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HomeMy WebLinkAbout01-02-08 (2) IN THE MATTER OF THE ESTATE OF ROBERT L. SETZER, DECEASED IN THE ORPHANS' COURT DIVISION OF THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA NO. 21-07-0367 ESTATE SETTLEMENT AGREEMENT ......, '.'.'~ C'~ = C) "Tj :t:>'o -"~:.. C- )'~ft I r,) THIS AGREEMENT, made as of this 14th day of November 2007," WITNESSETH: U1 0"1 THE CIRCUMSTANCES leading to the execution of this Agreement are as follows: 1. Robert L. Setzer (the"Decedent") died testate on 8 April 2007 at 81 years of age, and Mary Jane L. Setzer, Decedent's surviving spouse, qualified with the Register of Wills of Cumberland County, Pennsylvania, as Executrix (the "Executrix") of the Decedent's probate estate (the "Estate"). 2. Decedent's Last Will and Testament (the "Will"), which was admitted to probate, was executed by Decedent on 26 February 2003. 3. Item SECOND of the Decedent's Will provides for the distribution of Decedent's tangible personal property, as follows: SECOND: I give my tangible personal property and all casualty insurance that I am carrying on said tangible personal property to my wife. In the event my wife fails to survive me, then I give said tangible personal property to such of my children who are living at my death to be divided equally among or between them as they may determine, or, if they are unable to agree, as my Executor shall determine, after considering the wishes of such children. Any such property not so distributed shall be sold, and the proceeds added to my residuary estate to pass as hereafter described. v 4. Item FOURTH of the Decedent's Will provides for the distribution of the rest, residue and remainder of Decedent's property, as follows: FOURTH: In the event my wife shall survive me, I give, devise and bequeath the rest, residue and remainder of my estate, real and personal, to my wife. If my wife fails to survive me, I give, devise and bequeath such rest, residue and remainder of my estate in equal shares to each of my children, Suzanne S. Wells, Marianne S. Bartlett and Carolyn S. Diercksen, or their issue per stirpes, or the survivor of them, or their issue per stirpes. 5. Mary Jane L. Setzer, Decedent's surviving spouse, is the sole beneficiary of Decedent's Estate (the "Beneficiary") and she desires to settle the Estate informally in order to avoid the expense and delay involved with the formal adjudication of a First and Final Account by the Orphans' Court Division of the Court of Common Pleas of Cumber- land County, Pennsylvania (the "Court"). 6. The Executrix joins in this Agreement to signify her agreement with the terms hereof as more particularly set forth hereafter. 7. The Beneficiary and Executrix desires to forever settle and compromise any and all claims and rights which she may possess, now or hereafter, in the Estate and to confirm her acceptance of the Informal Account (the "Account"), attached hereto as Exhibit "A" and incorporated herein by this reference, and the Schedule of Proposed Distribution (the "Schedule"), attached hereto as Exhibit "B" and incorporated herein by this reference. The Beneficiary and Executrix desire that the distributions to the Beneficiary, as set forth in Exhibit "B", be in full satisfaction of her rights in the Estate. 8. The Beneficiary wishes to release the Executrix and to indemnify her against any and all claims that may be asserted against the Estate or the Executrix after the -2- date hereof. The Beneficiary also desires to release the Executrix with respect to the waiver of a right to a formal adjudication of a First and Final Account of the Estate. 9. The Executrix is willing to settle the Estate informally in consideration of the indemnifications hereinafter provided by the Beneficiary. NOW THEREFORE, in consideration of the foregoing and intending to be legally bound, the Beneficiary and Executrix, for herself, her heirs, personal representatives, successors and assigns: 1. Represents and warrants that she has read and understands this Agreement and confirms that the facts set forth above are true and correct, to the best of her knowledge, information and belief. 2. Declares that she has sufficient information to make an informed waiver of her right to a formal accounting with the Court, and she does hereby waive the filing and auditing of the same. 3. Acknowledges that the distributive share or amount set forth on the Schedule shall be in full satisfaction of the Beneficiary's entitlements under the Will. 4. Releases, remises, quitclaims and forever discharges the Executrix, her heirs, personal representatives, successors and assigns, from and against all claims that they may, as legatees of the Estate, and in connection with the Estate, have, had, now has or may in the future have in connection with the Estate. 5. Agrees to refund, on demand, all or any part of any aforesaid distribution, which has been determined by the Executrix, or by the Court, or by any court of competent jurisdiction, to have been improperly made. 6. Agrees to indemnify and hold harmless the Executrix, her heirs, personal representatives, successors and assigns, from and against any and all claims, loss, liability or damage (whether or not related to the negligence of the Executrix) that may hereafter be asserted against the Estate or against the Executrix. 7. Agrees to execute such other or additional documents as may be necessary to effectuate the agreements set forth herein. -3- 8. Acknowledges that this Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. 9. Consents to the Court exercising personal jurisdiction over the Beneficiaries in any suit or action arising out of the enforcement of this Agreement. IN WITNESS WHEREOF, the Executrix and the Beneficiary has placed her hand and seal on the attached Consent to Estate Settlement Agreement. -4- CONSENT TO ESTA TE SETTLEMENT AGREEMENT AND RECEIPT OF DISTRIBUTION I, MARY JANE L. SETZER, individually and as Executrix and Beneficiary of the Estate of Robert L. Setzer, hereby acknowledge, as Executrix, causing distribution of and, individually and as Beneficiary of the Estate of Robert L. Setzer, acknowledge receipt of the assets of the Estate of Robert L. Setzer, as set forth in the attached Estate Settlement Agreement, and I, individually and in my fiduciary capacities, hereby consent to and join in the Estate Settlement Agreement, including Exhibits, which have been provided to me. WITNESS: ---/~/ ...././ ~k MAR NE L. ;ET~ COMMONWEALTH OF PENNSYLVANIA SS. COUNTY OF CUMBERLAND On this, the 14th day of November 2007, before me, the undersigned officer, personally appeared MARY JANE L. SETZER, 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 and for the purposes therein contained. IN WITNESS WHEREOF, I hereunder set my hand and official seal. C<<IUGN1NEAl.TH OF' NNNaYLVANA NOTARIAl SEAL MARJORIE l. JOHNSON =1IlIlc Camp Hm Boro.. Cumberland My CommisSIOn Ex' S . 15, 20 1 })art,Ji\Q, -zR ~ Notary Public ~ EXHIBIT A INFORMAL ACCOUNT OF THE EXECUTOR Date of Death: April 8, 2007 April 8, 2007 through November 30, 2007 Accounting for Period: EXHIBIT B SCHEDULE OF DISTRIBUTION TOTAL ASSETS: TOTAL ASSETS $ 360,855.27 114,857.13 4,000.00 105.958.34 $ 585,670.74 Ameriprise Financial Investment Account Mortgage dated 1 June 2004 Personal Property Jointly owned property LESS EXPENSES: TOTAL EXPENSES $ 4,435.70 539.64 3.450.00 $ 8,425.34 Funeral and administrative expenses Debts of decedent Attorney fees AMOUNT TO DISTRIBUTE $ 577.245.40 DISTRIBUTIONS: Mary Jane L. Setzer, Decedent's Surviving Spouse and sole Beneficiary $ 577,245.40