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HomeMy WebLinkAbout03-31-08 IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION a C::o "" :0 co-u m:r:a :::J)>F;; t;:2;:o ~:::(/);;::<::. Ciao O$2-n 0'-- c~ :g 1"'-.) =-') = c::.;:> ;:I!: ):loo :;;0 (..) -':l"" - 'I~ 2) ,-") \ I" "_~ C)c:::> ~~.?j e1 '--'1 l-rj :-':JO ,-)e) -','I,oh ",,- -::.1:} -. - C) ....n L::~; C) -T1 IN RE: ESTATE OF VILMA E. ZUGAY Cumberland County, Pennsylvania, deceased No. 21-06-0380 -0 (..) .. J;:'" ~ FAMILY SETTLEMENT AGREEMENT THIS AGREEMENT is made, effective upon the execution of this document by all parties hereto, by and between, CYNTHIA L. BELL, Executrix of the Estate of VILMA E. ZUGAY, deceased, (hereinafter referred to as Executrix) and ROBERT W. ZUGAY, CYNTHIA L. BELL, DOUGLAS M. ZUGAY, THOMAS J. ZUGAY and MICHELE M. SCHWARTZ, as beneficiaries of said estate. WITNESSETH: WHEREAS, VILMA E. ZUGAY died on the 11th day of April, 2006 having first made and published her Last Will and Testament dated the 11th day of February, 2002 in which she named CYNTHIA L. BELL, as Executrix of her Estate. (A true and correct copy of said Will is attached hereto, made part hereof and marked Exhibit "A"); and WHEREAS, on the 1st day May, 2006 said Will was duly probated by the Register of Wills of Cumberland County, Pennsylvania, and Letters Testamentary granted thereon to CYNTHIA L. BELL; and WHEREAS, the Executrix has proceeded with the administration of the estate and has prepared an informal account and Schedule of Distribution. A true and correct copy thereof is attached hereto, made part hereof and marked Exhibit "B"; and WHEREAS, the parties hereto desire that the Executrix shall not be required to file a formal account with the Orphans' Court of Cumberland County, and that the net estate of the decedent shall be distributed without the necessity of a court audit. NOW, THEREFORE, the parties hereto intending to be legally bound hereby, mutually agree as follows: 1. Under the provisions of ARTICLE 3 of the decedent's Will, her residuary estate shall be distributed as follows: "DISPOSITION OF RESIDUARY ESTATE. 3.02. I give all of the rest, residue and remainder of the property that I own at the time of my death, both real and personal, of every kind and description, wherever situated, to which I may be legally or equitably entitled at the time of my death (my "residuary S' estate"), in equal shares to my children. 2. All of decedent's above named children have survived her. 3. The parties hereto, and each of them, agree and acknowledge that they have fully and carefully examined the Informal Account and Schedule of Distribution prepared by the Executrix named herein, and find it to be true and correct, and acceptable to the parties hereto and each of them, and further that each of them has received a copy of this Agreement and of the said Informal Account and Schedule of Distribution. 4. The parties hereto do hereby release, remise and forever discharge the Estate of VILMA E. ZUGA Y and CYNTHIA L. BELL, individually and as Executrix, as well as their counsel, Marshall, Parker & Associates, of and from all manner of acts, suits, claims, accounts, accountings, debts, dues and demands whatsoever which they or their legal representatives or assigns may at any time hereafter have, against the said Executrix, the said Estate or the assets thereof, from, for, touching or concerning any of the assets and property of the said Estate and/or any claim or interest thereto or therein, and the administration, management, collection, sale or distribution of any of the said assets and for or on account of any money, interest, income, assets or proceeds out of the same, from the time of death of the said decedent to and including the date of this Agreement and release. 5. This instrument is a full and final Family Settlement Agreement by and among the parties hereto, both fiduciary and individual, all of the same having been arrived at, concluded and executed after a full and complete disclosure of the assets of the said estate and the rights of the parties therein and thereto and all of the parties hereto, and each of them, agrees to abide by the terms hereof. 6. The parties hereto, and each of them, agree that they will at all times in the future and whenever necessary, appropriate or convenient, make, execute and deliver to the said Executrix, any and all instruments, documents, conveyances, deeds, releases or other instruments of any kind necessary or convenient to carry out the intention of this Agreement and/or to permit, assist and enable the Executrix to fulfill their duties with reference to the said Estate and all the assets thereof. 7. The parties hereto agree that Inheritance Tax due to the Commonwealth of Pennsylvania be it for probate assets, jointly held property or transfers made within one (1) year of decedent's death, has appropriately been paid out of the decedent's residuary estate. 8. The parties acknowledge that if the Estate held certain personal property items those items have been distributed to the beneficiaries in kind, and that each party accepts the distributions in kind that have been made and, by executing this agreement, hereby releases the property so distributed and the party receiving such property from any claims of the other party. 9. There is no cash reserve being held for this estate. In the event that a debt or tax is properly presented to the Estate for payment ROBERT W. ZUGA Y, CYNTHIA L. BELL, DOUGLAS M. ZUGAY, THOMAS J. ZUGAY and MICHELE M. SCHWARTZ, who are all equal beneficiaries of the Estate, shall be responsible to refund equally such portion of the distribution paid to them which is required to pay said debt or tax. 10. This Agreement shall inure to the benefit of and shall be binding upon, the parties hereto and each of them, their heirs, Executrix, administrators, successors and assigns. IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto have set their respective hands and seals on the dates specified below. IN WITNESS WHEREOF, I ROBERT W. ZUGAY, a beneficiary of the Estate of VILMA E. ZUGAY, do hereby accept the attached Family Settlement Agreement and Statement of Proposed Distribution for the Estate of VILMA E. ZUGAY. RO~~~~~ STATE OF VIRGINIA d :SS COUNTY OF ~ ) (I .( () On this, the 1/\fVl day of ll(tO{ It ,2008, before me, the undersigned officer, personally appeared ROBERT W. ZUGAY, a Beneficiary of the Estate of VILMA E. ZUGAY known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purpose therein contained. IN WITNESS WHEREOF, I have hereunto set my hand and notarial seal. L; )/L. ;/7)~r'S~ Notary Public My Commission Expires: 4.;.-d 30, :2 of d - - - .- -- MELISSA K. MURPHY Notary Public Commonwealth of Vlrgtnla 1030171 Mv CommlsalonExplres Apr 30.2010 . - --- --- "....,..~.~u.'/t -'H..:.,j" q ~)i(lyV"~V ~(:' \" " ~ fit l.ftN. 1\' H ,"............, :\ ,. '" ,,_.<f -- ---, IN WITNESS WHEREOF, I CYNTHIA L. BELL, as Executrix and a beneficiary of the Estate of VILMA E. ZUGAY, do hereby accept the attached Family Settlement Agreement and Statement of Proposed Distribution for the Estate of VILMA E. ZUGAY. " c.--;'" d' ~ () d-v~ CY THIA L. BELL COMMONWEALTH OF PENNSYLVANIA : SS COUNTY OF 'j 0 r< K On this, the ,,"" day of 1~\c;TC-r-) , 2008, before me, the undersigned officer, personally appeared CYNTHIA L. BELL, Executrix and a Beneficiary of the Estate of VILMA E. ZUGAY 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 for the purpose therein contained. IN WITNESS WHEREOF, I have hereunto set my hand and notarial seal. i \. fa '" .\ r- . Il C\. \.;"1' U~,)~./I-<__U Notary Public My Commission Expires: COMMONWEALTH OF P NNSYL'l NotarIal Seal Nadine S. Fn:let, NotaIy Public Newbeny TWp., York CoIJ'lly My CcmmIssIon ExpIres May 23, 2009 Member. Pennsylvania Association of Notaries IN WITNESS WHEREOF, I DOUGLAS M. ZUGAY, a beneficiary of the Estate of VILMA E. ZUGAY, do hereby accept the attached Family Settlement Agreement and Statement of Proposed Distribution for the Estate of VILMA E. ZUGA Y. J~J~~ DO GLAS M. ZUGA COMMONWEALTH OF PENNSYLVANIA COUNTY OF !fJoN-(Wf1t'€"1 4- On this, the / t day of .;rJ,(Jltch ,2008, before me, the undersigned officer, personally appeared DOUGLAS M. ZUGAY, a Beneficiary of the Estate of VILMA E. ZUGAY known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purpose therein contained. IN WITNESS WHEREOF, I have hereunto set my hand and notarial seal. : SS COMMONWEALTH OF PENNSYLVANIA Notarial Seal John D. Hesdon, Notary Public Conshohocken Boro, Montgomery County My Commission Expires Oct. 3. 2009 Member, Pennsylvania Association of Notaries ~AJ~~ ota Public My Commission Expires: ;1J - 3- OJ IN WITNESS WHEREOF, I THOMAS J. ZUGAY, a beneficiary of the Estate of VILMA E. ZUGAY, do hereby accept the attached Family Settlement Agreement and Statement of Proposed Distribution for the Estate of VILMA E. ZUGA Y. ~r"MJ ~\~ o AS J. Z A Y COMMONWEALTH OF PENNSYLVANIA COUNTY OF T)(UpH11'J On this, the ) Bfh day of HClrLh , 2008, before me, the undersigned \ officer, personally appeared THOMAS J. ZUGA Y, a Beneficiary of the Estate of VILMA E. ZUGAY known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purpose therein contained. IN WITNESS WHEREOF, I have hereunto set my hand and notarial seal. : SS ~AJif ANrWll{;1 Notary Publ My Commission Expires: COMMONWEALTH OF PENNSYLVANIA Notarial Seal Margaret A. Strawser, Notary Public City Of HarrIsburg, Dauphin County My Commission Expires Aug. 10,2010 Member, Pennsylvania Association of Notaries IN WITNESS WHEREOF, I MICHELE M. SCHWARTZ, as Executrix and a beneficiary of the Estate of VILMA E. ZUGAY, do hereby accept the attached Family Settlement Agreement and Statement of Proposed Distribution for the Estate of VILMA E. ZUGA Y. k~.-LJ 711Jkoj- MICHELE M. SCHWARTZ COMMONWEALTH OF PENNSYLVANIA COUNTY OF ~ \..1 ~\''() On this, the \~ day of \'\'0.:<(' h , 2008, before me, the undersigned officer, personally appeared MICHELE M. SCHWARTZ, a Beneficiary of the Estate of VILMA E. ZUGAY 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 for the purpose therein contained. IN WITNESS WHEREOF, I have hereunto set my hand and notarial seal. :SS My Commission Expires: COMMONWEALTH OF PENNSYLVANIA Notarial Seal Laurie Shultz, Notary Public Susquehanna T~.. Dauphin County My Commission E>cpires June 29, 2011 Member, P!'~1'3ylvanja4,ssociation of Notaries LAST WILL AND TESTAMENT OF VILMA E. ZUGAY LAW OFFICES MARSHALL &ASSOCIATES 303 ALLEGHENY STREET JERSEY SHORE, PENNSYLVANIA 17740 570-398-7603 CCA-~b,\- "A ~ e@~~ LAST WILL AND TESTAMENT OF VILMA E. ZUGAY I, VILMA E. ZUGAY, currently residing at 2395 Old Trail Road, York Haven, York County, Pennsylvania, 17370, declare that this is my Will and I revoke all other Wills and Codicils which I have made. ARTICLE 1 FAMILY 1.01. IDENTIFICATION OF MY FAMILY. I declare that I am unmarried and that I have five children: ROBERT W. ZUGAY, CYNTHIA L. BELL, DOUGLAS M. ZUGAY, THOMAS J. ZUGAY, MICHELE M. SCHWARTZ. 1.02. DEFINITION OF FAMILY TERMS. As used in this Will, the term "my children" refers only to the above-referenced children set forth in Paragraph 1.01. The term "my children" excludes all other persons. For purposes of inheritance from me, the "children" of an individual shall be interpreted to include persons who have been legally adopted by the individual but shall exclude stepchildren who have not been legally adopted. ARTICLE 2 PAYMENT OF DEBTS AND TAXES 2.01. PAYMENT OF DEBTS. I direct my Executor to pay all of my debts that my Executor in my Executor's sole discretion may allow as claims against my estate. 2.02. PAYMENT OF TAXES. I direct my Executor to payout of the principal of my residuary estate all inheritance, transfer, estate, and similar taxes (including interest and penalties), assessed or payable by reason of my death, on any property or interest in property which is included in my estate for the purpose of computing such taxes. My Executor shall not require any recipient of such property or interest in such property to reimburse my estate for taxes paid under this paragraph. ARTICLE 3 DISTRIBUTION OF ESTATE TO BENEFICIARIES 3.01. DISPOSITION OF PERSONAL EFFECTS. I may leave a separate memorandum, addressed to my Executor, which gives directions to my Executor as to the disposition of certain items of my personal effects. I desire that my Executor distribute those certain items of my personal effects in conformity with that separate memorandum. That separate memorandum shall not have the effect of modifying or revoking this Will. All of my personal effects which are not specified in the separate memorandum, and in the event that I do not leave such a separate memorandum, all of my personal effects I give to my children, to be divided among them in substantially equal shares as they shall agree. If no such agreement is reached within ninety (90) days after my death, then such personal effects shall be divided or sold in such manner as my Executor shall direct. The decision of my Executor in this regard shall be conclusive and binding on all persons interested in my estate. My Executor is authorized to represent minor beneficiaries in regard to any division of my personal effects in accordance with this paragraph. 3.02. DISPOSITION OF RESIDUARY ESTATE. I give all of the rest, residue, and remainder of the property that I own at the time of my death, both real and personal, of every kind and description, wherever situated, to which I may be legally or equitably entitled at the time of my death (my "residuary estate"), in equal shares to my children. In the event that my son, ROBERT W. ZUGA Y, my daughter, CYNTHIA L. BELL, my son, DOUGLAS M. ZUGAY, or my son, THOMAS J. ZUGAY should fail to survive me, I direct that his or her share of my estate shall be paid as an addition to the shares of other beneficiaries of my residuary estate in proportion to their interests in my residuary estate. In the event that my daughter, MICHELE M. SCHWARTZ, should fail to survive me, then her share shall be paid to those of her children who survive me. If my daughter, MICHELE M. SCHWARTZ, should fail to survive me and leave no children who so survive me, then I direct that her share shall be paid as an addition to the shares of other beneficiaries of my residuary estate in proportion to their interests in my residuary estate. 3.03. TRUST FOR BENEFICIARIES WHO ARE UNDER THE AGE OF TWENTY-TWO (22). Any share of my estate which would otherwise pass to any beneficiary who is under the age of twenty-two (22) years of age, shall be held, by my Trustee, hereinafter named, IN TRUST, in accordance with the trust terms hereinafter set forth. The Trustee shall hold the trust assets in separate shares for each of my beneficiaries who are under the age of twenty-two (22) years and administer and distribute each said share as follows: a. Until the beneficiary attains the age of twenty-two (22) years, the Trustee shall pay to or apply for the beneficiary's benefit in quarterly or other convenient installments so much of the net income and, if the net income is insufficient, so much of the principal, up to whole thereof, of the beneficiary's share of the trust estate as the Trustee in the Trustee's sole discretion deems advisable for the beneficiary's proper care, support, maintenance, and education. The Trustee shall accumulate and add to the principal of the beneficiary's share of the trust estate the undistributed portion of any net income of the share at the end of the year. b. When the beneficiary attains the age of twenty-two (22) years, the Trustee shall be required to distribute to such beneficiary all of the balance of his or her share of the trust estate. c. If the beneficiary should die prior to attaining the age of twenty-two (22) years, then on the death of such beneficiary the Trustee shall distribute all of the undistributed balance of the beneficiary's share of the trust estate in accordance with the beneficiary's Will if the beneficiary dies testate or to the heirs-at-Iaw of the beneficiary if the beneficiary dies intestate. 2 ARTICLE 4 FIDUCIARIES 4.01. EXECUTOR. I appoint my daughter, CYNTHIA L. BELL, to be Executor of my estate. In the event that my daughter, CYNTHIA L. BELL, is unable or unwilling to act or continue as Executor, for any reason whatsoever, then I appoint my son, ROBERT W. ZUGA Y, to be Executor of my estate. 4.02. TRUSTEE. I appoint my daughter, CYNTHIA L. BELL, as Trustee of any trust created pursuant to this Will. In the event that my daughter, CYNTHIA L. BELL, is unable or unwilling to act or continue as such, for any reason whatsoever, I appoint my son, ROBERT W. ZUGA V, as Trustee of any trust created pursuant to this Will. 4.03. GUARDIAN OF THE ESTATES OF MINORS. I appoint my daughter, CYNTHIA L. BELL, to be Guardian of the Estate for any minor beneficiaries of my estate. In the event that my daughter, CYNTHIA L. BELL, is unable or unwilling to act or continue as such, for any reason whatsoever, I appoint my son, ROBERT W. ZUGA Y, to be Guardian. Appointment as a Guardian of the Estate of a minor under this Will shall include guardianship of the proceeds of any life insurance on my life payable to such minors and any other property, rights, or claims which passes to a minor, either under this Will or otherwise, with respect to which I am authorized to appoint a Guardian and have not otherwise specifically done so. The Guardian shall have the power to use principal as well as income from time to time for the minor's support and education (including college education, both graduate and undergraduate) without regard to his or her parent's ability to provide for such support and education, or to make payment for these purposes, without further responsibility, to the minor or to the minor's parents or to any person taking care of the minor. 4.04. WAIVER OF BOND. None of the Executors, Guardians, or other Fiduciaries named in this Will shall be required to furnish bond for the faithful performance of his or her duties. ARTICLE 5 POWERS OF FIDUCIARIES 5.01. POWERS OF FIDUCIARIES. My Executors, Trustees, Guardians and their successors (hereafter sometimes jointly referred to in the singular as the "Fiduciary"), shall have the following powers in addition to those vested in them by law and by other provisions of my Will, applicable to all property, whether principal or income, including property held for minors, exercisable without court approval, and effective until actual distribution of all property: a. To retain and continue to hold any or all of the assets of my estate, real or personal, including any shares of stock or other securities I may own without restrictions to investments authorized for Fiduciaries, as they deem proper, without regard to any principle of diversification or risk. b. To invest in all forms of real and personal property (including, without limitation, stock, option, or other securities, common trust funds, and mortgage investment funds), without 3 restriction to investments authorized for Fiduciaries, as the Fiduciary shall deem proper, without regard to any principle of diversification or risk. c. To sell at publ ic or private sale, to exchange, or to lease for any period of time, any real or personal property and to give options for sales, exchanges or leases, with such prices and upon such terms or conditions as the Fiduciary deems proper. d. To allocate receipts and expenses to principal or income or partly to each as the Fiduciary from time to time thinks proper. e. To borrow from, or to sell to, any of my Fiduciaries even though the Fiduciary is my Trustee, Executor, or Guardian. f. To exercise any law-given option to treat administrative expenses either as income or as estate tax deductions, without regard to whether the expenses were paid from principal or income. g. To exercise, respecting securities held by my estate or any trust or guardianship estate, all the rights, powers, and privileges of an owner, including, without limitation, the power to vote, give proxies, and to pay assessments and other sums deemed by the Fiduciary to be necessary for the protection of the estate. h. To continue and operate, to sell or to liquidate, as the Fiduciary deems advisable, at the risk of the estate, any business or partnership interests received by my estate or any trust or guardianship estate. i. To sell for cash or on deferred payments at public or private sale, to exchange, and to convey any property of the estate. j. On any division of an estate into separate shares or trusts, to apportion and allocate the assets of the estate in cash or in kind, or partly in cash and partly in kind, or in undivided interests in the manner deemed advisable in the discretion of the Fiduciary; after any division of the estate, the Fiduciary may make joint investments with funds from some or all of the several other shares or trusts, but the Fiduciary shall keep separate accounts for each share or trust. k. To abandon any asset or interest therein in the discretion of the Fiduciary. I. To lease any real or personal property of an estate for any purpose for terms within or extending beyond the duration of the estate. any estate. m. To manage, control, improve, and repair real and personal property belonging to n. To employ attorneys, investment advisers, accountants, brokers, tax specialists, and any other agents deemed appropriate in the discretion of the Fiduciary, including persons associated 4 with or employed by any Fiduciary, and to pay from the estate reasonable compensation for all services performed by any of them. o. To procure and carry at the expense of the estate or trust insurance of the kinds, forms, and amounts deemed advisable by the Executor or the Trustee against any hazard. p. To compromise, submit to arbitration, release with or without consideration, or otherwise adjust claims in favor of or against any estate; to commence or defend litigation affecting the estate or any property thereof as deemed advisable by the Fiduciary. q. To pay all taxes, assessments, compensation of the Fiduciary, and all other expenses incurred in the collection, care, administration, and protection of the estate. r. To do all the acts, to take all the proceedings, and to exercise all the rights, powers and privileges which an absolute owner or the property would have, subject always to the discharge of Fiduciary obligations; the enumeration of certain powers in this Will shall not limit the general or implied powers of the Fiduciary and the Fiduciary shall have all additional powers that may now or hereafter be conferred by law or that may be necessary to enable the Fiduciary to administer the estate in accordance with the provisions of this Will, subject to any limitations specified in this Will. ARTICLE 6 MISCELLANEOUS PROVISIONS 6.01. MISCELLANEOUS PROVISIONS. a. As long as any income or principal to which any beneficiary under my Will may be entitled remains in the possession of my Fiduciaries and is not actually distributed to the beneficiary, such income or principal shall not be subject to anticipation or alienation by the beneficiary, by assignment, or by any other means (except as specifically authorized herein), and it shall be free and clear of the beneficiary's debts and obligations and shall not be taken, seized, or attached by any process whatsoever. b. No person dealing with my Fiduciaries shall be bound to see to the application of any purchase money or other consideration or to inquire into the validity, necessity, or propriety of any transaction to which my Fiduciaries may be a party. c. Whenever appropriate in this Will, the singular shall be deemed to include the plural and vice versa; and the masculine shall be deemed to include the feminine, and vice versa, and each of them to include the neuter, and vice versa. d. For all purposes hereunder, the word "property" shall be deemed to include real and personal property and any interest of any kind in any real or personal property; the word "estate" shall be taken to include probate, trust, and guardianship estates and any of them, and the word "give" shall be taken to include the words "devise" and "bequeath" wherever appropriate in order to effectuate the testamentary transfer of real or personal property. 5 e. For all purposes hereunder, the terms "Executors," "Trustees," "Guardians," and "Fiduciaries," and the singulars thereof, shall apply, respectively, to those who are then entitled and qualified to act as such, whether originally appointed, remaining, substituted, or succeeding. 6.02. FORM OF DISTRIBUTIONS. If my Executor or other Fiduciary is at any time required to make any distribution to a beneficiary who is a minor, or is an incapacitated person, or is a person whom the Fiduciary in his or her or their sole discretion deems unable to handle funds properly or wisely if paid directly to the beneficiary, the Executor or other Fiduciary in his or her or their sole discretion may make payments in anyone or more of the following ways: a. Directly to the beneficiary, or to the duly appointment agent under power of attorney for the beneficiary; b. To the natural Guardian or legally appointed Guardian of the Person or Estate of the beneficiary; c. By making expenditures directly for the care, support, maintenance, or education of the beneficiary; d. To any person or organization furnishing care, support, maintenance, or education for the beneficiary; e. To any custodial parent of a minor beneficiary; f. Directly to creditors in payment of the debts and expenses of the beneficiary; g. To a custodian for the beneficiary under any law related to gifts or transfers to minors, including to my Executor in that capacity. The Executor or other Fiduciary shall not be required to see to the application of any funds paid or applied in any of the aforementioned ways and the receipt of the payee shall be full acquittance. The decision of the Executor or other Fiduciary with regard to the selection of which of the aforementioned methods should be used in making payments shall be conclusive and binding on all parties concerned. The Executor or other Fiduciary is hereby authorized to retain and hold and manage assets for such reasonable period of time as may be required to facilitate distributions to or for the benefit of a beneficiary pursuant to this Article of my Will. Provided, however, the Executor or other Fiduciary shall not exercise the powers granted in this Article of my Will in any manner which would result in disallowance of a marital deduction for inheritance or federal estate tax purposes with regard to any share of my estate to be distributed to my spouse. 6.03. TERMINATION WHEN CONTINUATION UNECONOMIC. Should the principal of any trust created herein become so small, in the Trustee's sole discretion, as to make continuance of the trust uneconomic or inadvisable, the Trustee may make immediate distribution of the then remaining principal and any accumulated or undistributed income outright to the person or persons and in the proportions 6 . . then entitled to income. Upon such termination, the rights of all persons who might otherwise have an interest as succeeding income beneficiary or in remainder shall cease. If any person entitled to receive distribution is a minor, or is under the age of 21 years, or is incapacitated, the Trustee may, at the Trustee's option and in the Trustee's sole discretion, pay the fund to the parent or Guardian of the beneficiary, or, with respect to a minor, the Trustee may deposit the funds in a savings fund account in the minor's name payable to the minor at majority, or, with respect to a person underthe age of21 years, the Trustee may make a transfer to a custodian for the beneficiary acting pursuant to the Pennsylvania Uniform Transfers to Minors Act (Title 20 Pennsylvania Consolidated Statutes, Chapter 53) or the similar law of another state to be held by the custodian for the beneficiary pursuant to the terms of said Act. IN WITNESS WHEREOF, I have hereunto set my hand and seal this 11th day of February, 2002. .:1[ /' , ;/1) cI CJ /-( ~ - ~/~ VILMA E. ZUGA Y (d- Signed, sealed, published, and declared by the above-named, VILMA E. ZUGAY (the "Testator"), as and for the Testator's Last Will in the presence of us and each of us, who, at the Testator's request and in the Testator's presence and in the presence of each other, have hereunto subscribed our names as witnesses thereto the day and year last above written. residing at 1537 Oakmont Drive Williamsport. PA 17701 SA~At.l at ~~ residing at 2104 Royal Avenue Williamsport. PA 17701 7 COMMONWEALTH OF PENNSYLVANIA : SS COUNTY OF L YCOMING I, VILMA E. ZUGAY, Testator whose name is signed to the foregoing instrument, having been duly qualified according to law, do hereby acknowledge that I signed and executed the instrument as my Last Will; that I signed it willingly; and that I signed it as my free and voluntary act for the purposes therein expressed. 1747~<LA ~ VILMA E. ZUGAv ~ C0. -d~)- Sworn to and subscribed before me by VILMA E. ZUGAY, the Testator, this 11th day of February, 2002. Q Tl:l fZf (1\A),. I'VA Notary Public NOT ARIAt SEAL J[ PATTI JO TURNEfl, NOfARY PUBLIC RSEY SHOfIE BORO, LYCOMING CO PA MY COMMISSION EXPIRES MAY 13, iooi COMMONWEALTH OF PENNSYLVANIA : SS COUNTY OF L YCOMING We, JEFFREY A. MARSHALL and SUSAN A. HAGEMEYER, the witnesses whose names are signed to the foregoing instrument, being duly qualified according to law, do depose and say that we were present and saw the Testator sign and execute the instrument as the Testator's Last Will; that the Testator signed willingly and executed it as the Testator's free and voluntary act for the purpose therein expressed; that each of us in the hearing and sight of the Testator signed the Will as witnesses; and that to the best of our knowledge the Testator was at that time 18 or more years of age; of sound mind and under no constraint or undue influence. Sworn to and subscribed before me by JEFFREY A. MARSHALL and SUSAN A. HAGEMEYER, witnesses, this 11 th day of February, 2002. .L~~ Q., -# ~~ YOCt\I ~^ ^ ruA Notary Public NOTARII\L. SEAL PATTI JO TUHNIR, NOTARY PUBLIC JERSEY SHORE flORO, lYCOMING CO, PA MY COMMISSION EXPII~IS MAY 13. ?om 8 VILMA-E. ZUGAY ESTATE FAMILY SETTLEMENT AGREEMENT CALCULATIONS ASSETS M& T Bank' liauidation account $1,402.79 HM Benefits Administrator; refund unearned premium $272.82 West Shore ALS' refund $250.00 Verizon; refund $22.33 Computershare Shareholder Services; Iiauidation stock $3 820.79 Comcast Financial Aaencv Cable; refund $17.02 US Treasurv: tax refund on 2005 return $250.00 Met Life; dividend $21.83 State Farm Ins Co.' refund on homeowner's insurance $61.49 Anthem; payments for medical care $1,347.89 State Farm Ins Co.' refund on auto insurance $99.25 Met Life; liauidation stock $2,359.08 US Treasury: tax refund on 2006 return $30.00 PA Dept of Revenue; refund on inh tax return $8.88 TOTAL ASSETS $9,964.17 $9,964.17 EXPENSES The Sentinel; prepayment reauired for estate adv. $137.03 Pulmonary and Critical Care; balance due $27.50 Mobile X-Rav Imaaina; balance due $40.57 Jav R. Gerber' fee for prep of 2006 income tax return $35.00 West Shore ALS; 3/7/06 ambulance service $74.26 Physicians of Rehab Indus and Soine; balance due $99.83 Familv Phvsician Associates; balance due $24.69 Central Medical Eauipment: balance due $21.07 Quantum Imaaina & Therapeutic; balance due $51.33 Burick Azizkhan Internal Medicine' balance due $119.87 Cardiovascular Surgical; balance due $14.18 Internists of Central Pa; balance due $335.60 Associated Cardioloaists; balance due $5.28 Todd M. Pelleschi DPM' balance due $13.97 Charles Inners MD; balance due $206.01 Moffitt Heart & Vascular Group: balance due $33.44 Spirit Phvsicians Services; balance due $98.25 West Shore ALS' 4/7/06 ambulance service $46.79 Cumberland Countv ROW; fHina fee inh tax return $30.00 Cumberland Countv ROW; fHina fee Familv Settle Aat $20.00 Cumberland Countv ROW; inh tax due $7,056.92 Marshall Parker & Assoc' fee for olannina meetina $250.00 Marshall, Parker & Assoc; costs reimbursed $402.03 Pa Dept of Revenue: tax due on 2006 fiduciary return $7.00 Schaeffer, Jones, Eichner & Waaner; fee fiduciary return $300.00 TOTAL EXPENSES $9,450.62 -$9,450.62 BALANCE AVAILABLE FOR DISTRIBUTION $513.55 PROPOSED DISTRIBUTION: Robert Zuaav $102.71 Cynthia Bell $102.71 Doualas Zuaav $102.71 Thomas Zuaay $102.71 ey.~b)\-- /. 2> I, Michele Schwartz $102.71 TOTAL DISTRIBUTION -$513.55