HomeMy WebLinkAbout07-27-10.-
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COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
ORPHANS' COURT DIVISION
NO. 21-07-1131
ESTATE OF JOHN W LYTER III, DECEASED
Late of Cumberland County , PA
FAMILY SETTLEMENT AGREEMENT AND RELEASE OF
JOHN R LYTER, EXECUTOR
Date of Death: November 26, 2007
Letters Granted: December 14, 2007
First Complete Advertisement of Grant of Letters: January 1 1, 2008
Account stated to
John C Oszustowicz, Esq.
104 South Hanover Street
Carlisle.. PA 17013
(717) 243-7437
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AGREEMENT TO INDEMNIFY, RECEIPT, AND RELEASE
THIS AGREEMENT, by and among John R Lyter, Executor of the Estate of John W
Lyter III, Deceased and John R Lyter ,Rebecca Anne Lyter and John Reed Lyter.
WHEREAS, John W Lyter III died November 26 2007, testate, a resident of Cumberland
County, Pennsylvania; and
WHEREAS, the Last Will and Testament of John W Lyter III dated September 26, 2006,
was duly probated in the Office of the Register of Wills of Cumberland County, Pennsylvania as
appears of record at Number 21-07-1131 (a copy of the Will is attached hereto and marked
Exhibit A); and
and
WHEREAS, Letters Testamentary were issued to John R Lyter on December 14, 2007;
WHEREAS, said Executor has duly administered the estate according to the laws of the
Corrinionwealtll of Per~ns;rl,,~ania; and
WHEREAS, in ITEM 3: He gave and devised the following:
A. Twenty-five thousand dollars ($25,000.00) to his grandson JOHN REED LYTER;
and
B. Twenty-five thousand dollars ($25,000.00) to his granddaughter REBECCA ANNE
LYTER
WHEREAS, in ITEM 4: All the rest, residue and remainder of his estate of whatsoever
nature and wheresoever situate, he gave, devised and bequeathed to his son JOHN R. LYTER
WHEREAS, John R Lyter ,Rebecca Anne and John Reed Lyter, have been furnished
with a complete listing of the estate assets, receipts and disbursements; and
WHEREAS, it is the desire of the parties to this Agreement that final distribution of this
estate be accomplished without a formal accounting to the Orphans' Court Division of the Court
of Common Pleas of Cumberland County, it being the desire of the parties to avoid the expense,
delay and publicity of a formal accounting.
NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements
recited herein, the parties do agree as follows:
John R Lyter ,Rebecca Anne Lyter and John Reed Lyter, do hereby release and forever
discharge John R Lyter, Executor, from any and all liability which he had or may have or
which may from time to time arise in connection with his service as Executor of t:he Estate of
John W Lyter III, Deceased, and hereby authorize and request the Orphans' Court Division to
charge the same against their shares of said estate, and in consideration for said distribution,
hereby agree to refund any amounts so distributed which may be required to fully discharge
any tax liability of the estate, debts of the decedent, or administration expenses.
2. Each party to this Agreement acknowledges that this Agreement shall be indexed and
recorded in the estate proceedings and that the terms hereof shall be binding upon. their
respective heirs, successors, executors, administrators and assigns.
This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania.
DATED this day of ~,~~;,,, , 2008.
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Witness r Joh r, Executor
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Witness Jo ~` R Lyter, Benefi nary
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Witness
Witness
R becca Anne Lyter, n iciary
n Reed Lyter, Bene iary
LAST WILL AND TESTAMENT
OF
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JOHN W. LYTER, III ~ ~ '~
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1, JOHN W. LYTER, III, of Cumberland County, Pennsylvania, do make, publish
and declare this as and for my Last Will and Testament, hereby expressly revoking afi
wills and codicils made by me heretofore, and dispose of my estate as follows:
ITEM 1: I direct the payment of my just debts and funeral expenses, including a
suitable and proper grave marker, as soon as conveniently can be done following my
decease.
ITEM 2: t direct that all State and Federal Transfer Inheritance Tax, Estate Tax,
Succession Tax or any other tax, including any interest, assessments or penalties
thereon, that may become due and payable by virtue of my death, or by virtue of the
passing of any property either under my Last Will and Testament, or in any other manner,
shall be paid from my residuary estate, just as if such taxes were my debts, and no
beneficiary shall be required to pay or refund any part thereof.
ITEM 3: I give and devise the following:
A. Twenty-five thousand dollars ($25,000.00) to my grandson, JOHN REED
LYTER; and
B. Twenty-five thousand do{lays ($25,000.00) to my granddaughter, REBECCA
ANNE LYTER.
ITEM 4: All of the rest, residue and remainder of my estate of whatsoever nature
and wheresoever situate, I give, devise and bequeath to my son, JOHN R. LX'T'ER, if he
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SUfVTNes file.
ITEM 5: 1f my son, JOHN, does not survive me then all of the residuary estate
sha[I be given to my grandchildren JOHN REED LYTER and REBECCA ANNE LYTER,
equally.
ITEM 6: In the administration of my estate my Executor shall have the
following powers without leave of court in addition to, but not in limi#a#ion of, the powers
granted by law to the Executors of estates, which powers shall continue after the
termination of my estate until actual distribution of the assets:
A. To receive in the estate and to retain any assets, real or personal, to which I
may be entitled at the time of my death, which my Executor may deem for the best
interest of the estate without being required to convert said assets into so-called "legal
investments".
B. To invest and reinvest in such securities as a prudent investor of intelligence
and discretion would buy for himself for investment, and not for speculation, giving due
regard to the safety of the principal and the adequacy of the income, and without being
limited to the so-caned "legal investments" of the Commonwealth of Pennsylvania, said
investment authority to include the right to invest in any Discretionary or Legal Common
Trust Fund that may be administered and managed by a Corporate Executor or
Corporate Trustee.
C. To sell or buy real estate without Court order at public or private sale; to make,
execute and deliver or receive good and sufficient deeds of conveyance and give or
receive good title therefor; to reinvest the proceeds as if they had originated in personal
2
pro~pe~rty, to rno~tgage or erxumber any real estate comprising part of my estate,
borrowing the necessary funds from himself or from any other source; to improve any
property or otherwise expend principal funds for the upkeep and welfare of any
properties; to release, vacate and abandon the same; to grant and acquire licenses and
easements with respect thereto; to make improvements to or upon the same; and in
genera{ to do all #hings necessary in the managemen# of the properties as if he is the
owner thereof, including the right to let property and to make leases for any term. The
purchaser shall not be required to see to the proper application of proceeds but may pay
the same over to the Executor selling the same.
D. To make distribution hereunder in cash or of property and securities in kind at
fair market value at the time of such distribution and in such a manner as to be fair,
equitable and just to all concerned. Distributions of property and securities are not
required to be identical among the beneficiaries, and some may receive one type of
property or security while another may receive another type of property or security.
E. To exercise any election or privilege given by the federal and other tax laws,
including but not limited to, the election of the alternate valuation date for federal estate
tax purposes, the election to claim deductions for federal estate tax or for federal
income tax purposes, and the election of the method of payment of pension, profit-
sharing, HR-10, individual retirement account, and any other similar benefits. In
addition, my Executor, in his sole discretion, may make or not make equitable
adjustment among the beneficiaries, without the consent of the beneficiaries, for the
exercise or non-exercise of any election or privileges.
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ITEM 7: I nominate, constitute and appoint my son, JOHN R. LYTER to be the
sole Executor of this, my Last Will and Testament. If JOHN R. LYTER, is unable or
unwilling to serve as Executor, I appoint JOHN C. OSZUSTOWICZ to be the sole
Executor. No Executor shall be required to give bond.
ITEM 8: Wherever the context requires, the masculine gender shall include the
feminine and neuter gender, and vice versa, and the singular shall include the plural, and
vice versa.
IN WITNESS WHEREOF, I have hereunto set my hand and sea! this 2(~}'day of
' ice, 2006.
JOHN W. L ER, III
Signed, seated, published, acknowledged and declared by the above-named
Testator, JOHN W. LYTER, III, as and for his Last Will and Testament, in the presence of
us, who, at his request, in his presence and in the presence of each other, have hereunto
subscribed our names as witnesses thereto.
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TH OF V~
COta~YTY OAF CUMBERLAND
SS:
I, JOHN W. LYTER, III, Testator, who signed the foregoing instrument, having
been duly qualified according to law, acknowledge that I signed and executed the
instrument as my free and voluntary act for the purposes therein contained.
Swom to or affirmed and
acknowledged before me by
JOHN W. LYTER, III
the Testator, thisL~ day
~_ P_ml~~ ~ , 2006.
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IV~otary Public
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JOHN W. LYTER, III --`
m wet o n Iv ni
NOTARIAL SEAL
KIMBERLY R. LEO, Notary Public
Carlisle Borough, County of Cumberland
My Commission Expires Oct. 10, 2009
COMMONWEALTH OF PENNSYLVANIA )
SS:
COUNTY OF CUMBERLAND )
We, the undersigned witnesses who signed the foregoing instrument, being duly
qualified according to law, depose and say that we were present and saw Testator sign
and execute the instrument as his Last Will and Testament; that he signed and executed
it willingly as his free and voluntary act for the purposes therein expressed; that each of
us in his sight and hearing signed the Will as witnesses; that Testator is known to each of
us; and that to the best of our knowledge and obse tion the Testator was he time of
sound mind and under no constraint or undue influe~~. ~ /~
Sworn to or affirmed and subscribed
to before me by ~Tj''~ Gi~cz. ~ Nav lc~r
and _ Div' ~d ~ ~ ~--f -~ witnesses,
this ? -day of ~~D~tmb~r , 2006.
Notary Public
mmo we I of enns Ivani
NOTARIAL SEAL
KIMBERLY R. LEO, Notary Public 5
Carlisle Borough, County of Cumberland
My Commission Expires Oct. 10, 2009