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HomeMy WebLinkAbout08-06-07 e'1-olf4lf FAMILY SETTLEMENT AGREEMENT AND FINAL RELEASE In the estate of GLADYSB.URQUHART THIS F AMIL Y SETTLEMENT AGREEMENT AND FINAL RELEASE is made this d- 7i'1 day of -S- L-1.lr ' 2007, by and among Jerry W. Urquhart, Jr., of the Estate of Gladys B. Urquhart, deceased, hereinafter referred to as "Executor," and Jerry W. Urquhart, Jr. as residuary beneficiary of the said estate (herein referred to as the "beneficiary".) In accordance with the desire that the administration of the Estate of Gladys B. Urquhart be terminated without the expense and delay of a court accounting, the parties hereto, in consideration of the mutual covenants herein expressed and intending to be legally bound, hereby agree that: WHEREAS: Letters Testamentary of the Estate of Gladys B. Urquhart were duly issued by the Register of Wills of Cumberland County, Pennsylvania, on May 14,2007, to Executor; WHEREAS: Executor has gathered the assets, consisting of personal property, of the Estate of Gladys B. Urquhart. The Statement of Account of the said Executor, which is attached hereto and made part hereof as Exhibit "A", constitutes the assets gathered, the debts paid, the disbursements made, and the distribution to all respective parties hereto. A copy of,JJ1e o ,= decedent's Last Will & Testament is attached hereto and made part hereof as Exhi~~B"; ;2 ::):0 ~ WHEREAS: The balance/remainder of the Estate property has been distr~d b~he "......... .. \-< C.) ""t:J ~> Executor in accordance with this Family Settlement Agreement, and as stated in t~talemeftl of . ....~ -u - -.. "~ N . :::; .. Account (Exhibit "A"); +:- WHEREAS: Under the provlSlons of the Last Will and Testament of Gladys B. Urquhart, her residuary estate was given to the following beneficiaries in the fractional shares set forth opposite their names: Jerry W. Urquhart, Jr. Entire Estate \ ~ NOW THEREFORE, KNOW YE, that I, Jerry W. Urquhart, Jr., Executor to the decedent, Gladys B. Urquhart, beneficiary of the Estate of Gladys B. Urquhart, the person being entitled to inherit under the Last Will and Testament of Gladys B. Urquhart, does hereby acknowledge that I have been notified by Jerry W. Urquhart, Jr., in his capacity as Executor, of full satisfaction and payment of all sum or sums of money, legacies, bequests, and devises as given, devised and bequeathed to us pursuant to said Will, and/or the amounts to me pursuant to said Will, which amounts I have this day acknowledged; and which amounts, are in the amounts set opposite the Distributions to Each Beneficiary in the Statement of Account, and to be distributed as to said Distribution Schedule in the Statement of Account, attached hereto and made part hereof as Exhibit "A." Advice of Counsel I, Jerry W. Urquhart, Jr. hereby acknowledge that this Family Settlement Agreement and Final Release contains provisions which may waive legal rights and assume legal responsibilities and encumbrances, or has other legal consequences, and that I have been informed to seek the advice of counsel before signing said Agreement. The above named hereby acknowledges that he has freely chosen to sign this Family Settlement Agreement and Final Release without the consent or advise of legal counsel. That I was given the opportunity to seek legal counsel to review this Agreement prior to my signing, but choose instead to sign without such counsel. The above named acknowledges that he is of sound mind and disposition. I have read and understand the nature and importance of this Agreement, that I consider the provisions of this Agreement to be fair, just and reasonable, that I enter into it freely and voluntarily, Ae:reement to waive filine: of formal account I hereby stipulate that in order to avoid the expense and time involved in the filing of a formal account and schedule of distribution, I agree that no account is necessary and I hereby agree that I consent to distribution being made without the filing of an account and schedule of distribution, with the same to be with the same force and effect as if they had been filed and confirmed by the Orphan's Court Division of the Court of Common Pleas, Cumberland County, Pennsylvania. Waiver of Liabilitv I, Jerry W. Urquhart, Jr., hereby remise, release, quit-claim and forever discharge Jerry W. Urquhart, Jr. in his capacity as Executor, his heirs, executors, and administrators and assigns, of and from the said Estate and from all actions, suits, contests, payments, accounts, reckonings, claims and demands whatsoever for, or by reason thereof, or for any other use, matter, cause or thing whatsoever touching upon the Estate of Gladys B. Urquhart. Assumption of Liabilitv I, JERRY W. URQUHART, JR., FURTHER HEREBY COVENANT AND AGREE THAT, SHOULD ANY LIABILITY COME DUE TO THE ESTATE OF THE SAID DECEDENT AFTER THE SIGNING OF THIS AGREEMENT, I, AS BENEFICIARY UNDER SAID WILL, SHALL CONTRIBUTE TO THE ESTATE IN ORDER TO SATISFY ANY AND ALL CLAIMS, DEMANDS, SUITS OR CAUSES OF ACTION WHICH MAY BE SUCCESSFULLY PROSECUTED AGAINST THE SAID EST ATE OR THE AFORESAID EXECUTOR, AFTER THE SIGNING, SEALING AND DELIVERY OF THIS FAMILY SETTLEMENT AGREEMENT AND FINAL RELEASE. SIGNATURES IN WITNESS WHEREOF, the parties to this agreement, intending to be legally bound, hereby have set their hands the day and year first above written. ~&~ ~rry . Urquhart, J Date 7/27/0] , t AFFIDA VIT IN THE COMMONWEALTH OF PENNSYLVANIA COUNTY OF DAUPHIN BEFORE ME, the undersigned authority, personally appeared, Jerry W. Urquhart, Jr., who being duly sworn according to law, deposes and says that the averments contained in the within Family Settlement Agreement and Final Release are true and correct to the best of his knowledge, information, and belief. ~~~~.~ c;:;rerry rquhart, Jr. SWORN TO AND SUBSCRIBED before me this ~ day of ..j~ ,2007. \f ~W1JJatt My Commission Expires: 4 I ) ~) ~C> ), COMMONWEALTH OF PENNSYLVANIA Nol8rIlII Se8I Mal.nen L M Halt. Notary P1bIIc aty Of Hanlstug, Dauphil Cotny My Cormlisslol. EllpIres Jlnt 15, 2011 Member, P""flsylv8nta Association of Notaries STATEMENT OF ACCOUNT: FIRST AND FINAL ACCOUNT OF JERRY W. URQUHART, JR., EXECUTOR FOR Date of Death: THE ESTATE OF GLADYS B. URQUHART, DECEASED APRIL 29, 2007 Date of Executor's Appointment: MAY 14,2007 Date of First Advertisement of Letters: JUNE 19, 2007 Accounting for the Period: APRIL 29, 2007 to Present Purpose of Account: Jerry W. Urquhart, Jr., Executor, offers this account to acquaint interested parties with the transactions that have occurred during the administration. The account also indicates the proposed distribution of the Estate. SUMMARY OF ACCOUNT Value Principal Cash, Bank Deposits, & Miscellaneous Tangible Personal Property: $62,669.33 Less Disbursements: Debts of Decedent, Funeral Expenses, Administration Expenses and Taxes Total Balance before Distributions Distributions to Each Beneficiary $12,351.87 $50,317.46 $50,317.46