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HomeMy WebLinkAbout01-06-10In re: : IN THE COURT OF COMMON PLEAS OF :CUMBERLAND COUNTY, PENNSYLVANIA Trust Under Will of Ethel S. Schlosnagle : for benefit of Eugene S. Schlosnagle, :ORPHANS' COURT DIVISION Jane S. Cowden and Carol A. Bradford. . N C..~ (` 21-OS-1115 c~ ~~-~ =ci (~ ~ ~.. ~ .~w ... - r F ~t ~: j,~ ~~t:; :~: (~ +~ -,~ PETITION FOR REFORMATION OF TRUST , ~ ;:,-; ==~, ~ ~ ~ _ f . ^ ,~ TO THE HONORABLE, THE JUDGES OF SAID COURT: > ^~ C? :. ~: c ~- ~ - a .. 1. Petitioners are Jane S. Cowden of and Carol A. Bradford, adult individuals, having a mailing address of 30 Lost Hollow Road, Dillsburg, Pennsylvania 17019. Petitioners file this Petition in their individual capacities and as trustees of the Trust Under Will of Ethel S. Schlosnagle. 2. Ethel S. Schlosnagle died on November 6, 2005, leaving her Last Will and Testament which was duly probated in the Office of the Register of Wills of Cumberland County to file number 21-OS-1115. By said probated Will, the late Ethel S. Schlosnagle directed as follows: 3. All of the rest, residue and remainder of my estate, real, personal and mixed, and wheresoever the same may be situate, I give, devise and bequeath to my hereinafter named Trustees, in trust, to receive and to invest the same, and subject to the terms, conditions, powers, and duties hereinafter set forth, as follows: The Trustees shall hold and manage the property and securities, together with such other property as may be acquired during the existence of this trust, all of which said property will hereinafter be referred to as the "Trust Estate" upon the terms and conditions, and for the uses and purposes, and with the duties and powers hereinafter set forth, as follows: To hold and manage the said Trust Estate and pay to or for the benefit of my husband, Eugene S. Schlosnagle so long as he shall live, all of the net income arising therefrom at least annually, and upon his death if he shall survive me, or immediately upon my death if he shall fail to survive me, the Trust shall terminate and the same shall be divided equally between my daughters who are JANE S. COWDEN and CAROL A. BRADFORD, provided each of them shall survive both me and my husband, EUGENE S. SCHLOSNAGLE, by a period of ninety (90) days, but should either of my said two daughters fail to so survive both my husband and me, then the share which would have been distributed to such deceased daughter of mine shall lapse and be added to the share of my other daughter. Should neither of my said two daughters survive both my husband and me by a period of ninety (90) days, then in such event the Trustees shall terminate said trust and divide the same as follows: One-half to my son-in-law, WILLIAM K. COWDEN, provided he shall survive both my husband and me by a period of ninety (90) days, but should he fail to so survive me then the same shall be added to the balance thereof and the balance thereof shall be divided equally among such of my husband's 10 brothers and sisters as shall survive me by a period of ninety (90) days, but if any of them shall fail to so survive me then the share such deceased brother or sister would have received shall pass to such of his or her issue who shall survive me by a period of ninety (90) days, per stirpes, but if there be no such issue the same shall lapse and be divided equally among the shares of my other brothers and sisters. No title in the Trust Estate hereby created or in the income accruing therefrom or in its accumulation, shall vest in any beneficiary and no beneficiary shall have the right or power to transfer, sign, anticipate of encumber his or her interest in said Trust Estate, or the income therefrom, prior to the actual distribution thereof by the Trustees to said beneficiary. Further, neither the income nor the principal of the said Trust Estate shall be liable in any manner in the possession of the Trustees, for the debts, contracts or engagements of any of the beneficiaries. A true and correct copy of said Last Will and Testament is attached hereto and incorporated herein by reference as Exhibit "A". 3. Pursuant to said terms of the Last Will and Testament of Ethel S. Schlosnagle, a first and final account in the estate was filed and the residue of the estate was distributed to the Petitioners, Jane S. Cowden and Carol A. Bradford as trustees. 4. Since that time Petitioners have served as trustees and, as trustees, have managed the funds in the trust. S. Petitioners have been notified by Eugene S. Schlosnagle, the life beneficiary of the trust and their father, that he has sufficient income from other sources, does not need the income from the trust, and desires that it be terminated and the proceeds distributed to the remainder beneficiares, Jane S. Cowden and Carol A. Bradford, the Petitioners herein. 6. The names of the life-time and remainder beneficiaries, being all of the current beneficiaries of the trust as defined are as follows: Eugene S. Schlosnagle, life beneficiary 36 Cedar Circle Newville, PA 17241 Jane S. Cowden, remainder beneficiary 30 Lost Hollow Drive Dillsburg, PA 17019 Carol A. Bradford, remainder beneficiary c/o Eugene S. Schlosnagle 36 Cedar Circle Newville, PA 17241 7. The contingent remainder beneficiaries of the trust, if both of the above-named vested remainder beneficiaries predecease the life-time beneficiaries are as follows: William K. Cowden 30 Lost Hollow Drive Dillsburg, PA 17019 Gladys Broadwater 1100 Judio Road Burkesville, KY 42717 John Schlosnagle 959 Brethren Church Road Accident, MD 21520 Eleanor Grove 47 Mount Vernon Terrace Waynesboro, PA 17268 Marjorie Higley 1300 E. Kercher Avenue, Lot 28 1Vlyerstown, PA 17067 Dorothy Moon 44 Wilson Road Watkinsville, GA 30677 Glenn Schlosnagle 691 Brethren Church Road Accident, MD 21520 8. The purpose of the Trust was in the first instance to provide income to the said Eugene S. Schlosnagle and, secondarily, to provide that the principal held in trust would be distributed to the said Jane S. Cowden and Carol A. Bradford. 9. The said Eugene S. Schlosnagle has reviewed his financial position and determined that the income generated is not needed by him, thereby negating the primary purpose of the trust. 10. Terminating the trust and distributing the principal to the said Jane S. Cowden and Carol A. Bradford, will achieve the secondary purpose of the trust. 11. Section 7740.1(b) of the Pennsylvania Uniform Trusts Act authorizes the termination of noncharitable irrevocable trust with court approval where all beneficiaries are in agreement and where the court determines that the continuance is not necessary to achieve material purpose of the trust, , 20 Pa.C.S.A. §7740.1(b). 12. Section 7740.1(d) further authorizes the termination if not all beneficiaries consent, but the court determines that the termination would have otherwise been permitted if all beneficiaries had consented and the interests of the nonconsenting beneficiaries will be adequately protected. 13. All of the current beneficiaries of trust have consented to the termination of the trust. The said Eugene S. Schlosnagle, the life beneficiary of the Trust, has executed his Consent, which is attached hereto and incorporated herein by reference. 14. William Cowden, a contingent remainder beneficiary entitled to one-half of the trust principal in the event that neither Jane S. Cowden nor Carol A. Bradford surivived the life- time beneficiary, has executed his consent which is attached hereto and incorporated herein by reference. 15. All of the siblings of Eugene S. Schlosnagle, who together are contingent beneficiaries entitled to share the other one-half of the trust principal in the event that neither Jane S. Cowden nor Carol A. Bradford surivived the life-time beneficiary, have executed their consents which are attached hereto and incorporated herein by reference. Y vc:rifj~ that thy: staternerttS rnac~e ~ierein are [rue and ct~rrect at~ci unci~r5tartci ttidt fdlwt statements herein are made subject to the penajties of 1$ P~~. ~, 5.1'1, ~ ~90~ relating tc~ unsti~•c~rn falsification to a~tthc~rities. L.~a~~~. ~ ~ 2 ~ y Lll~)J 1 ~ l- .,[. tarot ~. Bradford In re: Trust Under Will of Ethel S. Schlosnagle for benefit of Eugene S. Schlosnagle, Jane S. Cowden and Carol A. Bradford. IN THE COURT OF COMMON PLEAS OF :CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION 21-OS-1115 I, Eugene S. Schlosnagle, life-time beneficiary of the Trust Under Will of Ethel S. Schlosnagle, do hereby confirm my concurrence to the relief requested in the Petition to which this Concurrence is annexed. In particular, I do hereby confirm my desire that the trust be terminated. I do hereby acknowledge that I understand that by terminating the trust I will no longer receive any income from the trust and, having reviewed my finances, I have confirmed that I do not require the income from the trust for my anticipated needs. ,~ ,,,GG, Eugen S. Schlosnagle In re: : IN THE COURT OF COMMON PLEAS OF :CUMBERLAND COU~1'TY, PENNSYLVANIA Trust Under Will of Ethel S. Schlosnagle for benefit of Eugene S. Schlosnagle, :ORPHANS' COURT DIVISION Jane S. Cowden and Carol A. Bradford. 21-OS-1115 CONSENT I, Gladys Broadwater, a contingent remainder beneficiary of the Trust Under Will of Ethel S. Schlosnagle, do hereby confirm my concurrence to the early termination of the Trust. I do hereby acknowledge that I understand that by terminating the trust I will no longer have the contingent right to receive a portion of the principal of the trust. I~._-1~ ~, ~ Y `~ Gladys Br adwater In re: : IN THE COURT OF COMMON PLEAS OF :CUMBERLAND COUNTY, PENNS~'LVANIA Trust Under Will of Ethel S. Schlosnagle for benefit of Eugene S. Schlosnagle, :ORPHANS' COURT DIVISION Jane S. Cowden and Carol A. Bradford. 21-OS-1115 CONSENT I, John Schlosnagle, a contingent remainder beneficiary of the Trust Under Will of Ethel S. Schlosnagle, do hereby confirm my concurrence to the early termination of the Trust. I do hereby acknowledge that I understand that by terminating the trust I will no longer have the contingent right to receive a portion of the principal of the trust. John Schlosnagle 1 In re: : IN THE COURT OF COMMON PLEAS OF :CUMBERLAND COUNTY, PENNSYLVANIA Trust Under Will of Ethel S. Schlosnagle for benefit of Eugene S. Schlosnagle, :ORPHANS' COURT DIVISION Jane S. Cowden and Carol A. Bradford. 21-OS-1115 CONSENT I, Marjorie Higley, a contingent remainder beneficiary of the Trust Under Will of Ethel S. Schlosnagle, do hereby confirm my concurrence to the early termination of the Trust. I do hereby acknowledge that I understand that by terminating the trust I will no longer have the contingent right to receive a portion of the principal of the trust. Marjo e Higley In re: : IN THE COURT OF COMMON PLEAS OF :CUMBERLAND COUNTY, PENNSYLVANIA , Trust Under Will of Ethel S. Schlosnagle for benefit of Eugene S. Schlosnagle, :ORPHANS' COURT DIVISION Jane S. Cowden and Carol A. Bradford. 21-OS-1115 CONSENT I, Dorothy Moon, a contingent remainder beneficiary of the Trust Under Will of Ethel S. Schlosnagle, do hereby confirm my concurrence to the early termination of the Trust. I do hereby acknowledge that I understand that by terminating the trust I will no longer have the contingent right to receive a portion of the principal of the trust. Dorothy Moon In re: : IN THE COURT OF COMMON PLEAS OF :CUMBERLAND COUNTY, PENNSYLVANIA Trust Under Will of Ethel S. Schlosnagle for benefit of Eugene S. Schlosnagle, :ORPHANS' COURT DIVISION Jane S. Cowden and Carol A. Bradford. 21-OS-1115 CONSENT I, Glenn Schlosnagle, a contingent remainder beneficiary of the Trust Under Will of Ethel S. Schlosnagle, do hereby confirm my concurrence to the early termination of the Trust. I do hereby acknowledge that I understand that by terminating the trust I will no longer have the contingent right to receive a portion of the principal of the trust. Glenn Schlosnagle