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HomeMy WebLinkAbout11-19-08 (2)IN THE MATTER OF THE TRUST AND ESTATE OF ETTA L. PORT, DECEASED REGISTER OF WILLS IN AND FOR CUMBERLAND COUNTY, PENNSYLVANIA File No. 2007-QD6-?T ~ ~(- FAMILY TRUST AND ESTATE SETTLEMENT AGREEMENT THIS AGREEMENT, made this 1 ~ ~ day of ~(av c,-~, ~ e ~ 2008, WITNESSETH: THE CIRCUMSTANCES leading up to the execution of this Agreement aze as follows: Etta L. Port (the "Decedent"), a widow, died testate on December 8, 2006, and Patrick Port, Trustee of the Etta L. Port Revocable Trust Declaration, dated August 18,1993 (the "Trust"), duly qualified with the Register of Wills of Cumberland County, Pennsylvania, as Executor (the "Executor") of the Etta. L. Port probate Estate (the "Estate") 2. Item IV of the Will provides as follows: "In the event that the trust established by the ETTA L. PORT REVOCABLE TRUST DECLARATION ("Declaration") dated August 18',1993, created by me shall not have been entirely revoked or terminated as of the date of my death, I give all of the rest, residue and remainder of my property and estate of which I or my estate may be in any manner entitled at the time of my death, including any property or estate as to which I may have any power of disposition or appointment (all said prc~ ~ ~ , hereafter referred to as my "residuary estate") to the trustee of said trust, to be~ ~,--, r, c7 administered and distributed in accordance with the terms and conditions, po~;~ .,~ _ ~ c. and restrictions set forth in the Agreement, including any written amendme~~ _ ~ _~-x ~ modifications thereof." ° o ~ ~~-# ~~ --~ .. .., ~ o ~ v~ ~ ~' ` ws: 3. Article Four, Pazagraph B. Items 1, 2, and 3 of the Trust provide as foll ~o ° " "1. Five percent (5%) of the balance to Grantor's daughter, MARY ETTA EATON. If MARY ETTA does not survive the Grantor, her distributive share shall be distributed to her husband, MICHAEL EATON, and if he is not surviving, to MARY ETTA'S issue, der stirpes. 1 2. Twenty-five percent (25%) of the balance to Grantor's daughter, PATRICIA PAK. If PATRICIA does not survive the Grantor, her distributive share shall be distributed to her husband, BECK PAK, and if he is not surviving, to PATRICIA'S issue, per stirpes. 3. Seventy percent (70%) of the balance to Grantor's son, PATRICK PORT. If PATRICK does not survive the Grantor, his distributive share shall be distributed to his wife, KATHERINE P. PORT, and if she is not surviving, to PATRICK'S issue, per stirpes." 4. Mary Etta Eaton, Patricia Pak, and Patrick Port (the Beneficiaries") desire the Trustee and Executor to distribute their specific bequests informally in order to avoid the expense and delay involved with the formal adjudication of a First and Final Account by the Orphans' Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania (the "Court"). 5. The Beneficiaries desire to forever settle and compromise any and all claims and rights which they may possess, now or hereafter, in the Trust and Estate and to confirm their acceptance of the Informal Account (the "Account") which is attached hereto as Exhibit "A" and incorporated herein by this reference. The Beneficiaries desire that the terms of the Account be in full satisfaction of their rights in the Trust and Estate. 6. The Beneficiaries wish to release the Trustee and Executor and to indemnify him against any and all claims that may be asserted against the Estate or the Executor after the date hereof. 7. The Trustee and Executor is willing to distribute the Beneficiaries' bequests informally in consideration of the indemnifications hereinafter provided by the Beneficiaries. NOW, THEREFORE, in consideration of the foregoing and intending to be legally bound, jointly and severally, the Beneficiaries, for themselves, their heirs, personal representatives, successors and assigns: 2 Represent and warrant that they have read and understand this Agreement and confirm that the facts set forth above are true and correct, to the best of their knowledge, information, and belief. 2. Acknowledge receipt of a copy of the Account. 3. Declare that they have had the opportunity to review the Account and based upon an examination (or on their decision not to make such an examination), they are satisfied that they have sufficient information to make an informed waiver of their right to a formal accounting with the Court, and do hereby waive the filing and auditing of the same. 4. Accept the Account, examined or not, as if the same had been duly filed with and audited, adjudicated, and confirmed absolutely by the Court. 5 . Acknowledge that the amount received shall be in full satisfaction of their respective entitlement under the Trust and Will, and acknowledge that they have received their respective share. 6. Release, remise, quitclaim and forever discharge the Trustee and Executor, his heirs, personal representatives, successors and assigns, from and against all claims that they, as residuary legatees and heirs had, now have, or may in the future have, in connection with the Trust and Estate. 7. Agree to refund on demand, all or any part of any aforesaid distribution, which has been determined by the Trustee and Executor, or by the Court, or by any court of competent jurisdiction to have been improperly made. Agree to indemnify and hold harmless the Trustee and Executor, his heirs, personal representatives, successors and assigns, from and against any and all claims, loss, liability or damage (whether or not related to the negligence of the Trustee and Executor) that may hereafter be asserted against the Trust and Estate or against the Trustee and Executor. 9. Consent to the Court exercising personal jurisdiction over them in any suitor action arising out of the enforcement of this Agreement. IN WITNESS WHEREOF, and intending to be legally bound, the Beneficiaries have placed their hands and seals on the attached Consents to this Family Trust and Estate Settlement Agreement. .. ire CONSENT TO FAMILY TRUST AND ESTATE SETTLEMENT AGREEMENT I, Mary Etta Eaton, hereby consent to and join in the Settlement Agreement relating to the Trust and Estate of Etta L. Port, deceased, a copy of which Settlement Agreement has been provided to me. _ ~0 3i/c~- Date Mary Etta Eaton STATE OF CALIFORNIA COUNTY OF ss: On this, the day of 2008, before me, the undersigned officer, personally appeared Mary Etta Eaton, 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 in the capacities and for the purposes therein contained. ITv WITNESS WHEREOF, I hereurrde: set my hared and official seal. Notary Public 4 ALL-PURPOSE ACKNOWLEDGMENT State of California ,~j~td ~~~.1~ SS. County of - ~.111L On ~~ ,2Df ~, before me, ,Notary Public, DATE personally appeared j~G?~~~ ~~~~( ,who proved to me on the basis of satisfactory evidence to be the person whose name) is/armsubscribed to the within instrument and acknowledged to me that !~/she/~laey executed the same in l~fher/their authorized capacity(ies), and that by hi~fher/tbe~ signatures on the instrument the person(a~, or the entity upon behalf of which the person(s~ acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. NANCY BURGER COMM. # 1776007 -n N NOTARY PU&IC-CALIFORNIA VI $AN MAiEO COUIrtr - MY CowM. Exv. Nov. 23, 2011'' PLACE NOTARY SEAL [N ABOVE SPACE WITNESS my hand and official seal. Y'S SIGNAT OPTIONAL INFORMATION The information below is optional. However, it may prove valuable and could prevent fraudulent attachment of this form to an unauthorized document. CAPACITY CLAIMED BY SIGNER (PRINCIPAL) INDIVIDUAL ^ CORPORATE OFFICER ^ PARTNER(S) TITLE(s> ^ ATTORNEY-IN-FACT ^ TRUSTEE(S) ^ GUARDIAN/CONSERVATOR ^ OTHER: DESCRIPTION OF ATTACHED DOCUMENT NUMBER OF PAGES l,~ ~~ Dd' DATE OF DOCUMENT SIGNER (PRINCIPAL) IS REPRESENTING: NAME OF PERSON(S) OR ENTITY(IES) OTHER RIGHT THUMBPRINT OF SIGNER x .~ >; 0 a 0 F APAOI/2008 NOTARYBONDS,SUPPLIESANDFORMSATHTTP://WWW.VALLEY-SIERRA.COM ©2005-2008 VALLEY-SIERRA INSURANCE CONSENT TO FAMILY TRUST AND STATE SETTLEMENT AGREEMENT I, Patricia Pak, hereby consent to and join in the Settlement Agreement relating to the Trust and Estate of Etta L. Port, deceased, a copy of which Settlement Agreement has been provided to me. ff~~ ~/~ ~ Date Patricia Pak STATE OF MARYLAND COUNTY OF ss: On this, the ~ day o~ 2008, before me, the undersigned officer, personally appeared Patricia Pak, 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 in the capacities and for the purposes therein contained. 1N WITNESS WHEREOF, I hereunder set my hand and official seal. Notary Public 5 CONSENT TO FAMILY TRUST AND ESTATE SETTLEMENT AGREEMENT I, Patrick Port, hereby consent to and j oin in the Settlement Agreement relating to the Trust and Estate of Etta. L. Port, deceased, a copy of which Settlement Agreement has been provided to me. --- ---- Date Patrick Port COMMONWEALTH OF PENNSYLVANIA . ss: COUNTY OF On this, the _~- day of 2008, before me, the undersigned officer, personally appeared Patrick Port, 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 in the capacities and for the purposes therein contained. IN WITNESS WHEREOF, I hereunder se NOiARigl SEA-_1~ EIIEEN q METHENY Notary PubNc YORK CITY, YvRK COUNTY ~Y COm~uion E xplrea Apr 20, 2011 6 Estate of Etta Port, Deceased Summary of Assets Trust Accounts Date of Death Value Wachovia RevocableTrust Checkin Account #1010126443569 $ 18,242.00 Wachovia RevocableTrust Securities Account #6856-8187 $ 33,645.00 Total Value of Trust Accounts $ 51,887.00 Assets Deposited to Estate Account Date of Death Value AARP Health Care O tions -refund $ 66.00 Carillon Assisted Livin -refund $ 22,768.00 Chev Chase Bank Account #024-332306-9 $ 1,430.00 M & T Bank Distribution Check from Account #035-004201531785 $ 100.00 M & T Bank Retirement Account #035-004201531785 $ 1,200.00 US Series EE Bonds $ 45,120.00 US Treasu Check -Social Securit for INS $ 352.00 Wachovia Checkin Account #1010118641751 $ 6,706.00 Estate Account Total Deposits $ 77,742.00 Summary of Assets Date of Death Value Total Value of Trust Accounts $51,887.00 Estate Account Total De osits $77,742.00 Total Value of All Accounts $129,629.00 EXHIBIT A -Page 1 Estate of Etta Port, Deceased Debts and Deductions Paid from the Estate Estate Debt and Costs of Administration Amount Paid Funeral & Related Ex enses -Peacock-Newman & White $ 4,775.00 Burial and Related Ex enses -Mount Olivet Cemeta $ 2,223.00 Probate Fees -Cumberland Coun Re ister of Wills $ 286.00 Estate Notices -Cumberland Law Journal and Patriot-News $ 328.00 Estate Check Char e - Wachovia $ 13.00 Filin Fees aid $ 30.00 Total Debts aid on behalf of Estate $ 3,127.00 Attorne Fees aid to Steven J. Ho $ 662.00 Attorne Fees aid to Pecht & Associates $ 4,200.00 Penns Ivania Inheritance Taxes aid to De artment of Revenue $ 5,266.00 Total Debts and Costs $ 20,910.00 Early Distributions Amount Paid Ma Etta Eaton $ 3,000.00 Patricia Pak $ 15,000.00 Patrick Port $ 42,000.00 Total Early Distributions $ 60,000.00 Disbursements from Estate Amount Paid Total Debts and Costs $ 20,910.00 Total Earl Distributions $ 60,000.00 Total Disbursements $ 80,910.00 EXHIBIT A -Page 2 .~. .. m x -~ D N co (D W ~ ~ ~ m cam. ~ m ~ v o m -~ ~ ~ o ~ ~ N ~ ~ n ~ ~ ~ _ O 'a ~ ~ _ ~ O ~ D a ~ ~ ~ n c C %~ ~ ~ ~ 3 cn W ~ o ~ '~ ~ ~ `-' ~ ~' rn _ o ~ . ~ ~ ~ ~ ~ ~ ~ a ~ o ~ , a O X ~ ~ ~ N O N N ~ v °' ~ ~' . ~° _ ~' N ~ ~ W G. Cs O W ~ W V O N O O O ffl N O ~l W O = O cn o o m cn '"' C7 O O O O O ~ CJ~ O fJ1 tf- ~ O ~ 3 _v, N S1 N `~ C ,mK. 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