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Home My WebLink About03-26-08 (2) IN THE ORPHANS' COURT DIVISION OF THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA EST ATE OF HELEN F. CLARK, DECEASED No. 2006-00823 APPROVAL OF ACCOUNT, WAIVER, RECEIPT, RELEASE, AND AGREEMENT OF INDEMNITY The circumstances leading up to the execution of this instrument are as follows: 1. Helen F. Clark died on September 4, 2006, leaving a Will dated October 1, 1993, naming Christy Rae Clark and Michael Lowell Clark as Co-Executors. 2. Letters Testamentary were granted to Christy Rae Clark and Michael Lowell Clark by the Register of Wills of Cumberland County on September 19, 2006. 3. It is the desire of the Helen F. Clark heirs that the Estate be distributed without the formality of a court proceeding in order to save the expense, publicity, and delay incident to such court proceeding, and the Co-Executors are willing to make such distribution upon the execution of this instrument. 4. An account of the administration of the Estate of Helen F. Clark has been prepared by the Co-Executors. A copy is attached hereto as Exhibit A. 5. In consideration of the foregoing, each of the undersigned hereby: A. Represents and warrants that he/she has read and understands this instrument and that the facts set forth above are true and correct to the best of his/her knowledge, information and belief; B. Declares that he/she has examined the attached account of the administration of the Estate and the attached schedule of distribution; that he/she finds them to be true and -1- ~ correct in all particulars; that he/she accepts and approves them as if they had been duly filed, audited, adjudicated and confirmed absolutely by the Orphans' Court Division of the Court of Common Pleas of Cumberland County, and as if the amounts shown as distributable had been duly awarded to him/her; C. Waives the filing and auditing of the account of the administration of the Estate in the Orphans' Court Division of the Court of Common Pleas of Cumberland County, and agrees that the Orphans' Court Division of the Court of Common Pleas of Cumberland County may by its decree confirm the account and approve the schedule of distribution; D. Requests the Co-Executors to make distribution of the principal and income in accordance with the schedule of distribution, and effective upon delivery to him/her of the amounts shown as respectively distributable, acknowledges receipt of such property; E. Agrees to refund to the Co-Executors any amount which may at any time be determined to have been an erroneous distribution to him/her, regardless of the cause of such erroneous distribution, even if attributable to negligence, and agrees that any period for the limitation of actions for the collection of any erroneous distribution shall commence only at such time as the Co-Executors shall have obtained actual knowledge of such erroneous distribution and that in no event shall the period for collection of any erroneous distribution be less than two years after the actual discovery thereof; F. Absolutely and irrevocably remises, releases, quitclaims and forever discharges Christy Rae Clark and Michael Lowell Clark, individually and in his/her capacity as Co-Executor, from any and all actions, suits, payments, accounts, reckonings, liabilities, claims and demands relating in any way to the administration of the Helen F. Clark Estate; -2- G. Agrees to indemnify and hold harmless, to the extent of the funds received by him/her hereunder, Christy Rae Clark and Michael Lowell Clark, individually and in his/her capacity as Co-Executors, from and against any and all claims, loss, liability or damage (including legal fees and costs in connection therewith) which he/she may suffer or to which he/she may be subjected by reason of his/her administration of the Estate, the settlement of his/her Co-Executors' account and the distribution of the assets of the Estate without having the formal approval of the Orphans' Court Division of the Court of Common Pleas of Cumberland County, including, but not limitt;J tu, any liability [or any federal estate tax, Pennsylvania inheritance tax or any other death taxes, together with interest and costs incidental thereto, relating in any way to the Estate; and H. Declares it to be his/her intention that this instrument, consisting of three pages, shall be governed by the law of Pennsylvania and shall be legally binding as an agreement under seal upon him/her and upon his/her heirs, executors, administrators and assIgns. Executed on: 3~/t / oS: D E / ;) - .~ ~c . 0J--.- (Seal) ~RAE~ o~ II 66 DATE ~(~~gC{4-f~ (Seal) CHAEL LOWE LA: """ -3- BEFORE THE REGISTER OF WILLS, CUMBERLAND COUNTY, PENNSYL VANIA No. 2006-00823 FIRST AND FINAL ACCOUNT OF CHRISTY RAE CLARK and MICHAEL LOWELL CLARK, Co-Executors For EST ATE OF HELEN F. CLARK, Deceased Date of Death: September 4, 2006 Date of Co-Executors' Appointment: September 19, 2006 Accounting for the Period: September 19, 2006 to March 1, 2008 PURPOSE OF ACCOUNT: Christy Rae Clark and Michael Lowell Clark, Co- Executors, offer this Account to acquaint interested parties with the transactions that have occurred during their administration. The Account also indicates the proposed distribution of the Estate. It is important that the Account be carefully examined. Requests for additional information or questions or objections can be discussed with: Debra K. Wallet, Esquire 24 N. 32nd Street Camp Hill, PA 17011 I.D. #23989 (717) 737-1300 EXHIBIT A Proposed Distribution to Beneficiaries PRINCIPAL Receipts Less Disbursements Debts of Decedent Funeral Expenses Administration Expenses Federal and State Taxes Fees and Commissions Principal Balance on Hand INCOME Receipts Income Balance on Hand Balance Before Distributions Distributions to Beneficiaries 5 Combined Balance on Hand SUMMARY OF ACCOUNT Page Current Value Fiduciary Acquisition Value 6 $74,230.38 2 $107,352.76 3 3 3 3 3 $46.95 902.74 2,565.19 9,672.72 3,000.00 $16,187.60 $91,165.16 4 $3,065.22 3,065.22 $94,230.38 20,000.00 $74,230.38 RECEIPTS OF PRINCIPAL Assets Listed in Inventory: (Value as of Date of Death) Cash and Bank Deposits: M&T Bank Checking Acct. #950798124 CD #31003913154587 The Woods personal care home acct. Cash in possession of Decedent M&T Bank check Tan~ible Personal Property: Miscellaneous personal property at personal care residence Personal jewelry Refunds: Patriot-News credit Credit from The Woods $33,115.52 69,593.14 380.00 20.00 7.03 $50.00 50.00 $3.20 957.00 TOTAL ASSETS LISTED IN INVENTORY: Receipts Subsequent to Inventory (Valued When Received) 2006 Federal income tax refund Final P A Annuitant payment Final Social Security payment Final V A payment After-discovered cash TOTAL RECEIPTS OF PRINCIPAL: $500.00 719.89 1,537.00 27.81 392.17 2 $103,115.69 $100.00 $960.20 $3,176.87 $104,175.89 $107,352.76 DISBURSEMENTS OF PRINCIPAL Debts of Decedent: Verizon $18.95 Sue Tobias (beauty shop at The Woods) 28.00 $46.95 Funeral Expenses: Auer Memorial Home and $187.74 Cremation Services, Inc. Slate Hill Cemetery 285.00 James Gingrich Memorials 180.00 Baughman Church (service & luncheon) 250.00 $902.74 Administration Expenses: Probate Fees $340.00 Photocopies, postage, etc. 60.00 UPS Store (overnight mail charges) 128.19 Giant Food (supplies for Co-Exec.) 70.00 Travel costs (from Florida) incurred by 637.00 Michael Clark, Co-Exec., for funeral Travel costs (from California) incurred 1,325.00 By Christy Clark, Co-Exec., for funeral Reserve for Filing of Account 5.00 $2,565.19 Federal and State Taxes: P A Inheritance Tax $9,526.75 2007 federal fiduciary taxes 93.14 2007 P A fiduciary taxes 52.83 $9,672.72 Fees and Commissions: Debra K. Wallet, Esq. - Atty. fees Kern & Co., PC (accountant fees) $2,500.00 500.00 $3,000.00 3 RECEIPTS OF INCOME Interest 10/06-12/06 interest 2007 interest 01/08 interest 02/08 interest $1,336.91 1,720.96 3.91 3.44 TOTAL RECEIPTS OF INCOME: $3,065.22 4 DISTRIBUTION TO BENEFICIARIES TO: Christy Rae Clark 1322 Longfellow Circle Roseville, CA 95747 02/04/08 Cash distribution $5,000.00 Michael Lowell Clark 1531 N. Drexal Road #53 West Palm Beach, FL 33417 OS/22/07 Cash distribution $10,000.00 02/04/08 Cash distribution 5,000.00 TOTAL DISTRIBUTION TO BENEFICIARIES: 5 $20,000.00 PROPOSED DISTRIBUTION TO BENEFICIARIES TO: Christy Rae Clark 1322 Longfellow Circle Roseville, CA 95747 $42,115.19 Michael Lowell Clark 1531 N. Drexal Road #53 West Palm Beach, FL 33417 32,115.19 TOTAL PROPOSED DISTRIBUTION TO BENEFICIARIES: 6 $74,230.38 PHONE: (717) 737-1300 Law {)ffia~j. of DEBRA K. WALLET 24 N. 32nd STREET CAMP HILL, PA 17011-2917 Email: Walletdeb@aol.com FAX: (717) 761-5319 March 24, 2008 Glenda F. Strasbaugh, Register of Wills Cumberland County Courthouse I Courthouse Square Carlisle, PA 17013 o :D -"~h -.. --: :TJ (/~ ~ t '~_~. C---:,! = 3:': ~.. ;.;;0 N 0"\ () -Tl :J:..;'T1 :3: Re: Estate of Helen F. Clark Will No. 2006-00823 o 0:> Dear Ms. Strasbaugh: Enclosed for filing are the original" Approval of Account, Waiver, Receipt, Release, and Agreement of Indemnity" and the final Status Report Under Rule 6.12 for the above captioned Estate, along with the filing fee of $5.00. I have also enclosed three copies of the front page of each of these documents to be clocked-in and returned to my office in the self-addressed, stamped envelope provided. As always, should you have any questions about any of these documents, please feel free to telephone my office. Thank you for your assistance. Sincerely yours, ~1L~ Debra K. WaBet DKW/mml Ene. cc: Christy Rae Clark, Co-Executrix Michael Lowell Clark, Co-Executor