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HomeMy WebLinkAbout09-18-08 (2)-~~ ~~~-~~~la- r•.a ~~~ FAMILY SETTLEMENT AGREEMENT ~ o ~, F ~ `~ IN THE ESTATE OF FREDITH E. SHAW, DECEASS~ ~ ~- ~' ~ _. :~n~~ t AGREEMENT executed this ~ day of S~~c-r,, 5 er ~ ~4~8; byMrand _ ~ , :, - ~ ~ ~,,:~ ,.; between NANCY S. TRITT, Executrix of the Estate of FREDITH E. SHA W,~eceased, .~md `~ ~ ~ ` , NANCY S. TRITT and LINDA L. JACOBY, heirs and beneficiaries of the Estate of FREDITH E. SHAW. WHEREAS, FREDITH E. SHAW, late of West Pennsboro Township, Cumberland County, Pennsylvania, died on December 28, 2007, having left a Last Will and Testament dated March 1, 2005. WHEREAS, on January 22, 2008, the Register of Wills in and for the County of Cumberland, Commonwealth of Pennsylvania, did constitute and appoint NANCY S. TRITT, as Executrix of the Estate of FREDITH E. SHAW, in Estate Number 21-08-0072 upon the probating of the aforesaid Last Will and Testament, and WHEREAS, the Executrix has proceeded with the administration of said Estate consisting of assets in the amount of $485,598.74, plus non-probate assets of $684,595.58, plus interest of $876.30, less losses of $9,985.40, less disbursements in the amount of $76,544.58, and less in-kind distributions of non-probate assets in the amount of $684,595.58, and less interim disbursements to beneficiaries of $350,000.00 leaving a principal balance on hand of $49,935.06, as set forth in the First and Final Account, a true and correct copy is attached hereto and made part hereof as Exhibit "A", and WHEREAS, the only party in interest in said Estate are the above-named parties, and WHEREAS, said parties in interest desire that the Executrix shall not be required to file an Account with the Orphan's Court of Cumberland County, Pennsylvania, and that the net estate of the decedent shall be distributed without the necessity of filing a formal Account to avoid the expense, delay and publicity of a formal accounting, but should instead be distributed in accordance with the Executrix's Proposed Schedule of Distribution, a true and correct copy of which is attached hereto and made a part hereof as Exhibit "B". .. (~ NOW THEREFORE, in consideration of the mutual promises, covenants and agreements recited herein, the above-named heirs and beneficiaries of the Estate of FREDITH E. SHAW do hereby mutually agree as follows: 1. The parties hereto, and each of them, agree and acknowledge that they have fully and carefully examined the First and Final Account of NANCY S. TRITT, Executrix for the Estate of FREDITH E. SHAW, deceased, and Proposed Schedule of Distribution relating thereto, and find them 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 Family Settlement and Final Release and of said Account and Proposed Schedule of Distribution. 2. The parties hereto hereby agree that in order to avoid the expense, delay and publicity involved in the filing of a formal Account and Schedule of Distribution, no accounting to the Court is necessary and we do hereby agree that we do consent to distribution being made without the filing of an Account and Schedule of Distribution, the same to be with the same force and effect as if they had been filed and confirmed by the Orphan's Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania. 3. The parties hereby remise, release, quitclaim and forever discharge the Estate of FREDITH E. SHAW, and NANCY S. TRITT, Executrix, her heirs, Executors, administrators and assigns, from all manner of acts, suits, claims, accountings, debts and demands whatsoever which we or any of us or our legal representatives or assigns may at any time hereafter have against said Executrix, estate, or assets thereof, touching or concerning the Estate of the Decedent. 4. The parties hereto covenant and agree that they will contribute their share of the Estate to satisfy all claims, debts, demands, suits or cause of action which may be successfully brought against the Estate or the Executrix after the execution of this Family Settlement and Final Release. 5. The parties hereto hereby agree that they will at all times in the future and wherever necessary, appropriate or convenient, made, execute and deliver to said Executrix, and/or to the other party or persons, any and all instruments, documents, conveyances, deeds, releases or other instruments of any kind necessary or convenient to carry out the intention of this Family Settlement and Final Release. 6. This Family Settlement and Final Release constitutes the entire understanding among the parties hereto, and each of them acknowledges that no representations or statements of any kind, written or oral, have been made to them or any of them prior hereto by the Executrix or any other person or party upon her behalf. 7. This Family Settlement and Final Release shall inure to the benefit and shall bind the parties hereto, and each of them, their heirs, Executors, administrators, successors and assigns. 8. This Family Settlement and Final Release shall be governed by the laws of the Commonwealth of Pennsylvania. IN WITNESS WHEREOF, the parties hereto have hereunto set their respective hands and seals the day and year first above written. Date NANCY S. RITT Executrix ~~ ~ ~• ~~ Date NANCY S. RITT Individually as heir and beneficiary 1a ~ , ,~. , Date LINDA L. JACD Y Individually as heir and bene ciary % ~ FIRST AND FINAL ACCOUNT OF NANCY S. TRITT, EXECUTRIX OF THE ESTATE OF FREDITH E. SHAW, Deceased Date of Death: December 28, 2007 Date of Executrix' Appointment January 22, 2008 Accounting for the Period of January 22, 2008 to September 9, 2008 Purpose of Account: NANCY S. TRITT, Executrix of the Estate of FREDITH E. SHAW, offers this Account to acquaint interested parties with the transactions that have occurred during her administration of the Estate for the accounting period indicated above. The Account also indicates the proposed distribution of the Estate. It is important that the Account be carefully examined. Request for additional information or questions or objections can be discussed with: Bradley L. Griffie, Esquire GRIFFIE & ASSOCIATES 200 North Hanover Street Carlisle, PA 17013 (717) 243-5551 (800) 347-5552 EXHIBIT "A" SUMMARY OF ACCOUNT Principal -Total Assets $1,161,085.22 Less Disbursements of Principal (-) 76,554.58 Non-probate assets previously distributed (-) 684,595.58 Interim Disbursement of Heirs (-) $350,000.00 TOTAL Cash Available for Distribution $49,935.06 RECEIPTS OF PRINCIPAL REAL ESTATE 31 Mount Rock Road Newville, Cumberland County, PA ...................... $ 166,900.00 SUBTOTAL ..............................................................$166,900.00 STOCKS and BONDS 1. Prudential Financial, Inc ..............................$24,239.32 Account No. 00028593911 262 Shares at $92.86 per share 2. Thrivent Financial for Lutherans..................... 42127.20 Thrivent Investment Management $1,587.098 shares at $26.53 per share SUBTOTAL ............................................................... $66,366.52 CASH and BANK ACCOUNTS 1. Orrstown Bank Certificate of Deposit # 146000952 .............$36,635.09 2. Orrstown Bank Certificate of Deposit # 4000020110............ $72,155.77 3. Orrstown Bank Certificate of Deposit # 4000020 1 1 2............ $30,312.44 4. Adams County National Bank Checking Account No. 129461 ...................$ 6,319.04 5. Adams County National Bank Certificate of Deposit # 165183 ....................$22,194.53 6. Adams County National Bank Certificate of Deposit # 165182 .....................$22,261.42 7. Adams County National Bank Certificate of Deposit # 165220 ....................$44,794.91 SUBTOTAL ......................................................... $234,673.20 PERSONAL PROPERTY 1. Household furnishings (auctioned) .............$16,875.50 SUBTOTAL ................................................ $16,875.50 ADDITIONAL RECEIPTS 1. Embarq refund ...............................$7.07 2. Comcast refund ..............................$17.74 3. Continental General Insurance .............$35.60 Premium Refund 4. Erie Insurance Home Owners refund......$71.00 5. Tax proration at Real Estate Settlement... $481.73 6. Thrivent Financial for Lutherans ............... $170.38 Annuity payment. SUBTOTAL ..................................................... $783.52 TOTAL PRINCIPAL of probate Estate before adjustments...........$485,598.74 NON-PROBATE ASSETS ATTRIBUTABLE TO ESTATE 1. Jackson National Life Ins. Co ..................$49,739.17 2. New York Life Annuity .................. ....$70,216.45 Policy Number 52126269 3. A.I.G. Life Companies (U.S.) ............. ...$59,308.26 Annuity Policy No. 70001515960 4. Allstate Life Insurance Company ..............$101,155.52 Annuity Contract No. GA 0838572 5. Prudential Financial .............................. $38,653.93 Annuity Contract No. A2013149 6. Thrivent Financial for Lutherans ................$19,045.28 Annuity Contract No. 3834608 7. Thrivent Financial for Lutherans ............ . .. $13,434.59 Annuity Contract No. 9146774 8. Cash transferred to daughter ....................$12,000.00 Linda L. Jacoby on December 21, 2007 9. Cash transferred to daughter ....................$12,000.00 Nancy S. Tritt on December 17, 2007 10. Pruco Securities Account .......................$154,528.89 Account No. 5822-1610 Made joint with daughter Nancy S. Tritt on March 14, 2007 11. Pruco Securities Account ........................$154,513.49 Account No. 5347-0467 Made joint with daughter Linda L. Jacoby on March 14, 2007 SUBTOTAL ...........................................................684,595.58 GAINS AND LOSSES ON SALES AND OTHER DISTRIBUTIONS GAINS: Post death accrued interest Orrstown Certificates of Deposit .............................. $100.87 Orrstown Checking ..............................................$107.49 Adams County National Accounts ............................ 667.94 SUBTOTAL $876.30 LOSSES: Post death checks processed Adams County National Accounts ...........................(-)$ 491.36 Stocks and Bonds liquidation losses Prudential ......................................................... (-)$4,049.17 Thrivent ......................................................... ~ , .( $5,444.87 SUBTOTAL (-) $9,985.40 NET ADJUSTMENT FOR GAINS AND LOSSES .................(-)$9,109.10 Total principal of Estate with all adjustments ............................$1,161,085.22 DISBURSEMENTS OF PRINCIPAL Orrstown Bank Account No. 108006995 DEBTS OF DECEDENT PP&L Electric Utilities .......................................................... $ 44.25 Masland Associates ................................................................ $ 25.00 Newville Water & Sewer ....................................................... $ 99.35 Erie Insurance Group ............................................................. $ 41.00 Greenridge Village ................................................................. $1,023.14 United States Treasury ........................................................... $1,263.00 Pennsylvania Department of Revenue ................................... $ 176.45 SUBTOTAL :.................................................$ 2,672.19 FUNERAL EXPENSES Egger Funeral Home, Inc ....................................................... $ 773.78 SUBTOTAL :................................................ $ 773.78 ADMINISTRATION EXPENSES 1. Attorney's fees to GRIFFIE & ASSOCIATES .................... $ 4,000.00 2. Probate Fees .......................................................................... $ 700.00 3. PP&L Electric Utilities ......................................................... $ 18.10 4. Advertising -The Sentinel ................................................... $ 150.64 5. Advertising -Cumberland Law Journal ............................... $ 75.00 6. Bank fees on estate account .................................................. $ 61.31 7. PPL Electric Utilities ............................................................ $ 27.32 8. Realtor's Commission .......................................................... $10,014.00 9. Notary Fees ........................................................................... . $ 10.00 10. Realty Transfer Tax .............................................................. $ 1 ,669.00 11. Newville Water & Sewer ...................................................... . $ 67.00 12. Realtor Transaction Fee ........................................................ $ 125.00 13. Seller Contribution to Buyers closing costs .......................... $ 1,000.00 14. Real Estate Taxes (Preparation) ............................................. $ 51.72 15. Auction costs ......................................................................... $ 5,922.65 16. Pennsylvania State Employees Retirement System Refund . $ 375.08 SUBTOTAL: $ 24,266.82 TAXES Pennsylvania Inheritance Tax $51,412.41 Less Discount (-) $2,570.62 SUBTOTAL: $48,841.79 TOTAL DISBURSEMENTS OF PRINCIPAL $76,554.58 NON-PROBATE ASSETS PREVIOUSLY DISTRIBUTED 1. Jackson National Life Ins. Co ........................................... $ 49,9739.17 Annuity Policy No. 0059281420 2. New York Life .................................................................... $ 70,216.45 Annuity Policy No. 52126269 3. AIG Life Companies (U.S.) ................................................ $ 59,308.26 Annuity Policy No. 70001515960 4. Allstate Life Insurance Company ...................................... $101,155.52 Annuity Contract No. GA 0838572 5. Prudential Financial ............................................................ $ 38,653.93 Annuity Contract No. A2013149 6. Thrivent Financial for Lutherans ........................................ $ 19,045.28 Annuity Contract No. 3834608 7. Thrivent Financial for Lutherans ........................................ $ 13,434.59 Annuity Contract No. 9146774 8. Cash transferred to daughter . .............................................. $ 12,000.00 Linda L. Jacoby on December 21, 2007 9. Cash transferred to daughter . .............................................. $ 12,000.00 Nancy S. Tritt, on December 17, 2007 10. Pruco Securities Account -Account No. 5822-1610 ........ $154,528.89 Made joint with daughter Nancy S. Tritt on March 14, 2007 11. Pruco Securities Account -Account No.5347-0467...... $154,513.49 Made joint with daughter Linda L. Jacoby on March 14, 2007 SUBTOTAL: INTERIM DISBURSEMENTS TO BENEFICIARIES 1. Linda L. Jacoby 2. Nancy S. Tritt TOTAL DISBURSEMENT AND DISTRIBUTIONS Total Principal of Estate with Adjustments Total Disbursements and Distributions Net available estate assets $684,595.58 $175,000.00 $175,000.00 $350,000.00 $1,111,150.16 $1,161,085.22 $1,111,150.16 $49,935.06 PROPOSED SCHEDULE OF DISTRIBUTION Assets for Distribution Cash on Hand ....................................................................... $49,935.06 TOTAL: $ 49,935.06 Net Cash on Hand Distributed as Follows: Nancy S. Tritt ....................................................................... $24,967.53 Linda L. Jacoby .................................................................... $24,967.53 TOTAL CASH DISBURSEMENT: $ 49,935.06 EXHIBIT "B"