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HomeMy WebLinkAbout05-28-09 (2)1N THE MATTER OF THE : IN THE COURT OF COMMON PLEAS ESTATE OF :CUMBERLAND COUNTY, PENNSYLVANIA MYRLE H. COLSON :ORPHANS' COURT DIVISION n ~' File No. 21-08-0792 a~~ A rte- --e ,ern r.~ a, G~ .~~_. FAMILY SETTLEMENT AGREEMENT ~~ ~ J'„=` ~ -;~ C~ c ~ ~ -_ - ~jC This Agreement is made the ~ day of May 2009, by and among DRA ~ _ ~_ ~ ~.~ c MIJNDIS and MARSHALL K. COLSON, as Beneficiaries of the Estate of MYRLE H. COLSON, and SANDRA L. MUNDIS and MARSHALL K. COLSON, as Executors of the Estate of MYRLE H. COLSON. In accordance with their desire that the administration of the estate of MYRLE H. COLSON be terminated without the expense and delay of a court accounting, the parties hereto, in consideration of the mutual covenants herein expressed, and intending to be legally bound hereby, agree that: 1. MYRLE H. COLSON died July 28, 2008. 2. Letters Testamentary having been duly granted to the SANDRA L. MUNDIS and MARSHALL K. COLSON, as Executors by the Register of Wills of Cumberland County on July 30, 2008, No. 2108-0792. 3. The parties acknowledge that the Executor, SANDRA L. MCTNDIS and MARSHALL K. COLSON, have received the assets and made the payments set forth in the Summary of Account of the Executors, a copy of which is attached hereto as Exhibit "A" and made a part hereof, and the parties approve the said Account in its entirety. 4. The Pennsylvania Inheritance Tax Return has been duly filed with the PA Department of Revenue and inheritance tax in the amount of $2,265.02 was paid. PA Department of Revenue has issued its Appraisement and Allowance of Assessment of Tax dated May 4, 2009. All taxes have been paid and refunds requested and received. 5. 'The parties hereto agree that the outstanding debts and unpaid fees and expenses, as set forth in Exhibit "A", shall be promptly paid. 6. Without intending to limit the rights or remedies of the Beneficiaries, the parties further agree to indemnify the Executors and save the Executors harmless against all liability, loss, and expense (including, but not limited to, costs and counsel fees) which the Beneficiaries may incur, whether due to the Executors' negligence or other wise, as a result of making the above described distributions without a court audit. 7. Executors shall make payment of the outstanding debts, fees and expenses and then distribute to the Beneficiaries, in the proportion of their interests and without further accounting, the balance then remaining. Such distribution will also include any funds received by the Executors subsequent to the date to which the attached Account is stated. Should any proper liabilities of the estate, whether for taxes or otherwise, arise or come to the attention of the Executors or any of the other parties thereafter, the Beneficiaries agree to jointly and severally liable therefore. 8. The parties, and each of them, hereby forever fully release, compromise, settle and discharge any and all claims, demands, actions or causes of action, legal or equitable, absolute or contingent, vested or hereafter to accrue, which any of them may have against any other party hereto or against the Estate of MYRLE H. COLSON, deceased, or the Executors thereof, or David M. Bogaczyk, Esquire, attorney for the Estate of MYRLE H. COLSON, by reason of any matter, cause or thing growing out of or relating to any act of the Executors on their administration of said estate, even if attributable to negligence, and agree that any period for the limitation of actions for the collection of any erroneous distribution or distributions shall commence only at such time as the Executors shall have obtained actual laiowledge of such erroneous distribution of any erroneous distribution or distributions be less that two years after the actual discovery thereof by the Beneficiaries. 9. The parties agree to execute such additional releases as the Executors may submit to them in order to confirm their discharge from any further liability to the parties in connection with said estate. 10. The foregoing provisions, which apply to the Executors, shall apply also to any Administrators who may be appointed in connection with any ancillary administration, which may be required in order to complete distributions in the State of Pennsylvania and the Beneficiaries. 11. This Agreement may be executed in multiple counterparts and, when so executed, shall be binding upon all the parties, and their respective heirs, next-of--kin, personal representatives and assigns. IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day and year first above written. Q L~ -SANDRA L. MLTNDIS, Beneficiary ESTATE OF MYRLE H. COL50N G~~ck:.~l !L. ~~ SHALL K. COLSON, Beneficiary ESTATE OF MYRLE H. COLSON ~~;~Q SANDRA L. MUNDIS, xecutor ESTATE OF MYRLE H. COLSON ~_ SHALL K. COLSON, Executor ESTATE OF MYRLE H. COLSON CpMMpNyyEgLlTi OF PENNSYLV NIA NotarlN SeM Cindy L. Hodcisy, Notary P~CourNy ~ ~ I/~'~ East pennsboro Twp., CumberW-d 2012 MemberC PennsyNaMa Assodatlon of Notaries Estate of Myrle H. Colson Date of Death: July 28, 2008 SUMMARY OF ACCOUNT Principal Receipts $56,807.93 Interest Income $153.86 Total Assets $56,961.79 Less: Debts of Decedent $1,795.31 Funeral Expenses $2,421.00 Administration Expenses $2,681.79 Advanced Distributions to Beneficiaries $46,000.00 Total Deductions $52,898.10 Balance before Distributions Less: Unpaid Costs and Expenses Balance for Distribution Final Distribuitons Marshall K. Colson Sandra L. Mundis Less: Proposed Distributions Balance after Distribution $20.00 $4,063.69 $4,043.69 $2,011.85 $2,011.84 $4,043.69 $0.00 Estate of Myrle H. Colson Date of Death: July 28, 2008 PRINCIPAL RECEIPTS/INCOME Cash/Bank Accounts Sovereign Bank - Personal Checking Account - Savings Account Penn Treaty Network American -premium refund Erie Insurance Exchange -premium refund Social Security Administration -retirement benefits PA State Retirement System -retirement benefits US Treasury -Income Tax Refund Total Cash/Bank Accounts $19,392.25 $35,141.48 $251.43 $173.00 $788.00 $720.77 $341.00 $56,807.93 Total Date of Death Inventory $56,807.93 Estate of Myrle H. Colson Date of Death: July 28, 2008 DISBURSEMENT OF PRINCIPAL Debts of Decedent Social Security Admin -Return PPL-Elec Service Debbie Lupold Treasurer PA American Water PA State Employees Verizon PPL-Elec Service Comcast Television PA American Water $788.00 $24.41 $771.61 $28.88 $48.05 $30.19 $a7.78 $6.86 $49.53 Total Debts of Decedent Funeral Expenses Flowers Urns Richardson Funeral Home Total Funeral Expenses Administrative Expenses $1,795.31 $278.00 $67.00 $2,076.00 $2,421.00 David M. Bogaczyk $1,500.00 Register of Wills -Filing $124.00 Advertising $281.54 Postage & Mailing $11.23 Register of Wills -Inheritance Tax $2,265.02 Total Administrative Expenses $2,681.79 Distributions to Beneficiaries Marshall K. Colson $23,000.00 Sandra L. Mundis $23,000.00 Total Advanced Distributions Total Disbursements $46,000.00 $52,898.10 Estate of Myrle H. Colson Date of Death: June 14, 2007 UNPAID EXPENSES Filing Fees Settlement Agreement $20.00 Total Unpaid Expense $20.00