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Home My WebLink About06-27-08 (2)IN THE ORPHANS' COURT DIVISION OF THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA ESTATE OF DOUGLAS T. BEEBE, DECEASED No. 20(17-0(1603 APPROVAL OF ACCOUNT, WAIVER, RECEIPT, RELEASE, AND AGREEMENT OF INDEMNITY The circumstances leading up to the execution of this instrument are as follows: 1. Douglas T. Beebe died on June 1, 2007, without a Will. 2. Letters of Administration were granted to Lisa C. Jennings and Jonathan G. Beebe by the Register of Wills of Cumberland County on July 19, 2007. 3. It is the desire of the Douglas T. Beebe 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-Administrators are willing to make such distribution upon the execution of this instrument. 4. An account of the administration of the Estate of Douglas T. Beebe has been prepared by the Co-Administrators. 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 ~.~ E~_ <__~ ~::.~ o~';fihe Est at~and the attached schedule of distribution; that he/she finds them to be true and t.1 ~ . .-. Cti3 ~ f1 -_ ,~` s'- - ' ! '-~ ~ ` - , iii s N 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-Administrators 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-Administrators 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-Administrators 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 Lisa C. Jennings and Jonathan G. Beebe, individually and in his/her capacity as Co- Administrator, from any and all actions, suits, payments, accounts, reckonings, liabilities, claims and demands relating in any way to the administration of the Douglas T. Beebe Estate; -2- G. Agrees to indemnify and hold harmless, to the extent of the funds received by him/her hereunder, Lisa C. Jennings and Jonathan G. Beebe, individually and in his/her capacity as Co-Administrator, 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-Administrators' 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 limited to, any liability for 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: ~~Z~f D8 DATE DATE (Seal) LISA C. JE NINGS JONATHAN G. BEEBE -3- (Seal) G. Agrees to indemnify and hold harmless, to the extent of the funds received by him/her hereunder, Lisa C. Jennings and Jonathan G. Beebe, individually and in his/her capacity as Co-Administrator, 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- Administrators' 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 limited to, any liability for 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: LISA C. JENNINGS Seal) DATE ~~~~/b8 DATE THAN G. BEEBE -3- (Seal) BEFORE THE REGISTER OF WILLS, CUMBERLAND COUNTY, PENNSYLVANIA No. 2007-00603 FIRST AND FINAL ACCOUNT OF LISA C. JENNINGS and JONATHAN G. BEEBE, Co-Administrators For ESTATE OF DOUGLAS T. BEEBE, Deceased Date of Death: June 1, 2007 Date of Co-Administrators' Appointment: July 19, 2007 Accounting for the Period: July 19, 2007 to June 23, 2008 PURPOSE OF ACCOUNT: Lisa C. Jennings and Jonathan G. Beebe, Co- Administrators, offers 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 SUMMARY OF ACCOUNT Fiduciary Current Acquisition Page Value Value Proposed Distribution to Beneficiaries 9 $21, 863.75 PRINCIPAL Receipts 2-3 $308,867.79 Net Gain on Sales or Other 4 6,597.40 Dispositions Less Disbursements Debts of Decedent 5 $7,683.01 Funeral Expenses 5 1,744.71 Administration Expenses 5-6 4,378.01 Federal and State Taxes 6 27,674.11 Fees and Commissions 6 7,500.00 48,979.84 Principal Balance on Hand $266,485.35 INCOME Receipts 7 $5,567.88 Income Balance on Hand 5,567.88 Balance Before Distributions $272,053.23 Distributions to Beneficiaries 8 250,189.48 Combined Balance on Hand $21,863.75 RECEIPTS OF PRINCIPAL Assets Listed in Inventory: (Value as of Date of Death) Cash and Bank Deposits: PSECU checking acct. -share 04 PSECU savings acct. -share O1 Vanguard Money Market Prime TD Bk. money market account PNC checking acct. #50-7001-1744 Cash in possession of Decedent Columbia Acorn class action settlement proceeds Tangible Personal Property: 1996 BMW 528Si Dell Laptop Household items Wedding ring Power tools HP B/W laser printer $82.82 44.31 53,069.00 12,672.00 255.86 100.00 161.86 $5,000.00 300.00 300.00 25.00 25.00 100.00 $66,385.85 $5,750.00 2 Stocks and Bonds: Columbia Acorn Int'1 Fund Vanguard Health Care Fund Mairs & Power Gr. Fund 150 shares BP 400 shares Eagle Bulk Shipping 500 shares General Electric 1,000 shares Knight Transport 600 shares Commerce Bancp. $67,783.52 41,370.48 46,842.56 10,141.50 8,976.00 18,725.00 19,060.00 20,856.00 $233,755.06 Refunds• Comcast refund $6.15 State Farm refunds 107.94 EZ Pass refund 16.79 $130.88 TOTAL ASSETS LISTED IN INVENTORY: Receipts Subsequent to Inventory (Valued When Received) 2007 federal tax refund 2007 federal tax stimulus check TOTAL RECEIPTS OF PRINCIPAL: $2,246.00 600.00 $306,021.79 $308,867.79 3 GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS Liquidation of Columbia Acorn Int'1 Fund Net Proceeds $70,729.02 Fiduciary Acquisition 67,783.52 $2,945.50 Liquidation of Mairs & Power Gr. Fund Net Proceeds $48,017.76 Fiduciary Acquisition 46,842.56 1,175.20 Liquidation of 500 shares General Electric Net Proceeds $16,254.91 Fiduciary Acquisition 18,725.00 (2,470.09) Liquidation of 1,000 shares Knight Transport Net Proceeds $17,959.90 Fiduciary Acquisition 19,060.00 (1,100.10) Liquidation of 150 shares BP Net Proceeds $10, 804.94 Fiduciary Acquisition 10,141.50 663.44 Liquidation of 400 shares Eagle Bulk Shipping Net Proceeds $13,889.93 Fiduciary Acquisition 8,976.00 4,913.93 Liquidation of 600 shares Commerce Bancp. Net Proceeds $21,325.52 Fiduciary Acquisition 20,856.00 469.52 TOTAL GAIN: $6,597.40 4 DISBURSEMENTS OF PRINCIPAL Debts of Decedent: Loyalton of Creekview (June rent) $593.00 State Farm Insurance (car & renters ins.) 334.20 West Shore Ambulance 642.11 Pinnacle Health 111.30 Omnicare Pharmacy 129.79 Chase Credit Card 40.00 Lincare (oxygen) 15.00 Pinnacle Health Hospitals (medication) 15.00 Verizon Wireless 21.03 Verizon 9.03 DCM Services (collection agent for 1,739.67 Citibank and AT&T credit cards) US Treasury (2006 federal 3,152.90 income taxes) PA Department of Revenue 525.72 (2006 state income taxes) PA Department of Revenue 285.00 (2007 state income taxes) West Shore Tax Bureau 69.26 $7,683.01 (20071oca1 income taxes) Funeral Expenses: Neill Funeral Home $470.00 Pealers Flowers 94.29 Patriot News (obituary) 169.49 JDK Catering (memorial service) 986.81 Staples (supplies for memorial service) 24.12 $1,744.71 Administration Expenses: Probate Fees $452.00 Smart Move Makers (moving & cleanup) 695.00 Christian Baker Co. 3,000.00 (Administrator's bond) Cumberland Law Journal 75.00 (advertisement of grant of letters) 5 Patriot News (advertisement of 114.30 grant of letters) Postage, photocopies, mileage, etc. 31.71 Reserve for Filing of Account 10.00 Federal and State Taxes: PA Inheritance Tax $27,134.50 2007 federal fiduciary taxes 313.10 2007 state fiduciary taxes 126.51 Reserves for 2008 fiduciary taxes 100.00 Fees and Commissions: Debra K. Wallet, Esq. -Atty. fees $4,378.01 $27,674.11 $7,500.00 6 RECEIPTS OF INCOME Interest 06/07-08/07 PSECU interest 06/07-05/08 TD Bk. money mazket interest Stock Income and Dividends 2007 YTD 2008 YTD TOTAL RECEIPTS OF INCOME: $0.18 463.37 $1,456.06 3,648.27 $5,567.88 7 DISTRIBUTION TO BENEFICIARIES TO: Lisa C. Jennings 60 Main Street Exeter, NH 03833 1/a of Vanguard Accounts $47,219.74 Cash distribution 75,000.00 '/a of household items 150.00 1996 BMW 528Si 5,000.00 Dell Laptop 300.00 Wedding ring 25.00 HP B/W laser printer 100.00 $127,794.74 Jonathan G. Beebe 79 Ridgewood Avenue Glen Ridge, NJ 07028 1/z of Vanguard Accounts $47,219.74 Cash distribution 75,000.00 1/z of household items 150.00 Power tools 25.00 $122,394.74 TOTAL DISTRIBUTION TO BENEFICIARIES: 8 $250,189.48 PROPOSED DISTRIBUTION TO BENEFICIARIES TO: Lisa C. Jennings $8,231.88 60 Main Street Exeter, NH 03833 Jonathan G. Beebe 13,631.87 79 Ridgewood Avenue Glen Ridge, NJ 07028 TOTAL PROPOSED DISTRIBUTION TO BENEFICIARIES: $21,863.75 9