledged that
she executed the same in the capacities indicated therein, as her free and voluntary act,
for the purposes therein contained.
IN WITNESS WHEREOF, I hereunder set my hand and official seal.
Notary Public
COMMONWEA TH OF PENNSYLVANIA
COUNTY OF 7::> ~ h " fl
On this, the rJ-7 day of h.6t.n.A-c.1 2007, before me, the undersigned
officer personally appeared, Ja.^"e,t. L. J){<. lit In HI Qra I(,) . , who acknowledged~ self
to be the v,tt. tiutJJJi!le] of Fulton Bank, and that as suchvl;t'~/"6Nr[tit1e], being-
authorized to do so, and acknowledged that ~ executed the same in the capacities
indicated therein, as het free and voluntary act, for the purposes therein contained.
: SS.
IN WITNESS WHEREOF, I hereunder set my hand and official seal.
NolaIIaI Sea
Q1eryI ReiSS. NciarY ~
City OfHarJiSbUlg. ~
Wrt CormllssiOO ExpIr8S /(K. 7. '1!m
Membef.~~C1/NaIElIIea
Nota~;/ ~
V~I\{IV
COMMONWEA TH OF FENNST{L V AHIA
COUNTYOF ~
On this, the t::!"- day of ~~ 2006, before me, the undersigned officer
personally appeared, Jennifer Paige Hanna DiMasi, known to me, (or satisfactoril y proven) to be
the person whose name is subscribed to the within instrument, and acknowledged that she
executed the same in the capacities indicated therein, as her free and voluntary act, for the
purposes therein contained.
: SS.
IN WITNESS WHEREOF, I hereunder set my hand and official seal.
Q~
Notary Public My Corm1Isslon ExpInlsMay31, 2009
V...v-L~' 1'\( ~
COMMONWEATH OF.J'DNN LVANIA
COUNTYOF ~~
On this, the ~ day of ~J 2006, before me, the undersigned officer
personally appeared, Christopher M. Hanna, known to me, (or satisfactorily proven) to be the
person whose name is subscribed to the within instrument, and acknowledged that she executed
the same in the capacities indicated therein, as her free and voluntary act, for the purposes therein
contained.
: SS.
IN WITNESS WHEREOF, I hereunder set my a~
Notary Publk
."tbtnAflslonElqM8S '" 31, 2<X>>
COMMONWEATH OF PENNSYLVANIA
: SS.
COUNTY OF
On this, the J ld day of ~w , 2006, before me, the undersigned officer
personally appeared, Ashley R. Hanna, known to me, (or satisfactorily proven) to be the person
whose name is subscribed to the within instrument, and acknowledged that she executed the
same in the capacities indicated therein, as her free and voluntary act, for the purposes therein
contained.
IN WITNESS WHEREOF, I hereunder set my hand and officlai seal.
Li~( It) ~cJ ~~
Notary Public
NOTARIAL SEAL
Victoria S Smith, Notary Public
Lewisburg Boro., Union County
My commission expires March 14, 2009
EXHIBIT A
[WILL]
1J410
LAST WILL AND TESTAMENT
OF
JOSEPH P. HANNA
I, JOSEPH P. HANNA, of Cumberland County, Pennsylvania,
being of sound and disposing mind and memory, do make, publish and
declare this to be my Last will and Testament, hereby revoking all
wills and Codicils by me at any time previously made.
1. TN~GIBLE PERSONALTY. I give and bequeath all of my
household furniture and furnishings, automobiles, other motor
vehicles, books, pictures, jewelry, china, crystal, appliances,
silverware, wearing apparel, articles of household or personal use
or adornment, collections, artworks, boats and recreational
equipment and vehicles, together with all policies of insurance
thereon, to my wife, AUDREY A. HANNA ("My Spouse"), if My Spouse
survives me. If My Spouse does not survive me, I give such
articles to my children living at my death in as nearly equal
shares as they shall select under the supervision of my Executor.
My Executor shall select such articles, if any, as such Executor
deems appropriate for any minor and deliver the articles to the
minor or to any person or persons chosen by My Executor whose
receipt shall be a complete acquittance therefor. If any such
articles cannot be fairly divided or distributed in kind in the
opinion of my Executor, such articles shall be sold and the
proceeds thereof shall pass as a part of my residuary estate.
EXHIBIT nAn
Page 1 of 12 pages
2.
UNIFIED CREDIT TRUST.
I give, devise and bequeath
to my Trustee hereinafter named, IN TRUST NEVERTHELESS, to be
held, administered and disposed of in accordance with this ITEM
for the benefit of My Spouse and my issue (herein referred to as
the "Unified Credit Trust") an amount equal to the sum of (i) the
balance of the dollar amount not taxed in my estate due to the
application to my estate of the unified credit against federal
estate tax (the "Unified Credit"), after deducting therefrom the
value, for federal estate tax purposes, of (a) assets included in
my federal gross estate which pass or have passed other than under
the terms of this Will and which will utilize a portion of the
Unified Credit, (b) any bequests under the preceding ITEM of this
will which will utilize a portion of the Unified Credit and (c)
adjusted taxable gifts not included in my federal gross estate but
included in the computation of the tentative federal estate tax in
my estate; and (ii) the state death tax credit allowed for federal
estate tax purposes (but only to the extent its use will not
increase any Death Taxes owing by my estate). My Trustee shall
have, hold, manage, invest and reinvest the assets of the Unified
Credit Trust, collect the income and
(a) If My Spouse survives me, beginning at my
death, my Trustee shall pay over the net income of the
Unified Credit Trust to My Spouse during My Spouse's
lifetime, in installments not less frequently than
quarterly. In addition, my Trustee shall pay to My
Spouse such amounts of the principal of such trust as,
in the sole discretion of my Trustee, shall be necessary
for the maintenance, support, and medical and nursing
care of My Spouse, taking into consideration any other
means readily available for such purposes.
(b) Upon the death of the survivor of My Spouse
and me, my Trustee shall distribute the principal and
Page 2 of 12 pages
any undistributed income of the Unified Credit Trust to
my issue then living, per stirpes; provided, however,
that (i) should any such issue be a child of mine who
has not then attained the age of thirty-five years, such
child's share shall be retained by my Trustee, IN TRUST
NEVERTHELESS, to be held, administered and disposed of
as a separate trust estate in accordance with ITEM 4 for
the benefit of such child (the f1Child's Trustfl); or (ii)
should any such issue be the issue of a deceased child
of mine and shall not then have attained the age of
twenty-one years, each such issue's share shall be
retained by my Trustee, IN TRUST NEVERTHELESS, each to
be held, administered and disposed of as a separate
trust estate in accordance with ITEM 5 for the benefit
of each such issue (the f1Grandchild's Trustfl) .
3.
RESIDUE.
I give, devise and bequeath all of the
rest, residue and remainder of my property, real, personal and
mixed, not disposed of in the preceding portions of this Will,
including all property over which I hold a power of appointment
(which powers of appointment I hereby exercise in favor of my
estate), to My Spouse, if My Spouse survives me.
If My Spouse
does not survive me, I give and bequeath said residue to my issue
living at my death, per stirpes; provided, however, that (i)
should any such issue be a child of mine who has not then attained
the age of thirty-five years, such child's share shall be retained
by my Trustee, IN TRUST NEVERTHELESS, to be held, administered and
disposed of as a separate trust estate in accordance with ITEM 4
for the benefit of such child (the f1Child's Trustl'); or (ii)
should any such issue be the issue of a deceased child of mine and
shall not then have attained the age of twenty-one years, each
such issue's share shall be retained by my Trustee, IN TRUST
NEVERTHELESS, each to be held, administered and disposed of as a
separate trust estate in accordance with ITEM 5 for the benefit of
each such issue (the f1Grandchild's Trustfl).
Page 3 of 12 pages
4. CHILD'S TRUST. My Trustee shall have, hold,
manage, invest and reinvest the assets of each Child's Trust,
collect the income and
(a) Until the beneficiary of the Child's Trust
(the "Child") shall have attained the age of twenty-one
years, my Trustee shall from time to time pay to or for
the benefit of the Child such amounts of the net income
and principal of the Child's Trust as, in the sole
discretion of my Trustee, shall be necessary for the
Child's maintenance, support, medical and nursing care
and education, including college and graduate education,
taking into consideration any other means readily
available for such purposes. At the end of each year
any unexpended income shall be added to the principal of
the Child's Trust.
(b) After the Child shall have attained the age of
twenty-one years, my Trustee shall pay to the Child the
net income derived from the Child's Trust in
installments not less frequently than quarterly and such
amounts of the principal as, in the sole discretion of
my Trustee, shall be necessary for the Child's
maintenance, support, medical and nursing care and
education, including college and graduate education,
taking into consideration any other means readily
available for such purposes.
(c) If at the time of the creation of the Child's
Trust the Child shall have then attained the age set
forth below or if the Child shall thereafter attain that
age, upon receipt by my Trustee of a written request
from the Child, my Trustee shall distribute outright to
the Child the fractional portion of the then remaining
principal of -the Child's Trust set forth below:
Age
Fractional Share
Twenty-five years
Thirty years
Thirty-five years
One-third
One-half
Balance then remaining
(d) If a Child shall die before final distribution
of the assets of the Child's Trust is made, the then
remaining principal and any undistributed income of the
Child's Trust shall be distributed to the Child's issue
then living, per stirpes; provided, however, that if any
such issue shall not then have attained the age of
twenty-one years, each such issue's share shall be
retained by my Trustee as a separate trust estate, IN
TRUST NEVERTHELESS, each to be held, administered and
Page 4 of 12 pages
disposed of in accordance with the provisions of ITEM 5
for the benefit of each such issue (the "Grandchild's
Trust"); or if the Child has no issue then living, then
to my issue then living, per stirpes; provided, however,
that if any such beneficiary is then a beneficiary of a
Child's Trust or Grandchild's Trust hereunder, the share
of such beneficiary shall be added to the principal of
such Child's Trust or Grandchild's Trust as if an
integral part thereof, to be held, administered and
disposed of in accordance with the terms thereof.
5. GRANDCHILD'S TRUST. My Trustee shall have, hold,
manage, invest and reinvest the assets of each Grandchild's Trust,
collect the income and
(a) Until the beneficiary of the Grandchild's
Trust (the "Grandchildll) shall have attained the age of
twenty-one years, my Trustee shall from time to time pay
to or for the benefit of the Grandchild such amounts of
the net income and principal of the Grandchild's Trust
as, in the sole discretion of my Trustee, shall be
necessary for the Grandchild's maintenance, support,
medical and nursing care and education, including
college and graduate education, taking into
consideration any other means readily available for such
purposes. At the end of each year any unexpended income
shall be added to the principal of the Grandchild's
Trust.
(b) After the Grandchild shall have attained the
age of twenty-one years, my Trustee shall distribute the
remaining principal and any undistributed income of the
Grandchild's Trust outright to the Grandchild. If the
Grandchild shall have died before attaining that age, my
Trustee shall distribute the then remaining principal
and any undistributed income to the issue then living of
the parent of the Grandchild who was a child of mine,
per stirpes, or. if such parent shall have no issue then
living, to my issue then living, per stirpes; provided,
however, in either event, if any such beneficiary is
then a beneficiary of a Child's Trust or Grandchild's
Trust hereunder, the share of such beneficiary shall be
added to the principal of such Child's Trust or
Grandchild's Trust as if an integral part thereof, to be
held, administered and disposed of in accordance with
the terms thereof.
6. PERPETUITIES PROVISIONS. Nothing herein is
intended to, nor shall it be construed to, postpone the vesting of
Page 5 of 12 pages
any part of the assets of any separate trust estate hereunder for
more than twenty-one years after the death of the survivor of me,
My Spouse and my issue living at the time of my death. At the
expiration of such period the assets of all the separate trust
estates hereunder shall immediately vest in fee simple absolute in
and be distributed outright to the person or persons then entitled
to receive the income therefrom, whether in my Trustee's
discretion or otherwise.
7. SPENDTHRIFT PROVISION. No interest in income or
principal of my estate or any trust created hereunder shall be
subject to attachment, levy or seizure by any creditor, spouse,
assignee or trustee or receiver in bankruptcy of any beneficiary
of my estate or of any trust created hereunder prior to the
beneficiary's actual receipt thereof. My Executor or Trustee
shall pay over the net income and the principal to the
beneficiaries herein designated, as their interests may appear,
without regard to any attempted anticipation (except as may be
specifically provided herein), pledging or assignment by any
beneficiary of my estate or of any trust created hereunder and
without regard to any claim thereto or attempted levy, attachment,
seizure or other process against said beneficiary.
8. SURVIVAL PRESUMPTIONS. Any person, other than My
Spouse, who shall have died at the same time as I or under such
circumstances that it is difficult or impossible to determine who
shall have died first, shall be deemed to have predeceased me. If
My Spouse and I shall have died at the same time or under such
circumstances that it is difficult or impossible to determine who
Page 6 of 12 pages
shall have died first, My Spouse shall be deemed to have
predeceased me. Any person other than me who shall have died at
the same time as any then beneficiary of income of my estate or a
trust created hereunder or under such circumstances that it is
difficult or impossible to determine who shall have died first,
shall be deemed to have predeceased such beneficiary.
9 .
FIDUCIARY POWERS.
In the settlement of my estate
and during the continuance of any trust created hereunder, my
Executor and my Trustee shall possess, among others, the following
powers, exercisable without prior court approval, but in all cases
to be exercised for the best interests of the beneficiaries:
(a) To retain any investments I may have at my
death so long as my Executor or Trustee may deem it
advisable to my estate or trust so to do, including
securities owned, issued or underwritten by any
corporate Executor or Trustee or any of their
affiliates.
(b) To vary investments, when deemed desirable by
my Executor or Trustee, and to invest in such bonds,
stocks, notes, real estate mortgages or other securities
or in such other real or personal property, including
securities owned, issued or underwritten by any
corporate Executor or Trustee or any of their
affiliates, as my Executor or Trustee shall deem wise,
without bein~ restricted to so called "legal
investments".
(c) In order to effect a division of the principal
of my estate or trust or for any other purpose,
including any final distribution of my estate or trust,
my Executor or Trustee is authorized to make said
divisions or distributions of the personalty and realty
partly or wholly in kind. If such division or
distribution is made in kind, said assets shall be
divided or distributed at their respective values on the
date or dates of their division or distribution. In
making any division or distribution in kind, my Executor
or Trustee shall divide or distribute said assets in a
manner which will fairly allocate any unrealized
appreciation among the beneficiaries.
Page 7 of 12 pages
(d) To sell either at public or private sale and
upon such terms and conditions as my Executor or Trustee
may deem advantageous to my estate or trust, any or all
real or personal estate or interest therein owned by my
estate or trust severally or in conjunction with other
persons or acquired after my death by my Executor or
Trustee, and to consummate said sale or sales by
sufficient deeds or other instruments to the purchaser
or purchasers, conveying a fee simple title, free and
clear of all trust and without obligation or liability
of the purchaser or purchasers to see to the application
of the purchase money or to make inquiry into the
validity of said sale or sales; also, to make, execute,
acknowledge and deliver any and all deeds, assignments,
options or other writings which may be necessary or
desirable in carrying out any of the powers conferred
upon my Executor or Trustee in this paragraph or
elsewhere in this will.
(e) To mortgage real estate and to make leases of
real estate for any term.
(f) To borrow money from any party, including my
Executor or Trustee, to pay indebtedness of mine or of
my estate or trust, expenses of administration, Death
Taxes or other taxes.
(g) To pay all costs, expenses, legally
enforceable debts, funeral expenses and charges in
connection with the administration of my estate or
trust.
(h) To vote any shares of stock which form a part
of my estate or trust and to otherwise exercise all the
powers incident to the ownership of such stock and to
actively manage and operate any incorporated or
unincorporated business, including any joint ventures
and partnerships, and to incorporate any such
unincorporated business, with all the rights and powers
of any owner thereof.
(i) In the discretion of my Executor or Trustee,
to unite with other owners of similar property in
carrying out any plans for the reorganization of any
corporation or company whose securities form a part of
my estate or trust.
(j) To assign to and hold in my estate or trust an
undivided portion of any asset.
(k) To hold investments in the name of a nominee.
(1) To compromise controversies.
Page 8 of 12 pages
(m) To disclaim, in whole or in part, any and all
interests in property owned by me at the time of my
death, including those passing to me by Will, intestacy,
contract, joint ownership, operation of law or
otherwise.
(n) To employ and compensate from income or
principal, in the discretion of my Executor or Trustee,
investment and legal counsel, accountants, brokers and
other specialists, and, whenever there shall be no
corporate Executor or Trustee in office, a corporate
custodian, and to delegate to investment counsel
discretion with respect to the investment and
reinvestment of any or all of the assets held hereunder.
10. EXCULPATORY CLAUSES.
In the settlement of my
estate:
(a) My Executor shall not be personally liable for
any loss to my estate or to any beneficiary of my estate
resulting from an election made in good faith to claim a
deduction as an income tax deduction or as an estate tax
deduction.
(b) In valuing property in my gross estate for the
purposes of any Death Tax, my Executor shall not be
personally liable for any loss to my estate or to any
beneficiary of my estate resulting from my Executor's
decision made in good faith to use a particular valua-
tion date.
11. TAX CLAUSE. All inheritance, estate and similar
taxes becoming due by reason of my death, except any taxes
relating to generation skipping transfers imposed under Chapter 13
of Subtitle B of the Internal Revenue Code, as amended ("Death
Taxesll), whether such Death Taxes shall be payable by my estate or
by any recipient of any property, shall be paid by my Executor out
of the property passing under ITEM 2 of this Will as an expense
and cost of administration of my estate; provided, however, that
if any property held in any testamentary or inter vivos trust
created by My Spouse is includable in my estate for purposes of
any Death Tax, then any Death Tax attributable to the inclusion of
Page 9 of 12 pages
any such property in my estate for the purposes of that Death Tax
shall be paid out of such property or by the recipients of such
property; and, if such Death Taxes are nevertheless paid by my
Executor, I direct my Executor to obtain reimbursement or
contribution for any such taxes paid by my Executor. Except to
the extent above provided, my Executor shall have no duty or
obligation to obtain reimbursement for any Death Taxes paid by my
Executor, even though paid with respect to proceeds of insurance
or other property not passing under this will.
12. GUARDIAN OF MINOR PERSONS. If My Spouse does not
survive me, I appoint my sister-in-law, DAYNA WINAND, of West
Chester, Pennsylvania, as the Guardian of the person of each of my
minor children.
13. CUSTODIAN OF ESTATES OF MINORS. If at any time any
person under the age of twenty-one years shall be entitled to
receive any assets free of trust by reason of my death, whether
payable hereunder, by operation of law, contract or otherwise, I
appoint my Trustee hereinafter named as Custodian for such minor
under the Pennsylvania Uniform Transfers to Minors Act.
14. TRUST MERGERS AND TERMINATIONS.
(a) If there should be established by My Spouse,
either by Last Will and Testament or by inter vivos Deed
or Agreement, trusts similar to the trusts herein
established for the benefit of my issue, my Trustee
herein shall have the right and power to merge trusts
herein established with similar trusts for the same
beneficiaries established by My Spouse and to operate
each of the merged trusts as a single trust.
(b) If, in the opinion of my Trustee (other than
My Spouse), at any time any trust hereunder is or
becomes too small to justify its maintenance as a
separate trust, my Trustee (other than My Spouse), in
Page 10 of 12 pages
such Trustee's sole discretion and without the necessity
of court approval, shall terminate such trust by
distributing all ~he income and principal of the trust
to the then income beneficiary of said trust. If any
additions to any such trust are received after its
termination under this ITEM, such trust shall be revived
and this provision shall continue to apply to it.
15. EXECUTOR APPOINTMENT.
I hereby appoint My Spouse,
AUDREY A. HANNA, as Executrix of this Will.
If for any reason My
Spouse should fail or cease to act, I appoint FULTON BANK, with
offices in Lancaster, Pennsylvania, and my brother-in-law, RELLAND
WINAND, of West Chester, Pennsylvania as Co-Executors.
If either
of them should fail or cease to act, then the survivor shall serve
alone. All references in this will to my "Executor'! shall refer
to my originally named Executor, to my successor Co-Executors or
surviving Executor, as the case may be.
16. TRUSTEE APPOINTMENT.
I hereby appoint My Spouse
and FULTON BANK, with offices in Lancaster, Pennsylvania, as
Trustee of any Trust created hereunder.
My Spouse may designate
her successor in writing signed by her.
If My Spouse should for
any reason fail or cease to act as Trustee hereunder and she has
not designated a successor (or the successor so designated fails
or ceases to act), then RELLAND WINAND shall serve as Co-Trustee
hereunder. No Trustee serving hereundar shall be liable for any
acts or omissions of the Trustee occurring prior to their assuming
the office of Trustee or Co-Trustee hereunder.
So long as a
beneficiary of a trust hereunder is a Trustee or Co-Trustee, he or
she shall not (i) participate in any discretionary determination
of the Trustee to distribute principal or income of such trust to
or for the benefit of such beneficiary or to his or her issue; or
Page 11 of 12 pages
(ii) participate in any discretionary determination of the Trustee
to terminate said trust under the ITEM hereof entitled "TRUST
MERGERS AND TERMINATIONS". All references in this will to my
"Trustee" shall refer to my originally named Co-Trustees or to my
successor Co-Trustees or Trustee, as the case may be.
17. WAIVER OF BOND; FIDUCIARY FEES. My Custodian,
Executor and Trustee shall qualify and serve without the duty or
obligation of filing any bond or other security. Any corporate
fiduciary shall be entitled to compensation for services in
accordance with the standard schedule of fees in effect when the
services are rendered.
IN WITNESS WHEREOF, I have set my hand and seal to this,
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We, the underslgned, hereby certlfy that the foregoing
Will was signed, sealed, published and declared by the above-named
Testator as and for his Last Will and Testament, in the presence
of us, who, at his request and in his presence and in the presence
of each other, have hereunto set our hands and seals the day and
year above written, and we certify that at the time of the
execution thereof' the said Testator was of sound and disposing
minC\:~memo;p"! "' !. I ." /' If]
<- -7t)/'-'..J:,4:l'ik( (SEAL) Res~ding at, ).t']:, t,,/rrI1v-rLti-\.
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the preceding
my Last Will and Testament, consisting
/)j
eleven (11) pages, this ~ day
, 1995.
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(SEAL)
Residing at:
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(SEAL)
Residing at:
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Page 12 of 12 pages
EXHIBIT B
[FULTON FINANCIAL ADVISORS LETTER DATED 9/19/06]
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FULTON FINANCIAL ADVISORS
Writer's Direct Dial Number
(717) 255-7568
Fax: (717) 231-7747
A10king Success Personal.
September 19, 2006
Heather D. Royer, Esquire
Smigei, Anderson & Sacks LLP
4431 North Front Street
Harrisburg, PA 17110
RE: Estate of Joseph P. Hanna
Dear Heather:
I have had an opportunity to review your letter of September 15, 2006, Last Will
and Testament and the Inheritance Tax Return for Joseph P. Hanna.
Fulton Financial Advisors has exercised its discretion under paragraph 14 (b) of
the Last Will and Testament to terminate the credit shelter trust due to its small size. I
have enclosed a copy of our current fee schedule, which would apply for this type of an
account. As stated in our fee schedule, the minimum annual fee of $5,000 would
apply. Therefore, it would be in the best interest of Mr. Hanna's heirs to terminate such
trust.
If you have any questions, please feel free to contact me at 255-7568.
Sincerely.
~~o?~~cU
Sandra L. Drummond
Vice President and
Relationship Manager
SLD
EXHIBIT "B"
200 North 3rd Street, Harrisburg, PA 1710 1 · www.fultonfinancialaclvisors.com
l,.,\""lnwnls. \Vealth Management. CorpOl'ate and Retirement Services. Private Banking. Insurance
SMIGEL, ANDERSON
& SACKS LLP
JOANNE A. BRADLEY,
PARALEGAL
PHONE: (717) 234-2401
ATTORNEYS AT LAW
TOLL FREE: 1-800-822-9757
FACSIMILE (717) 234-3611
EMAIL: jbradley@sasIlp.com
www.sasIlp.com
April 9, 2007
File No.
8963-1-5A
Register of Wills
Cumberland County Courthouse
1 Courthouse Square
Carlisle, P A 17013-3387
ATTENTION: Jackie
(
C)
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Re: Estate of Joseph P. Hanna
No. 2006-00487
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Dear Jackie:
As per our telephone conversation, enclosed please find for filing an original and six (6) copies
of a Consent to Termination of Trust to be filed in the above Estate.
I am also enclosing a check payable to the Register of Wills in the amount of$5.00 as the
required filing fee.
Please date and time stamp the additional copies of the Consent and return them to our office in
the self-addressed stamped envelope enclosed.
If you have any questions, please feel free to contact me.
Very truly yours,
~t.~
Joanne A. Bradley
Paralegal
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Enclosures
cc: Audrey A. Hanna, Executrix (w/encl.)
River Chase Office Center, 3rd Floor
4431 North Front Street, Harrisburg, Pennsylvania 17110-1260
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