HomeMy WebLinkAbout05-04-10IN THE MATTER OF THE
ESTATE OF DELORIS 'V. WATTS t,,,
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CUMBERLAND COUNTY, PENNSYLVANIA ~ ~ z~ .~- '-
FILE NO.: 2008-00497
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PA FILE NO.: 21-08-0497 _
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FAMILY ESTATE SETTLEME ~1T AGREE',MENT
THIS AGREEMENT, made this ~~ day of April 2010,
WITNESSETH:
THE CIRCUMSTANCES leading up to the execution of this Agreement are as follows:
1. Debris V. Watts (the "Decedent"), died testate on April 25, 2008. On May 5, 2008, The
Register of Wills of Cumberland County, Pennsylvania granted Letters Testamentary to the said Nancy
Watts, as Executrix of the Estate of Debris V. Watts, deceased (the "Estate").
2. Paragraph 2 of the Will provides as follows:
"l give, devise and bequeath all the rest, residue and remainder of my estate, real,
personal and mixed, whatsoever and wheresoever the same may be situate, to my
daughter, NANCY L. WATTS, absolutely and unconditionally."
3. Nancy L. Watts (the "Beneficiary") desires the Executrix to distribute the residue of
the estate informally in order to avoid the expense and delay involved with the formal adjudication of
a First and Final Account by the Orphans' Court Probate Division of Cumberland County,
Pennsylvania (the "Court").
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4. The Beneficiary desire to forever settle and compromise any and all claims and rights
which she may possess, now or hereafter, in the Estate and to confirm her acceptance of the Informal
Account (the ``Account") which is attached hereto as Exhibit "A" and incorporated herein by this
reference. 'The Beneficiary desires that the terms of the Accc-unt be in full satisfaction of her rights
to the Estate.
5. The Beneficiary wishes to release the Executrix and to indemnify her against any and
all claims that may be asserted against the Estate, or the Executrix after the date hereof
6. The Executrix is willing to distribute the Beneficiary's spe~:,ific bequest informally in
consideration of the indemnifications hereinafter provided by the Beneficiary.
NUW, THEREFORE, in consideration of the foregoing and intending to be legally bound,
jointly and severally, the Beneficiary, for herself, her heirs, personal representatives, successors and
assigns:
Represents and warrants that she has read and understandls this Agreement
and confirms that the facts set forth above are true and conrect, to the best of
her knowledge, information, and belief.
2. Acknowledges receipt of a copy of the Account.
3. Declares that she has had the opportunity to review the Account and based
upon an examination (or on her decision not to make such an examination),
she is satisfied that she has sufficient information to make an informed
waiver of her rights to a formal accounting with the Court, and does hereby
waive the filing and auditing of the same.
4. Accepts the Account, examined or not, as if the same had been duly filed
with and audited, adjudicated, and confirmed absolutely by the Court.
5 . Acknowledges that the amount received shall be in full satisfaction of her
respective entitlement from the Estate, and. acknowledges that she has
received her respective share.
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6. Releases, remises, quitclaims and forever disc;harges the Executrix, her heirs,
personal representatives, successors and assigns, from and. against all claims
that the Agent for the Beneficiary and thf, Beneficiary, as beneficiary,
residuary legatee, and heir., had, now has, or may in the future have, in
connection with the Estate.
7. Agrees to refund on demand, all or any part of any aforesaid distribution,
which has been determined by the Executrix, ~or by the Court, or by any court
of competent jurisdiction to have been improperly made.
8. Agrees to indemnify and hold harmless the Executrix, her heirs, personal
representatives, successors and assigns, from and against any and all claims,
loss, liability or damage (whether or not re ated to the negligence of the
personal representative) that may hereafter be asserted against the Estate, or
against the Executrix.
9. Consents to the Court exercising personal jurisdiction over her in any suitor
action arising out of the enforcement of this Agreement.
IN WITNESS WHEREOF, and intending to be legally bound, the :Beneficiary has caused the
agreement and the attached consent to be duly executed.
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CONSENT TO ESTATE SETTLEMENT' AGREEMENT
Nancy L. Watts, hereby consents to and joins in the Family Estal:e Settlement Agreement
relating to the Estate of Debris V. Watts, deceased, a copy of which Family Estate Settlement
Agreement has been provided to me.
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April '2 (, 2010 l,~~G ~ l~i~~~~~
Nancy L. atts
ACKNOWLEDGEMENT
COMMONWEALTH OF PENNSYLVANIA :
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COUNTY (JF CUMBERLAND
On this ~~ day of April 2010, before me a notary public, the undersigned officer, ersonall
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appeared Nancy L. Watts, known to me (or satisfactorily proven) to be t>^~e person whose name is
subscribed to the within instrument, and acknowledged that she executed the same for the purposes
therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
~,gMMgNWEALTH qF" Ri~NNSYL.YANIA
NdTARIAL SEAL
;Lori A. Backenstoes -Notary Public
Lower Allen Twp., Cumberland County
MY COMMISSION EXPIRES OCT. 14, 2011
O ARY UBL C
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Estate of Deloris V. Watts, Deceased
Estate Accounting Summary
Date of Death
Estate Liquid Assets Value
Citizen's Bank Green Checkin Account #610070-434-3 $ 10,597.00
US Treasu Check $ 300.00
Total Estate Assets $ 10,897.00
Date of Death
Real Estate Assets Value
5480 Smith Drive, Ham den Twonshi ,Cumberland County, PA $ 199,141.00
Total Assets of Revocable Tru:~t $ 199,141.00
Date of Death
Summary of Assets Value
..Total Li uid Assets $ 10,897.00
Total Real Estate Assets $ 199,141.00
Total Assei:s $ 210,038.00
Summary of Account Transactions Amount
Total Value of All Assets $ 20,038.00
Less Value of Real Estate transfer b deed to Beneficiary ~$1 X39, ~ 41.00)
Total Debts and Costs Paid to Date and to be Paid ~$~?~, 3Q2.00)
Estate Account Balance x$13,405.00)
EXHIBIT A -Page 1
ESTATE OF DELORIS V. WATTS, DECEASED
Total Debts and Costs Paid to Date
1. Myers Funeral Home and funeral related expenses $7,623.00
2. Pealer's Flower Shop -funeral flowers $2.22.00
3. Saint Paul's Lutheran Cemetary -grave opening, etc. $1,560.00
4. Gingrich Memorials -headstone $2,900.00
5. Cumberland County, Register of Wills -Probate Fees $364.OCI
6. Cumberland County, Register of Wills- Inheritance Tax Filin;~ Fee $15.00
7. Cumberland County, Register of Wills, Inventory Filing Fee $15.00
8. PA Department of Revenue -Inheritance Tax $8,575.00
9. Bureau of Vital Statistics -Death Certificate fees $27.00
10. Pecht & Assocites, PC -Attorney's Fees $2,723.00
11. The Sentinel -Legal Advertisement -Estate Notice $183.00
12. Cumberland Law Journal -Legal Advertisement -Estate Notice $75.00
13. Cumberland County, Recorder of Deeds $6.3.00
14. Cumberland County, Register of Will, filing fee,
Family Settlement Agreement $20.00
TOTAL PAID X24,365.00
EXHIBIT A -Page 2