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Home My WebLink About10-06-09ESTATE OF JAY A. WRIGHT, IN THE COURT OF COMMON PLEAS deceased ,late of Shippensburg Borough, OF CUMBERLAND COUNTY, Cumberland County, Pennsylvania, PENNSYLVANIA . ,,,, REGISTER OF WILLS ~ 7 ~; _,. , ,`~; FILE NUMBER: 2008-01255` ~ _? ~ ' - `- PA FILE NUMBER: 21-08-1255 `~ =-~ ~ `' ~ - ;} ,~ , FAMILY SETTLEMENT AGREEMENT AND FINAL RELEASE "-' ` IN THE _.. .. ESTATE OF JAY A. WRIGHT, DECEASED - + '=•' ` - -, tai `c c:, . THIS AGREEMENT executed this ~ ~ ~ day of October. 2409, BY AND BETWEEN NANCY B. OYLER, EXECUTRIX OF THE ESTATE OF JAY A. WRIGHT, DECEASED, AND ELIZABETH M. WRIGHT, BENEFICIARY OF THE ESTATE OF JAY A. WRIGHT, DECEASED. WHEREAS, Jay A. Wright, late of the Borough of Shippensburg, Cumberland County, Pennsylvania, died testate on December 8, 2008, and WHEREAS, on December 16, 2008, the Register of Wills in and for the County of Cumberland, Commonwealth of Pennsylvania, in accordance with the Last Will and Testament Of Jay A. Wright, granted Letters Testamentary to Nancy B. Oyler as Executrix of the Estate of Jay A. Wright, deceased, at Estate Number 2008-01255, PA File Number 21-08-1255, in the office of the Register of Wills; and, WHEREAS, the executrix has proceeded with the administration of said estate, gathering the assets of the decedent consisting of personal property in the amount of $548,203.28 as set forth in the executrix's Statement of Account, a true and correct copy of which is attached hereto and made a part hereof as Exhibit "A"; and, WHEREAS, income earned during the administration of the estate amounts to $62,606.57, less expenses paid of $ 13.50, as set forth in the executrix's Statement of Account, a true and correct copy of which is attached hereto and made a part hereof as Exhibit "A"; and, ~1, WHEREAS, debts and deductions of the estate, including the payment of Pennsylvania inheritance tax, amount to $28,200.84 leaving a balance for distribution, at date of death value of $ 582,595.51 as set forth in the executrix's Statement of Account, a true and correct copy of which is attached hereto and made a part hereof as Exhibit "A"; and, WHEREAS, the balance for distribution as set forth in the executrix's statement of account has been reduced to stocks and cash and has been or will be distributed in accordance with the terms of the Last Will and Testament of Jay A. Wright, deceased; and, WHEREAS, the only parties in interest in the Estate of Say A. Wright are the above named parties, and WHEREAS, said parties in interest desire that the Executrix of the Estate of Jay A. Wright shall not be required to file a formal account for purposes of confirmation by the Orphan's Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania, and that in order to avoid the expense, delay and publicity of a formal account, the net estate should instead be distributed in accordance with the executrix's Statement of Account and Proposed Schedule of Distribution, a true and correct copy of which is attached hereto and made a part hereof as Exhibit "A". NOW THEREFORE, in consideration of the mutual promises, covenants and agreements recited herein, the above beneficiary and the executrix of the Estate of Say A. Wright, deceased, intending to be legally bound, do hereby mutually agree as follows: 1. Elizabeth M. Wright agrees and acknowledges that she has fully and carefully examined the Statement of Account of Nancy B. Oyler, Executrix for the Estate of Jay A. Wright, Deceased, and the Proposed Schedule of Distribution relating thereto, and finds them to be true and correct and acceptable to her, and further that she has received a copy of this Family Settlement Agreement and Final Release and a copy of the Statement of Account and Proposed Schedule of Distribution. Elizabeth M. Wright does further agree and acknowledge that she has had the opportunity to consult with her own independent legal counsel, or other personal representative or individual on her behalf, to review and examine the Settlement Agreement and Final Release and the said Statement of Account and Proposed Schedule of Distribution, if she so desired, prior to signing this legal document entitled Family Settlement Agreement and Final Release. 2. The parties hereby agree that in order to avoid the expense, delay and publicity involved in the filing of a formal First and Final Account and Schedule of Distribution in the Court of Common Pleas of Cumberland County, Pennsylvania, for confirmation by the Court, no accounting to the Court is necessary. The parties hereby agree that they do consent to distribution of assets being made without the filing of a formal First and Final Account and Schedule of Distribution with the Court, the attached Statement of Account of Nancy B. Oyler, Executrix for the Estate of Jay A. Wright, Deceased, and the Proposed Schedule of Distribution relating thereto, to be with the same force and effect as if they had been filed and confirmed by the Court of the Common Pleas of Cumberland County, Pennsylvania. 3. Elizabeth M. Wright, being the sole heir and being the person entitled to inherit under the Last Will and Testament of Jay A. Wright, does hereby acknowledge that she has received the distribution of assets as proposed by the executrix in full satisfaction and payment of all sums of money, legacies, devises, and bequests as are given, devised and bequeathed to her under the Last Will and Testament of Jay A. Wright, which amount she has received and which is the amount set forth next to her name in the distribution to beneficiaries in the statement attached hereto and marked as Exhibit "A". 4. Each of the parties does hereby acknowledge that they are freely and voluntarily executing this Family Settlement Agreement and Final Release intending to be legally bound. 5. The parties hereby remise, release, quitclaim and forever discharge Nancy B. Oyler, Executrix of the Estate of Jay A. Wright, deceased, and David P. Perkins, Esquire, attorney for the estate, and their heirs, executors, administrators and assigns, from all manner of acts, suits, payments, reckonings, claims, accountings, debts, and demands whatsoever which we or any of us, or our legal representatives or assigns, have or may at any time hereafter have against said administrator and/or attorney for the estate, their estates or assets thereof, relating to or concerning the Estate of Jay A. Wright, deceased. 6. The parties hereto hereby covenant and agree that they will contribute their share of the Estate to satisfy all claims, debts, demands, suits, or causes of action, if any, which may be successfully brought against the Estate, th e executrix, or the attorney for the estate, after the execution of this Family Settlement Agreement and Final Release. 7. The parties hereto agree that they will at all times in the future and wherever necessary, appropriate and convenient, make, execute and deliver to Nancy B. Oyler, executrix, andlor to any other party or person, 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 Agreement and Final Release. 8. This Family Settlement Agreement 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, the attorney for the estate, or any other person or party acting upon their behalf. 9. This Family Settlement Agreement and Final Release shall inure to the benefit of and shall be binding upon the parties hereto, and each of them, their heirs, executors, administrators, successors and assigns. 10. This Family Settlement Agreement and Final Release shall be governed by the laws of the Commonwealth of Pennsylvania. IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have hereunto set their respective hands and seals the day and year first above written. WITNESS: -, L J// ~~/`, ~,, i ~~~ ~~ ~~ ~' ~,~. E IZABETH M. WRIGHT ~~ ,'~ NANCY .OYLE ECUTRIX COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND ss. ~-~~ On this, the ~_day of October, before me, a Notary Public in and for said County and State, the undersigned officer, personally appeared ELIZABETH M. WRIGHT, 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 for the purposes herein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. /.!~ p Cf COMMONWEALTH OF PENNSYLVANIA Notary Public Notarial Seal Victoria N. Perkins, Notary Public Shippensburg Boro, Cumberland County My Commission Expires Oct.15, 2010 Member, Pennsylvania Association of Notaries COMMONWEALTH OF PENNSYLVANIA COUNTY OF ~wr~,l)~' (cv~c{ ss. .~' ` day of October, before me, a Notary Public in and for said On this, the 1 County and State, the undersigned officer, personally appeared NANCY B. OYLER, 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 for the purposes herein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. COMMONWEALTH OF PENNSYLVANIA Notarial Seal Victoria N. Perkins, Notary Public Shippensburg Boro, Cumberland County My Commissi~.~n Expires Oct. 15, 2010 Notary Public Member, Pennsvivan'sa Association of Notaries EXHIBIT A NANCY B. OYLER, EXECUTRIX STATEMENT OF ACCOUNT FOR ESTATE OF JAY A. WRIGHT, DECEASED Date of Death: December 8, 2008 Date of Executrix's Appointment: December 16, 200$ Dates of Advertisement of Letters: The Sentinel January 17, 2009, 3anuary 24, 2009, January 31, 2009 Cumberland Law Journal January 23, 2009, January 30, 2009, February 6, 2009 Accounting for the Period: December 16, 2008 to September 30, 2009 Purpose of Account: Nancy B. Oyler, Executrix, offers this statement of 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 statement of account be carefully examined. Requests for additional information or questions or objections can be discussed with: David P. Perkins, Esquire 4 James Circle Shippensburg, PA 17257-2165 Telephone: (717)532-9537 Nancy B. Oyler, Executrix of the Estate of Jay A. Wright, deceased, hereby declares under oath (penalties of perjury) that she has fully and faithfully discharged the duties of her office; that the following statement of account is true and correct and fully discloses all significant transactions occurring during the accounting period; that all known claims against the estate have been paid in full; that, to her knowledge, there are no claims now outstanding against the estate; and that all taxes presently due from the estate have been paid. ~~ '~~ ~ -~ ~~ Na B. Oyler ecutrix Subscribed and sworn to by 1`'sancy B. Oyler before me this ~:-..) ~_ day of October, 2009 COMMONWEALTH OF PENNSYLVANIA Notarial Seal Victoria N. Perkins, Notary Public ~'~. Shippensburg Boro, Cumberland County ~~ t~~1~x"`ft.ZCL 2~ ~ /Z/ My Commission Expires Oct. 15, 2010 Member, Penns~~'~~_^~? As~~c~ation of Notaries Statement of Account Principal Received Wachovia Securities, LLC A/C #4837-206037 Security and cash value Accured income Disbursements of Principal Probate fees & filing fees Advertising letters Legal fees Accounting fees Medical expenses Securities valuation fee Funeral expenses Cemetery expenses Pa Inheritance Tax Total disbursement of principal Income Received During Administration Interest Dividends Gain on sale of securities Sale price $65,000.00 DOD value (17,465.89) $ 576.00 209.68 4,675.00 4,150.00 364.00 50.00 9,972.72 700.00 7,503.44 $ 544,945.83 3,257.45 $ 548,203.28 $ 5,502.86 9,569.60 47,534.11 $ 62,606.57 $ (28,200.84) Expenses Paid During Administration Bank fees 13.50 Income less expenses during administration $ 62,593.07 Total principal and income to be accounted for $ 582,595.51 Schedule of Distribution to Beneficiary Distributions of Residue to ElizabethWrieht Stocks and bonds distributed August 31, 2009 Cash distributed August 28, 2009 $ 91,216.91 Less repayment loan to estate (16,540.00} September 1, 2009 September 8, 2009 Total distributions of residue Date of Death Value $ 506,338.12 $ 74,676.91 863.38 717.10 $ 582,595.51