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Home My WebLink About05-28-10 FAMILY SETTLEMENT AGREEMENT 'ATE FRANCI- c~ .~, '4.:~ .rnr ~ ~* r.. ~,. ~-, r~ ~- ~ cxz ::.. cn ~: _~ '-~ AGREEMENT executed this ~C~ day of , X010, by aid between DOUGLAS RAY LINDSAY, Executor of the Estate of FRANCIS MARIE LINDSAY, deceased, and DOUGLAS R. LINDSAY, STEVEN E. LINDSAY and BRENDA D. BAKER, heirs and beneficiaries of the Estate of FRANCIS MARIE LINDSAY. WHEREAS, FRANCIS MARIE LINDSAY, late of West Pennsboro Township, Cumberland County, Pennsylvania, died on December 10, 2008, having left a Last Will and Testament dated May 5, 1993. WHEREAS, on January 9, 2009, the Register of Wills in and for the County of Cumberland, Commonwealth of Pennsylvania, did constitute and appoint DOUGLAS RAY LINDSAY, as Executor of the Estate of FRANCIS MARIE LINDSAY, in Estate Number 21-09- 0015 upon the probating of the aforesaid Last Will and Testament, and WHEREAS, the Executor has proceeded with the administration of said Estate consisting of assets in the amount of $144,725.40, plus non-probate assets of $9,569.01, less net losses and gains of (-)$11,146.80, less disbursements in the amount of $22,668.67, and less in-kind and previous distributions in the amount of $13,129.01, leaving a principal balance on hand of $107,349.93, as set forth in the First and Final Account, a true and correct copy is attached hereto and made part hereof as Exhibit "A", and WHEREAS, the only parties in interest in said Estate are the above-named parties, and WHEREAS, said parties in interest desire that the Executor shall not be required to file an Account with the Orphan's Court of Cumberland County, Pennsylvania, and that the net estate of the decedent shall be distributed without the necessity of filing a formal Account to avoid the expense, delay and publicity of a formal accounting, but should instead be distributed in accordance with the Executor's Proposed Schedule of Distribution, a true and correct copy of which is attached hereto and made a part hereof as Exhibit "B". _,.., -:, ' _` ~ --- _ - . -~; :, ',<. ~~'~ NOW THEREFORE, in consideration of the mutual promises, covenants and agreements recited herein, the above-named heirs and beneficiaries of the Estate of FRANCIS MARIE LINDSAY do hereby mutually agree as follows: 1. The parties hereto, and each of them, agree and acknowledge that they have fully and carefully examined the First and Final Account of DOUGLAS R. LINDSAY, Executor for the Estate of FRANCIS MARIE LINDSAY, deceased, and Proposed Schedule of Distribution relating thereto, and find them to be true and correct, and acceptable to the parties hereto and each of them, and further that each of them has received a copy of this Family Settlement and Final Release and of said Account and Proposed Schedule of Distribution. 2. The parties hereto hereby agree that in order to avoid the expense, delay and publicity involved in the filing of a formal Account and Schedule of Distribution, no accounting to the Court is necessary and we do hereby agree that we do consent to distribution being made without the filing of an Account and Schedule of Distribution, the same to be with the same force and effect as if they had been filed and confirmed by the Orphan's Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania. 3. The parties hereby remise, release, quitclaim and forever discharge t:he Estate of FRANCIS MARIE LINDSAY, and DOUGLAS R. LINDSAY, Executor, his heirs, Executors, administrators and assigns, from all manner of acts, suits, claims, accountings, debts and demands whatsoever which we or any of us or our legal representatives or assigns may at any time hereafter have against said Executor, estate, or assets thereof, touching or concerning the Estate of the Decedent. 4. The parties hereto covenant and agree that they will contribute their share of the Estate to satisfy all claims, debts, demands, suits or cause of action which may be successfully brought against the Estate or the Executor after the execution of this Family Settlement and Final Release. 5. The parties hereto hereby agree that they will at all times in the future and wherever necessary, appropriate or convenient, made, execute and deliver to said Executor, and/or to the other party or persons, 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 and Final Release. 6. This Family Settlement 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 Executor or any other person or party upon her behalf. 7. This Family Settlement and Final Release shall inure to the benefit and shall bind the parties hereto, and each of them, their heirs, Executors, administrators, successors and assigns. 8. This Family Settlement and Final Release shall be governed by the laws of the Commonwealth of Pennsylvania. IN WITNESS WHEREOF, the parties hereto have hereunto set their respective hands and seals the day and year first above written. WITNESSETH: S'lb~-~ 0 Date DOU S YL N AY Exec or DOU S ~. LIN S Y Indiv lly as hei d beneficiary STEVEN E. LINDSAY ----J Individually as heir and beneficiary ~~ ~a Date NDA D. BAKER ividually as heir and beneficiary FIRST AND FINAL ACCOUNT OF DOUGLAS RAY LINDSAY, EXECUTOR OF THE ESTATE OF FRANCIS MARIE LINDSAY, Deceased Date of Death: December 10, 2008 Date of Executor's Appointment January 9, 2009 Accounting for the Period of January 9, 2009 to May 26, 2010 Purpose of Account: DOUGLAS RAY LINDSAY, Executor of the Est~.te of FRANCIS MARIE LINDSAY, offers this Account to acquaint interested parties with the transactions that have occurred during her administration of the Estate for the accounting period indicated above. The Account also indicates the proposed distribution of the Estate. It is important that the Account be carefully examined. Request for additional information or questions or objections can be discussed with: Bradley L. Griffie, Esquire GRIFFIE & ASSOCIATES 200 North Hanover Street Carlisle, PA 17013 (717) 243 -5551 (800) 347-5552 EXHIBIT "A" SUMMARY OF ACCOUNT Principal -Total Assets $144,725.40 Plus Non-Probate Assets 0.00 Less net Gains or Losses (-) 11,146.80 Less in kind distributions (-) 3,560.00 Less Disbursements of Principal (-) $22,668.67 TOTAL Cash Available for Distribution $107,349.93 RECEIPTS OF PRINCIPAL REAL ESTATE NONE STOCKS and BONDS 1. PPL CORP COMMON STOCK .................... $41,224.32 Account No. 3097150084 1,367.76262 Shares at $30.14 per share 2. Adams Electric Cooperative, Inc ....................... $298.30 Cooperative Membership Value 3. Chevron Corporation Common Stock ..............$39,533.76 Account No. 16676410-0 504.0000 shares at $78.4400 per share 4. Uncashed dividend disbursement (Chevron) ......... $327.60 5. Uncashed dividend disbursement (PPL) ................$458.20 6. Uncashed dividend disbursement (Adams Electric)...$13.83 SUBTOTAL ............................................................$81,856.01 CASH and BANK ACCOUNTS 1. Adams County National Bank Checking Account # 123412 .........................$26,085.00 2. Adams County National Bank Savings Account # 9643621 ..........................$9,162.84 3. Adams County National Bank Certificate of Deposit # 173814 ...................... $9,769.70 4. Cash ..........................................................$ 20.08 SUBTOTAL ............................................................. $45,037.62 PERSONAL PROPERTY 1. Household furnishings (auctioned) ..............$438.25 2. Cemetery Plots ......................................$3,560.00 3. 1987 Clayton Mobile Home ....................... $8,000.00 Title No. 38951114102LI SUBTOTAL ............................................................. $11,998.25 ADDITIONAL RECEIPTS 1. Erie Insurance Group Premium Refund ................$132.00 2. Constitutional Life Premium Refund ................... $406.22 3. Edward Jones Investment Payment ...................... $31.59 4. Erie Insurance Group Premium Refund ...................$5.00 S. Presbyterian Homes Refund of Overpayment......$3,405.75 6. Inheritance distribution from .............................$87.96 Estate of Richard Meals SUBTOTAL ...............................................................$5,833.52 TOTAL PRINCIPAL of probate Estate before adjustments ........................ $144,725.40 NON-PROBATE ASSETS ATTRIBUTABLE TO ESTATE 1. Adams County National Bank ..................$9,569.01 IRA No. 9000135 SUBTOTAL ........................................................................$9,569.01 GAINS AND LOSSES ON SALES AND OTHER DISTRIBUTIONS GAINS: Post death accrued interest Adams County National Bank Accounts Checking Account No. 123412 ...................$1.46 Certificate of Deposit No. 173814 ..............$39.47 Saving Account No. 9643621 .....................$1.36 Chevron Dividend Replacement Check ............... $262.08 SUBTOTAL ...................................................... $304.37 LOSSES: Chevron Corporation Common Stock Post death loss ......................................... (-)$ 6,215.93 PPL Corporation Common Stock Post death loss ......................................... (-)$4,716.18 Post death checks processed on personal account.......... (-)$519.06 1. Adams Electric Cooperative Inc......... ($36.04) 2. Monumental Life ........................... ($51.72) 3. Prudential Life ..............................($36.30) 4. Constitutional Life ........................ ($245.00) 5. Jeff Seibert ................................. ($150.00) SUBTOTAL ................................................ (-) $11,451.17 NET ADJUSTMENT FOR GAINS AND LOSSES .................(-)$11,146.80 Total principal of Estate with all adjustments ............................ $143,147.61 DISBURSEMENTS OF PRINCIPAL Adams County National Bank Checking Account No. 2328232 DEBTS OF DECEDENT Green Ridge Village (Nursing Home) ................................... $3,971.86 Millenium Pharmacy .............................................................. $ 498.13 Real Estate Taxes on Mobile Home ....................................... $ 41.28 SUBTOTAL :....................................................$ 4,511.27 FUNERAL EXPENSES Egger Funeral Home, Inc ..................................................... $ 6,334.08 SUBTOTAL :.................................................... $ 6,334.08 ADMINISTRATION EXPENSES 1. Attorney's fees to GRIFFIE & ASSOCIATES .................... $ 4,000.00 2. Probate Fees .......................................................................... $ 186.00 3. Auction Costs ........................................................................ $ 153.39 4. Advertising -The Sentinel ................................................... $ 150.64 5. Advertising -Cumberland Law Journal ............................... $ 75.00 6. Lot rent to Conodoguinet Mobile Estates ............................. $ 1,125.00 7. Adams Electric Cooperative ................................................. $ 190.08 8. Kough's Oil Service .............................................................. $ 192.24 9. Adams County National Bank -Bank Fees ........................... $ 16.00 SUBTOTAL .....................................................$ 6,088.35 TAXES Pennsylvania Inheritance Tax $6,036.81 Less Discount (-) $301.84 SUBTOTAL ...................................................... $5,734.97 TOTAL DISBURSEMENTS OF PRINCIPAL $22,668.67 NON-PROBATE ASSETS PREVIOUSLY DISTRIBUTED Adams County National Bank .................................$9,569.01 IRA No. 9000135 SUBTOTAL ............................................................... $9,569.01 INTERIM DISBURSEMENTS TO BENEFICIARIES NONE IN KIND DISTRIBUTIONS 1. Cemetery Plots .........................................$3,560.00 Cumberland Valley Memorial Gardens SUBTOTAL ............................................. $3,560.00 TOTAL PREVIOUS AND IN KIND DISTRIBUTIONS .............$13,129.01 TOTAL DISBURSEMENT AND DISTRIBUTIONS ..............................$35,797.68 Total Principal of Estate with Adjustments $143,147.61 Total Disbursements and Distributions (-)35,797.68 Net available estate assets $107,349.93