The URL can be used to link to this page

Home My WebLink About08-12-09IN THE ORPHANS COURT DIVISION OF THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA ESTATE OF WILLIAM EDWARD DENSHAM, DECEASED No. 2008-00090 APPROVAL OF ACCOUNT, WAIVER, RECEIPT, RELEASE, AND AGREEMENT OF INDEMNITY The circumstances leading up to the execution of this instrument are as follows: 1. William Edward Densham died on January 5, 2008, leaving a Will dated June 20, 2000, naming William Jeremiah Densham and Alan J. Densham as Co-Executors. 2. Letters Testamentary were granted to William Jeremiah Densham and Alan J. Densham by the Register of Wills of Cumberland County on January 25, 2008. 3. It is the desire of the William Edward Densham 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-Executors are willing to make such distribution upon the execution of this instrument. 4. An account of the administration of the Estate of William Edward ham been prepared by the Co-Executors. A co =~ -r ~ py is attached hereto as Exhibit A. ,~ ~R, Uy~ N „~ , 5. In consideration of the foregoing, each of the undersigned hereby ~~ „ ~ n A. Represents and warrants that he has read and understands i~'tisnstrurtjgnt and that the facts set forth above are true and correct to the best of his knowledge, information and belief; -1- B. Declares that he has examined the attached account of the administration of the Estate and the attached schedule of distribution; that he finds them to be true and correct in all particulazs; that he 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 awazded to him; 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-Executors to make distribution of the principal and income in accordance with the schedule of distribution, and effective upon delivery to him of the amounts shown as respectively distributable, acknowledges receipt of such property; E. Agrees to refund to the Co-Executors any amount which may at any time be determined to have been an erroneous distribution to him, 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-Executors 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 dischazges William Jeremiah Densham and Alan J. Densham, individually and in their capacity -2- as Co-Executors, from any and all actions, suits, payments, accounts, reckonings, liabilities, claims and demands relating in any way to the administration of the William Edward Densham Estate; G. Agrees to indemnify and hold harmless, to the extent of the funds received by him hereunder, William Jeremiah Densham and Alan J. Densham, individually and in their capacity as Co-Executors, from and against any and all claims, loss, liability or damage (including legal fees and costs in connection therewith) which he may suffer or to which he may be subjected by reason of his administration of the Estate, the settlement of his Co- Executors' 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 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 and upon his heirs, executors, administrators and assigns. Executed on: ~ !~ ~q DATE DA E a (Seal) WILLIAM JERE IAH DENSHAM (Seal) ALAN J. .SHAM -3- BEFORE THE REGISTER OF WILLS, CUMBERLAND COUNTY, PENNSYLVANIA No. 2008-00090 FIRST AND FINAL ACCOUNT OF WILLIAM JEREMIAH DENSHAM and ALAN J. DENSHAM, Co-Executors For ESTATE OF WILLIAM EDWARD DENSHAM, Deceased Date of Death: January 5, 2008 Date of Co-Executors' Appointment: Accounting for the Period: January 25, 2008 January 25, 2008 to July 3, 2009 PURPOSE OF ACCOUNT: William Jeremiah Densham and Alan J. Densham, Co- Executors, offer 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 7 $24,869.98 PRINCIPAL Receipts 2-3 $136,537.01 Net Loss on Sales or Other Dispositions Less Disbursements Debts of Decedent 4 $5,146.88 Funeral Expenses 4 8,713.94 Administration Expenses 4 836.80 Federal and State Taxes 4 6,654.85 Fees and Commissions 5 3,152.95 $24,505.42 Principal Balance on Hand $112,031.59 INCOME Receipts 5 $1,937.63 Income Balance on Hand 1,937.63 Balance Before Distributions $113,969.22 Distributions to Beneficiazies 6 Combined Balance on Hand $89,099.24 $24,869.98 RECEIPTS OF PRINCIPAL Assets Listed in Inventory: (Value as of Date of Death) Cash and Bank Deposits: PNC Bank Checking #51-4001-5792 $37,827.82 Money Market#50-503-4624 86,896.40 Burial Certificate of Deposit 8,004.29 Cash in possession of Decedent 52.50 PA Treasury -retirement 1,351.21 Economic Stimulus Rebate 600.00 $134,732.22 Tan¢ible Personal Property; Pistol $125.00 Rifle 115.00 Pocket Watch 125.00 Furniture 200 ~ Clothing 200 ~ $765.00 Refunds: PPL Utilities refund $104.41 PA American Water refund 5.50 Verizon refund 11.98 Utility refund 52.90 2 2007 Federal income tax refund 541.00 Firemans Fund Insurance refund 304.00 $1,019.79 TOTAL ASSETS LISTED IN INVENTORY: Receipts Subsequent to Inventory (Valued When Received) 2008 Federal income tax refund $18.00 PA Treasury refund 2.00 $20.00 $136,517.01 TOTAL RECEIPTS OF PRINCIPAL: $136,537.01 DISBURSEMENTS OF PRINCIPAL Debts of Decedent: Health Network Labs $403.50 Pulmonary and Critical Care Assoc. 187.90 Heartland Pharmacy 238 88 Manor Care Nursing Home 1 204.00 State Employees Retirement System 1,127.67 PPL Electric Utilities 109.12 Nephrology Assoc. of PA 39.95 Renovations, Inc. 1,076.00 AT&T (telephone) 19.06 Camp Hill Fire Co. -Ambulance 721,00 Insurance premium on bank account 19_80 $5,146.88 Funeral Expenses; David K. Dahlgren Funeral Home $7,633.94 Philipsburg Marble and Granite 1,080.00 $8,713.94 Administration Expenses: Probate Fees $341.00 Photocopies, postage, mileage, etc. 50.00 Mileage of William J. Densham 36.87 Mileage of Alan J. Densham 385.82 Postage & photocopy exp. of Co-Exec. 13.11 Reserve for Filing of Account 10_00 $836.80 Federal and State Taxes: PA Inheritance Tax PA Dept of Revenue-1992 Fiduciary Ta$6,527.55 2008 Federal Fiduciary Taxes 3.30 2008 PA Fiduciary Taxes 36.75 Withholding for 2008 Fiduciary Taxes 86.25 Reserves for 2009 Fiduciazy taxes 1_00 $6,654.85 Fees and Commissions• William J. Densham -Personal Rep. $375.00 Debra K. Wallet, Esq. -Atty. fees 2,500.00 Jackson-Hewitt (2007 tax prep) 178.95 Jackson-Hewitt (2008 tax prep) 99_00 RECEIPTS OF INCOME Interest PNC Money Market Acct. $3,152.95 $1,863.55 PNC Estate Checking Account: 2008 Interest 2009 Interest $54.69 19.39 $74.08 TOTAL RECEIPTS OF INCOME: 5 $1,937.63 DISTRIBUTION TO BENEFICIARIES TO: William Jeremiah Densham 844 Kiehl Drive Lemoyne, PA 17043 01/28/08 Cash Distribution 211.43 05/16/08 Cash Distribution 44,338.19 Alan J. Densham 515 Saddle Ridge Court Irwin, PA 15642 01/28/08 Cash Distribution 211.42 05/16/08 Cash Distribution $44,338.20 TOTAL DISTRIBUTION TO BENEFICIARIES: $89,099.24 PROPOSED DISTRIBUTION TO BENEFICIARIES TO: William Jeremiah Densham 844 Kiehl Drive Lemoyne, PA 17043 Pistol $125.00 Pocket Watch 125.00 Furniture 32.50 Clothing 100.00 Cash 12,052.49 TOTAL 12,434.99 Alan J. Densham 515 Saddle Ridge Court Irwin, PA 15642 Rifle 115.00 Furniture 167.50 Clothing 100,00 Cash 12,052.49 TOTAL 12,434.99 TOTAL PROPOSED DISTRIBUTION TO BENEFICIARIES: $24,869.98 7