HomeMy WebLinkAbout03-24-08
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY
COMMONWEALTH OF PENNSYLVANIA
ORPHANS' COURT DIVISION
IN THE ESTATE OF
EDNA S. KING,
DECEASED
No. 21-2006-0833
RECEIPT AND RELEASE AGREEMENT
WHEREAS, Fulton Financial Advisors, N. A, successor to Fulton Bank, was
appointed Executor under the Will of Edna S. King dated March 17,2006, and
WHEREAS, Edna S. King died on September 2, 2006, and
WHEREAS, Item V of her Will states:
V. All the rest, residue and remainder of my property,
whether real or personal, wherever situate, including my
property over which I may have power of appointment, I
give, devise and bequeath to TRINITY UNITED METHODIST
CHURCH, New Kingstown, PA to be invested with the interest
earned thereon utilized only for Mission programs. This is a
restricted purpose so that the funds may not be used for general
expenses of the church. I direct that the funds be maintained in
accounts with Fulton Bank. Administration of these accounts
and any decisions concerning the allocation or use of the funds
shall rest with the Church Council of TRINITY UNITED METHODIST
CHURCH. "
WHEREAS, Trinity United Methodist Church has examined the attached
accounting and acknowledges that it is complete and accurate, hereby waiving any right
to demand the filing of a formal court accounting by Fulton Financial Advisors, N. A,
and approves the acts and transactions of the Executor in the administration of the
Estate; and
WHEREAS, it is the desire of the parties hereto that distribution of the balance of
principal and income be made without the formality of the filing of an accounting in the
above referenced Court or any other court having jurisdiction; and
(E1) WHEREAS, Fulton Financial Advisors, N. A is willing to make such
distribution upon receipt of the release and indemnification provided for in this
Agreement.
v
NOW THEREFORE, KNOW ALL BY THESE PRESENTS that the undersigned
does hereby request Fulton Financial Advisors, N. A to make distribution of the balance
of the Estate without the filing of an accounting for audit and approval by the court
having jurisdiction. The undersigned, in consideration of the payment and delivery to it
of the following:
Principal Cash
Income Cash
$460,334.85
33,765.79
the receipt of which is hereby acknowledged, for itself, its successors and assigns does
remise, release, quit-claim and forever discharge Fulton Financial Advisors, N. A and
its predecessor, Fulton Bank, individually and as Executor aforesaid, its successors and
assigns, of and from all actions, suits, payments, accounts, claims and demands
whatsoever or by reason thereof, and from any suit, payment, claim or liability arising
from the administration of the Estate, including, but not limited to, the administration of
any common trust fund by the Fulton Financial Advisors, N. A or its predecessor or
arising from any losses on investments including, but not limited to, investments in any
common trust fund administered by Fulton Financial Advisors, N. A, or its predecessor
and hereby agrees that any court having jurisdiction may by its decree discharge Fulton
Financial Advisors, N. A as Executor.
The undersigned further agrees to indemnify and hold harmless Fulton Financial
Advisors, N. A, its successors and assigns, from and against any and all claims, loss,
liability or damage which it may suffer or to which it may be subjected by reason of the
settlement of the account and the distribution of assets of the said Estate without
approval of the court having jurisdiction. In consideration of the distribution to the
undersigned of the property described above, the undersigned agrees to pay Fulton
Financial Advisors, N. A any amount up to the value of the property received that may
be necessary in the future to discharge any liabilities of the Estate.
The undersigned further declares that it is its intention to be legally bound by the
execution of this Agreement.
IN WITNESS WHEREOF, the undersigned has hereunto set its hand and seal
this I ~\ day of ifvt~lf~ ' 2008.
Attest:
/1) ~ ~~
Trinity United Methodist Church
New K..i~t~wn, PA
BY:~~
,.GiffOf1 L. Brinefr, Chairman of
the Administration Board
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY
ORPHANS' COURT DIVISION
FILE NO. 21-2006-0833
FIRST AND FINAL ACCOUNT OF
FUL TON FINANCIAL ADVISORS, N.A., EXECUTOR
FOR
ESTATE OF EDNA S. KING, DECEASED
Date of Death:
Date of Incapacity, if any:
Date of Executor's Appointment:
Date of First Complete Advertisement:
Accounting for the period:
September 3, 2006
None
September 21, 2006
October 20, 2006
February 4, 2008
Purpose of Account: Fulton Financial Advisors, Executor offers this account to acquaint interested
parties with the transactions that have occurred during this Administration. In addition Fulton Financial
Advisors would like to inform the interested parties of the proposed distribution of estate residue to
the beneficiary in accordance with the decedent's Last Will & Testament.
It is important that the Account be carefully examined. Requests for additional information, questions or
objections can be discussed with:
Beth R. Hawk, Estate Settlement Officer
Fulton Financial Advisors, N.A.
P.O. Box 7989
Lancaster, PA 17604
(717) 291-2854
Murrel R. Walters, III, Esquire
54 East Main Street
Mechanicsburg, PA 17055
Supreme Court LD. # 24849
(717) 697-4650
Page 1
SUMMARY OF ACCOUNT
PAGES
PRINCIPAL:
Receipts 3 $ 640,107.56
Net Loss on Conversion 4 (17,427.59)
Total 622,679.97
Less Disbursements:
Edna S. King TUA 5 $ 972.47
Debts of Decedent 5 1,341.95
Funeral Expenses 5 2,350.26
Administration Expenses 5 1,572.20
Miscellaneous Expenses 6 3,163.88
Federal,State&Local Taxes 6 12,537.50
Fees and Commissions 6 24,216.20
Reserves 6 31,190.66 (77,345.12)
Balance before Distributions $ 545,334.85
Distributions to Beneficiaries 7 (85,000.00)
Principal Balance on Hand $ 460,334.85
For Information:
Capital Changes 7
INCOME:
Receipts 8-9 $ 38,287.01
Less Disbursements 9 (4,521.22)
Income Balance on Hand $ 33,765.79
COMBINED BALANCE ON HAND
$
494,100.64
Proposed Distribution
Verification
10
10
Page 2
PRINCIPAL RECEIPTS
Assets Listed In Inventorv (Valued as of Date of Death)
1. Estate Assets:
21,921.23 shares Federated Treasury Obligation Money Market Fund $ 21,921.23
26,219 shares Fulton Financial Corporation 436,480.80
56 shares Verizon Communications 1,987.58
14,995 shares Fixed Income Fund 126,407.85
1986 shares Government Income Fund 19,065.60
Cash found in residence 7.00
The Patriot News - refund of unused portion of subscription 96.90
Miscellaneous items of personal property at sale value 11,332.00
Miscellaneous coins at sale value 311.01
Fulton Bank Checking Account No. 1068-31607 18,839.98
Refund due to cancellation of Yankee Magazine subscription 16.93
Refund due to cancellation of Newsweek Magazine subscription 20.22
Refund due to cancellation of Reader's Digest subscription 14.00
Refund due to cancellation of homeowner's insurance policy with Westfield
Insurance/Gunn-Mowery LLC 10.00
Receipts - Edna S. Kine TUA
09/12/2006 Transfer from income to cover overdraft caused by monthly trustee fee 555.80
Receipts SubseQuent to Inventorv:
10/16/2007 Fulton Financial Advisors, N.A. - Deposit made into Fulton Bank
Checking Account No.1 068-31607 after date of death 2,600.00
08/08/2007 Transfer from Account #11-F208-01-8 Lynne S. Daneberg Estate
reimbursement to Edna King Estate for funeral expense paid in error
to Hetrick Funeral Home on 9/29/06 440.66
TOTAL PRINCIPAL RECEIPTS $ 640,107.56
Page 3
PRINCIPAL CONVERSIONS TO CASH
Gains Losses
Edna S. King: TUA
10/03/2006 Sold
14,995 shares Fixed Income Fund
Proceeds 126,369.47
Account Value 126.407.85 (38.38)
10/03/2006 Sold
1,986 shares Government Income Fund
Proceeds 19,063.23
Account Value 19,065.60 (2.37)
Edna S. King: Estate
10/03/2006 Sold
56 shares Verizon Communications
Proceeds 2,054.57
Account Value 1.987.58 66.99
10/12/2006 Sold
5,000 shares Fulton Financial Corp.
Proceeds 81,474.99
Account Value 83,237.50 (1,762.51)
11/08/2006 Sold
5,000 shares Fulton Financial Corp.
Proceeds 78,493.58
Account Value 83.237.50 (4,743.92)
11/09/2006 Sold
5,000 shares Fulton Financial Corp.
Proceeds 79,397.55
Account Value 83.237.50 (3,839.95)
11/15/2006 Sold
3,100 shares Fulton Financial Corp.
Proceeds 49,598.47
Account Value 51.607.25 (2,008.78)
01/16/2006 Sold
8,119 shares Fulton Financial Corp.
Proceeds 130,062.38
Account Value 135,161.05 (5,098.67)
Totals 66.99 (17,494.58)
TOTAL LOSS ON CONVERSIONS $ (17,427.59)
Page 4
PRINCIPAL DISBURSEMENTS
Edna S. King: TUA
09/11/2006 Fulton Financial Advisors. N.A. - monthly fee
to 8/31/06 $ 555.80
10/11/2006 Fulton Financial Advisors, N.A. - monthly fee
to 9/30/06 416.67 $ 972.4 7
Debts of Decedent
Check Written Prior to Date of Death, but cleared
after Date of death:
Check No. 3395 $ 66.54
09/29/2006 American Red Cross - Lifeline expense for
September 20.00
10/13/2006 Carlisle Regional Medical Center - medical
service provided 9/3/06 573.55
12/12/2006 West Shore EMS - Carlisle - ambulance
transport 9/3/06 681.86 1,341.95
Funeral Expenses
09/29/2006 Hetrick Funeral Home, Inc. - funeral service $ 440.66
09/29/2006 Auer Memorial Home & Cremation -
cremation services 1,859.60
09/29/2006 Pat Brown - organist honorarium for funeral service 50.00 2,350.26
Administration Expenses
10/17/2006 EVP Systems, Inc. - asset valuation fee $ 3.10
10/31/2006 Murrel R. Walters, III, Esquire - Reimbursement
for Costs Advanced:
Register of Wills - Probate $ 548.00
The Patriot News 272.10
Cumberland Law Journal 75.00 895.10
11/29/2006 Rowe's Auction Service - trash removal 640.00
12/29/2006 Register of Wills - Short Certificate 4.00
06/01/2007 Register of Wills - Filing Fee for Inventory
and P A Inheritance Tax Return 30.00 1,572.20
FORWARD $ 6,236.88
Page 5
PRINCIPAL DISBURSEMENTS (cont'd)
FORWARD $ 6,236.88
Miscellaneous Expenses
09/29/2006 Duty's Lock, Safe and Security, Inc. - lock
service provided at 266 Hempt Road,
Mechanicsburg, P A $ 117.24
10/16/2006 Transfer to Account #41-F515-01-3, Edna S.
King TU A, to reimburse account for overdraft
charges caused by transfer from income of
Trust to Fulton Bank Checking Account 2,600.00
11/06/2006 Hempt Farms - Lawn Maintenance at 266 Hempt
Road, Mechanicsburg, P A 187.50
11/27/2006 Verizon - Telephone Service; Final Bill 91.46
11/28/2006 PPL - Electric Service; 266 Hempt Road,
Mechanicsburg, P A 134.62
12/05/2006 PPL - Electric Service; Final Bill
266 Hempt Road, Mechanicsburg, PA 33.06 3,163.88
Federal and State Taxes
11/07/2006 Register of Wills, Agent - P A Inheritance Tax
Prepayment $ 12,112.50
04/02/2007 United States Treasury - Federal Income Tax
due for Tax Year 2006 262.00
P A Department of Revenue - State Income Tax
due for Tax Year 2006 163.00 12,537.50
Fees and'Commissions
11/29/2006 Rowe's Auction Service - Commission on
Sale of Personal Property $ 3,966.20
04/04/2007 Hess & Hess, CPA - Tax Preparation Fee for 2006 250.00
07/30/2007 Fulton Financial Advisors, N.A. - partial executor fee 20,000.00 24,216.20
Reserves
Murrel R. Walters, III, Esquire - attorney fee
Fulton Financial Advisors, N.A. - balance of
executor fee
Reserve for Filing Releases & Payment of Taxes
$
25,095.33
5,095.33
1,000.00
31,190.66
TOT AL PRINCIPAL DISBURSEMENTS
$
77,345.12
Page 6
02/27/2007
02/28/2007
03/01/2007
03/02/2007
03/05/2007
09/03/2006
10/12/2006
11/08/2006
11/09/2006
11/15/2006
11/16/2006
PRINCIPAL DISTRIBUTIONS
George K. Fawber - payment of specific bequest
Donald E. Fawber, Jr. - payment of specific bequest
Louise C. Potteiger - payment of specific bequest
William H. Neumyer - payment of specific bequest
Shauna L. Hosey - payment of specific bequest
William E. Neumyer - payment of specific bequest
Marsha G. Lindeman - payment of specific bequest
Betty J. Potteiger - payment of specific bequest
Trudy Neuyer Saraiva -payment of specific bequest
Earl D. Fawber - payment of specific bequest
$
10,000.00
10,000.00
5,000.00
15,000.00
10,000.00
5,000.00
5,000.00
10,000.00
5,000.00
10,000.00
TOTAL PRINCIPAL DISTRIBUTIONS
PRINCIPAL BALANCE ON HAND
Principal Cash Invested in Federated Treasury Obligation
Money Market Fund
TOTAL PRINCIPAL BALANCE ON HAND
CAPITAL CHANGES
FUL TON FINANCIAL CORP.
26,219 shares received
5,000 shares sold
21,219 shares
5.000 shares sold
16,219 shares
5,000 shares sold
11,219 shares
3.100 shares sold
8,119 shares
~ shares sold
o shares
Page 7
85,000.00
$
85,000.00
$
460,334.85
$
460,334.85
436,480.80
83.237.50
353,243.30
83.237.50
270,005.80
83,237.50
186,768.30
51.607.25
135,161.05
135,161.05
0.00
09/05/2006
10/02/2006
10/03/2006
10/16/2006
10/16/2006
11/07/2006
09/18/2006
10/17/2006
11/17/2006
12/18/2006
01/03/2007
INCOME RECEIPTS
Edna S. Kim! TUA
Fixed Income Fund - dividend
Government Income Fund - dividend
Federated Treasury Money Market Fund - interest
Fixed Income Fund - dividend
Government Income Fund - dividend
Fulton Financial Corp. - dividend
Transfer from Estate to reimburse Trust for
overdraft caused by transfer to Fulton Bank
Checking Account
Federated Treasury Money Market Fund - interest
$
535.57
73.82
78.90
537.18
78.08
3,867.30
2,600.00
310.84
Edna S. Kin\! Estate
Federated Treasurv Obli\!ation Monev Market
Fund - interest
9/1/2006 - 9/30/2006
10/1/2006 - 10/31/2006
11/1/2006 - 11/30/2006
12/1/2006 - 12/31/2006
1/1/2007 - 1/31/2007
2/1/2007 - 2/28/2007
3/1/2007 - 3/31/2007
4/1/2007 - 4/30/2007
5/1/2007 - 5/31/2007
6/1/2007 - 6/30/2007
7/1/2007 - 7/31/2007
8/1/2007 - 8/31/2007
9/1/2007 - 9/30/2007
10/1/2007 - 10/31/2007
11/1/2007 - 11/30/2007
12/1/2007 - 12/31/2007
1/01/2008 - 1/31/2008
$
7.90
555.66
1,792.23
2,390.14
2,460.17
. 2,249.41
2,178.32
2,091.16
2,132.50
2,039.87
2,137.81
1,884.47
1,890.70
1,889.72
1,608.07
1,547.60
1,306.84
Fulton Bank Checkin\! Account No. 068-31607
Fulton Bank Checking Acct #068-31607 - interest
Fulton Bank Checking Acct #068-31607 - interest
Fulton Bank Checking Acct #068-31607 - interest
Fulton Bank Checking Acct #068-31607 - interest
Fulton Bank Checking Acct #068-31607 - interest
$
8.99
8.29
10.64
9.35
5.48
TOTAL INCOME RECEIPTS
Page 8
$
8,081.69
30,162.57
42.75
$
38,287.01
INCOME DISBURSEMENTS
Edna S. Kinl! TUA
09/11/2006 Transfer to principal to cover overdraft caused by
monthly Trustee Fee $ 555.80
10/13/2006 Edna S. King Estate - deposit to Fulton Bank
Checking Account (payment to beneficiaries) 2,600.00 $ 3,155.80
Edna S. Kinl! Estate
Fulton Financial Advisors - Executor income
commissions $ 1.365.42 1,365.42
TOTAL INCOME DISBURSEMENTS $ 4,521.22
INCOME BALANCE ON HAND
Income Cash Invested in Federated Treasury Obligation
Money Market Fund
$
33,765.79
TOTAL INCOME BALANCE ON HAND
$
33,765.79
Page 9
PROPOSED DISTRIBUTION SCHEDULE
Principal Cash
$
Income Cash
460,334.85
Total Available for Distribution
$
33,765.79
To:
Trinitv United Methodist Church - 100% of residue
Principal Cash
Income Cash
$
494,100.64
Total
$
VERIFICATION
Beth R. Hawk, Estate Settlement Officer of Fulton Financial Advisors, N.A., successor to Fulton Bank,
verifies that Fulton Financial Advisors, N. A., is the Executor of the Estate of Edna S. King, Deceased;
and that the Executor has fully and faithfully discharged the duties of its office; that the foregoing First and
Final Account is true and correct and fully discloses all significant transactions occurring during the
accounting period; that all known claims against the Estate have been paid in full; that to her knowledge there
are no claims now outstanding against the Estate; and that all taxes presently due from the Estate have
been paid.
I understand that false statements are subject to the penalties of 18 Pa. C.S. Section 4904 relating
to unsworn falsification to authorities.
Dated:
FULTON FINANCIAL ADVISORS, N.A.
~\4\D'6
Page 10
494,100.64
460,334.85
33,765.79