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HomeMy WebLinkAbout12-01-10 IN THE MATTER OF THE ESTATE OF ALTHEA ELIZABETH FALEY, DECEASED REGISTER OF WILLS IN AND FOR CUMBERLAND COUNTY, PENNSYLVANIA File No. 2008 - 01215 FAMILY ESTATE SETTLEMENT AGREEMENT m ~ ~~ ~~ THIS AGREEMENT, made this ~\s'~ day of May 2010, c~ ~~~ ~ ~~ - ~= ~ ~~ WITNESSETH: a -~ ~- THE CIRCUMSTANCES leading up to the execution of this Agreement are as follows: 1. Althea. Elizabeth Faley (the "Decedent"), a widow, died intestate on November 27, 2008. Joseph Johhn Faley and Thomas Edward Faley, Jr. duly qualified with the Register of Wills of Cumberland County, Pennsylvania as Co-Administrators (the "Co-Administrators") of her probate Estate (the "Estate"). 2. Joseph John Faley and Thomas Edward Faley, Jr. (the Benef ciaries") desire the Co- Administrators to settle the Estate informally in order to avoid the expense and delay involved with the formal adjudlication of a First and Final Account by the Orphans' Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania (the "Court"). 3. The Beneficiaries desire to forever settle and compromise any and all claims and rights which they may possess, now or hereafter, in the Estate and to confirm their acceptance of the Informal Account (the "Account") which is attached hereto as Exhibit "A" and incorporated herein ~~6 by this reference. The Beneficiaries desire that the terms of the Account be in full satisfaction of their rights in the Estate. 4. Thy Beneficiaries wish to release the Co-Administrators and to indemnify them against any and all claims that may be asserted against the Estate or the Co-Administrators after the date hereof. 5. The Co-Administrators are willing to settle the Estate informally in consideration of the indemnifications hereinafter provided by the Beneficiaries. NOW, TI$EREFORE, in consideration of the foregoing and intending to be legally bound, jointly and severally, the Beneficiaries, for themselves, .their heirs, personal representatives, successors and assigns: 1. Represent and warrant that they have read and understand this Agreement and cc#nfirm that the facts set forth above are true and correct, to the best of their knowledge, information, and belief. 2. Acknowledge receipt of a copy of the Account. 3. Dleclare that they have had the opportunity to review the Account and based upon an examination (or on their decision not to make such an examination), they are satisfied that they have sufficient information to make an informed wlaiver of their right to a formal accounting with the Court, and do hereby waive the filing and auditing of the same. 4. Alccept the Account, examined or not, as if the same had been duly filed with acid audited, adjudicated, and confirmed absolutely by the Court. -2- 5 . Acknowledge that the distributive share or amount received shall be in full satisfaction of their respective entitlements under the Will, and acknowledge that they have each received their respective shares. 6. Release, remise, quitclaim and forever discharge the Co-Administrators, their heirs, personal representatives, successors and assigns, from and against all claims that they, as residuary legatees and heirs had, now have, or may in the future have, in connection with the Estate. 7. Agree to refund on demand, all or any part of any aforesaid distribution, which has been determined by the Co-Administrators, or by the Court, or by any court of competent jurisdiction to have been improperly made. 8. Ai'gree to indemnify and hold harmless the Co-Administrators, their heirs, personal representatives, successors and assigns, from and against any and all claims, loss, liability or damage (whether or not related to the negligence of the Co-Administrators) that may hereafter be asserted against the Estate or against the Co-Administrators. Consent to the Court exercising personal jurisdiction over them in any suitor action arising out of the enforcement of this Agreement. IN WI'TNIESS WHEREOF, and intending to be legally bound, the Beneficiaries have placed their hands and Seals on the attached Consents to this Estate Settlement Agreement. -3- CONSENT TO FAMILY ESTATE SETTLEMENT AGREEMENT I, Thomas Edward Faley, Jr., hereby consent to and join in the Estate Settlement Agree- ment relating to the Estate of Althea Elizabeth Faley, deceased, a copy of which Estate Settlement Agreement has been provided to' me. ~ 1 TC'I~'fit ~ ~~ Date COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND On this, theme\~'c day of May 2010, before me, the undersigned officer, personally appeared Thomas Edward Faley, Jr., known to me (or satisfactorily proven) to be the person whose name is stilbscribed to the within instrument, and acknowledged that he executed the same in the capacities and for the purposes therein contained. IN WITNESS WHEREOF, I hereunder set my hand and official seal. COMMONWEALTH OF PENNSYLVANIA NOTA IAL SEAL ' Lori A. Backenstces-Notary Public Lower Nlen Twp., Cumberland County tart' u liC MY COMMISSI N EXPIRES OCT. 14~ 2011 Exhibit B ESTATE OF ALTHEA ELIZABETH JONES FALEY, deceased File No.: 2008-01215 Total Debts and Costs Paid to Date 1. Neill Funeral Home, Inc. $10, 385.10 2. Diocese of Harrisburg/Cemeteries -Grave Marker $850.00 3. Pecht & Associates, PC $6,000.00 4. Register of Wills, Cumberland County $715.00 5. Register of Wills, Agent -Inheritance Tax $34,485.12 6. Bethany Village $121.00 7. Cumberland Law Journal $75.00 8. The Sentinel $238 22 9. Continuing Care -Nov. Pharmacy Bill $518.00 10. Joseph Faley -reimbursement of costs advanced-funeral bill $150.10 11. Register of Wills, Cumberland County -Short Certificates $8.00 12. Registier of Wills, Cumberland County $30.00 Filing Fee: Inventory and Inheritance Tax Return 13. Register of Wills, Cumberland County $20.00 Filing Fee: Family Settlement Agreement 14. US Treasury - 2008 Federal Income Tax $2,389.00 15. Pennsylvania Department of Revenue - $254.00 2008 State Income Tax 16. Pennsylvania Department of Revenue $59.08 17. US Treasury - 2009 Federal Income Tax $2,663.00 <• 18. Pennsylvania Department of Revenue- $593.00 2009 State Income Tax 19. Gift & Associates $345.00 20. Register of Wills, Agent, Supplemental Inheritance Tax $1,046.14 Total Debts and Costs Paid to Date $60,974.76 EXHIBTT C ESTATE OF ALTHEA ELIZABETH JONES FALEY, deceased File No.: 2008-01215 Distributions to Death Beneficiaries 1. Joseph J. Faley 2. Thomas E. Faley TOTAL ASSETS DISTRIBUTED $372,213.87 $372,213.87 $744,427.74 Balance to be distributed 1. Joseph J. Faley 2. Thomas E. Faley $41,701.77 $20,850.88 $20,850.88