HomeMy WebLinkAbout08-19-10FAMILY SETTLEMENT AND FINAL RELEASE IN
THE ESTATE OF MONTGOMERY E. BANISTER
ESTATE NUMBER 21-08-781 ~ a ~''
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KNOW ALL MEN BY THESE PRESENTS, that: ~ ~ ~ ' ~
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WHEREAS, Montgomery Banister, late of Cumberland County, Perm nia~ .'~~,
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died testate on July 19, 2008, having first made his last Will and Testame ~ ich w~ ~.~
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duly executed on September 11, 1997; and,
WHEREAS, the said last Will and Testament named William N. Bar~is~er,
Executor of the Estate of Montgomery Banister; and,
WHEREAS, Letters Testamentary were duly issued by the Register of 1YVills of
Cumberland County, Pennsylvania to William N. Banister on July 25, 2008''; alrtid,
WHEREAS, the Executor has paid each beneficiary the sum of $75,04.00 in the
month of September, 2008, towards their inheritance pursuant to the terms of the Will of
Montgomery Banister; and,
WHEREAS, the Executor made a second payment to each beneficier~ in the
amount of $45,000.00 in the month of December, 2008 towards their inhenita~nce
pursuant to the terms of the Will of Montgomery Banister; and,
WHEREAS, the Executor made a third payment to each beneficiary ire' tthe
amount of $40,000.00 in the month of July, 2009 towards their inheritance p~4ri;uant to
the terms of the Will of Montgomery Banister; and,
WHEREAS, the residue of the estate is available for distribution to thq rtesidual
beneficiaries, who are the decedent's sister, Lois Ann Banister and the dede~~nt's four
children, William N. Banister, Kim E. Banister, James M. Banister and Roblin (Banister;
and,
WHEREAS, the Executor has gathered the assets of the estate of the said
decedent and the assets consisted of stocks, cash, bank deposits and certificates of
deposit, with a total value of $870,101.53, as set forth in the Statement of Account of
the Executor which has been attached hereto; and,
WHEREAS, the debts and deductions of principal, including the payjment of
Pennsylvania Inheritance Tax in the said estate, have been made and the ~to~all costs,
fees and reserve are $62,389.10, as set forth in the Statement of Account; and,
WHEREAS, the balance for distribution has been reduced to cash ~n~ is
available for distribution in accordance with the terms of the last will and te~ti~rhent of
the said decedent.
NOW, THEREFORE, KNOW YE, that we, being the sole residual ben~~ciaries of
Montgomery Banister, do hereby acknowledge that we have this day agreed tb receive
from the aforesaid personal representative, in full satisfaction and payment off all sum or
sums of money, legacies, bequests, and devises as are given, devised and bldqueathed
to us by Montgomery Banister, due to us under his said Last Will and Testarrh~nt, those
amounts appearing next to our names in Statement of Distribution attached M~reto.
AND, we do hereby stipulate that in order to avoid the expense and'tim~ involved
in the filing of a formal account and schedule of distribution, we agree that ~,nd account 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 bQ vurith the
same force and effect as if they had been filed and confirmed by the Orph~n~"Court
Division of the Court of Common Pleas of Cumberland County;
AND FURTHER, we do release the said executor from any and all'cl~ims against
him for his administration of this estate and any and all other matter affecting the
administration of the estate.
THEREFORE, we do hereby covenant and agree that should any I~a~ility come
due to the estate of the said decedent after the signing of this agreement,' wl~ covenant
and agree that we will pay any legally enforceable claims, demands, suits, dr Ilcauses of
action which may be successfully prosecuted against the said estate or tl~e ~foresaid
personal representative after the signing, sealing and delivery of this family ~~ttlement
agreement and final release.
IN WITNESS WHEREOF, we have hereunto set our hand and seal tF~e day and
year below written opposite my name.
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Ann anister
Dte:~/~~j~
~`~/io
Kim E. Banister
Date:
Robin Banister
Date:
William N. Banister
Date:
I
James Banister
Date:
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AND FURTHER, we do release the said executor from any and all claims against
him for his administration of this estate and any and all other matter affec#ing the
administration of the estate.
THEREFORE, we do hereby covenant and agree that should any liability come
due to the estate of the said decedent after the signing of this agreement, w~ covenant
and agree that we wi{I pay any legally enforceable claims, demands, suits, ar causes of
action which may be successfully prosecuted against the said estate or thle a~ioresaid
personal representative after the signing, sealing and delivery of this family settlement
agreement and final release.
IN WITNESS WHEREOF, we have hereunto set our hand and seal tie day and
year below written opposite my name.
Lois Ann Banister
Date:
W.
S
Robin Ba iste
Date: ~ ~ ~ 3010
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Kim E. Banister
Date:
James Banister
Date:
William N. Banister
Date:
AND FURTHER, we do release the said executor from any and all claims against
him for his administration of this estate and any and all other matter affecting the
administration of the estate.
THEREFORE, we do hereby covenant and agree that should any Iliat~ility come
due to the estate of the said decedent after the signing of this agreement,' wle covenant
and agree that we will pay any legally enforceable claims, demands, suit, clrcauses of
action which may be successfully prosecuted against the said estate or the aforesaid
personal representative after the signing, sealing and delivery of this family settlement
agreement and final release.
IN WITNESS WHEREOF, we have hereunto set our hand and seall tlh~ day and
year below written opposite my name.
Lois Ann Banister
Date:
Robin Banister
Date:
William N. Banister
Date: /q.,, d usT / 3, Zo i o
Kim E. Banister
Date:
mes ister J~ ~~ O
ate: ~ o~ I d
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STATEMENT OF ACCOUNT OF EXECUTOR, WILLIAM N. BANISTER
RE: ESTATE OF MONTGOMERY BANISTER
ASSETS
1. Schwab One Account # 1329-3198 $30.1,,607.95
2. Schwab IRA #1329-3290 $ j61,745.92
3. F&M Trust Investment Account #30083000 $30i4j,980.13
4. F&M Trust, acct. nos. 33-8633, 70-64470 & 35-01582 $ X4;;.,480.72
5. Fidelity account number #2AU-193259 $!1~4~,796.04
6. Penn Mutual Insurance $' ~9i,903.30
7. Penn Mutual Insurance interest income $ 377.00
8. Refund, 2008 PA Income Tax $ ~ 502.83
9. Refund, 2008 Federal Income Tax $ '5,642.00
10. Misc. Income $ 1_
„ ~ 65.64
0
TOTAL ASSETS: $ 8~T~,101.53
COSTS/FEES/RESERVE
Funeral
Green Ridge Village
Probate Fees
Attorney's Fees
Accounting Fees
PA Inheritance Tax Paid
$ 2,7fi~.~7
$ 2,90~.~5I
$ 96~.1~'vl
$ 7,50b.~C~
$ 50Q.gQ
47 757
TOTAL COSTS: $ 62,3$9:110
STATEMENT OF DISTRIBUTION
Gross value of estate $ 870,101.53
Expenses/Fees/Reserve $ 62,389.10 II~
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Net value of estate $ 807,712.43
Less distributions to heirs $ 800,000.00 !,
Remainder $ 7,712.43
Remaining Distribution
One fifth to each heir
Lois Banister $ 1,542.48
Kim Banister $ 1,542.48
William Banister $ 1,542.48 ',
Robin Banister $ 1,542.48 '~
James Banister $ 1,542.48
Total $ 7,712.43