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Home My WebLink About01-03-11~-...a t:_:;~ ~~ [ . ~ . ~TJ ~~ ~._,. ~ L~ S ~ '' f ~~~ IN THE ORPHANS' COURT DIVISION ~ ~ ` ~ ~~ ~ ~+ = OF THE COURT OF COMMON PLEAS OF ~ ~.:~~- .- ~- CUMBERLAND COUNTY, PENNSYLVANIA ~ ~"` '=''' ~ ~,:~~ ESTATE OF ELIZABETH C. RICHTER, DECEASED No. 2009-01106 APPROVAL OF ACCOUNT, WAIVER, RECEIPT, RELEASE, AND AGREEMENT OF INDEMNITY The circumstances leading up to the execution of this instrument are as follows: 1. Elizabeth C. Richter died on November 1, 2009, leaving a Will dated December 14, 2000, naming James E. Richter, II and Sandra Richter as Co-Executors. 2. Letters Testamentary were granted to James E. Richter, II and Sandra Richter by the Register of Wills of Cumberland County on November 30, 2009. 3. It is the desire of the Elizabeth C. Richter heirs that the Estate be distributed without the formality of a court proceeding in order to save the expense, publicity, and delay incident to such court proceeding, and the Co-Executors are willing to make such distribution upon the execution of this instrument. 4. An account of the administration of the Estate of Elizabeth C. Richter has been prepared by the Co-Executors. A copy is attached hereto as Exhibit A. 5. In consideration of the foregoing, each of the undersigned hereby: A. Represents and warrants that he/she has read and understands this instrument and that the facts set forth above are true and correct to the best of his/her knowledge, information and belief; -1- ((r ~ B . Declares that he/she has examined the attached account of the administration of the Estate and the attached schedule of distribution; that he/she finds them to be true and correct in all particulars; that he/she accepts and approves them as if they had been duly filed, audited, adjudicated and confirmed absolutely by the Orphans' Court Division of the Court of Common Pleas of Cumberland County, and as if the amounts shown as distributable had been duly awarded to him/her; C. Waives the f ling and auditing of the account of the administration'of the Estate in the Orphans' Court Division of the Court of Common Pleas of Cumberland County, and agrees that the Orphans' Court Division of the Court of Common Pleas of Cumberland County may by its decree confirm the account and approve the schedule of distribution; D . Requests the Co-Executors to make distribution of the principal and income in accordance with the schedule of distribution, and effective upon delivery to him/her of the amounts shown as respectively distributable, acknowledges receipt of such property; E. Agrees to refund to the Co-Executors any amount which may at any time be determined to have been an erroneous distribution to him/her, regardless of the cause of such erroneous distribution, even if attributable to negligence, and agrees that any period for the limitation of actions for the collection of any erroneous distribution shall commence only at such time as the Co-Executors shall have obtained actual knowledge of such erroneous distribution and that in no event shall the period for collection of any erroneous distribution be less than two years after the actual discovery thereof; F. Absolutely and irrevocably remises, releases, quitclaims and forever discharges James E. Richter, II and Sandra Richter, individually and in his/her capacity as Co- -2- Executor, from any and all actions, suits, payments, accounts, reckonings, liabilities, claims and demands relating in any way to the administration of the Elizabeth C. Richter Estate; G. Agrees to indemnify and hold harmless, to the extent of the funds received by him/her hereunder, James E. Richter, II and Sandra Richter, individually and in his/her capacity as Co-Executor, from and against any and all claims, loss, liability or damage (including legal fees and costs in connection therewith) which he/she may suffer or to which he/she may be subjected by reason of his/her administration of the Estate, the settlemerrt of his/her Co-Executors' account and the distribution of the assets of the Estate without having the formal approval of the Orphans' Court Division of the Court of Common Pleas of Cumberland County, including, but not limited to, any liability for any federal estate tax, Pennsylvania inheritance tax or any other death taxes, together with interest and costs incidental thereto, relating in any way to the Estate; and H. Declares it to be his/her intention that this instrument, consisting of three pages, shall be governed by the law of Pennsylvania and shall be legally binding as an agreement under seal upon him/her and upon his/her heirs, executors, administrators and assigns. Executed on: ~o ao~o DATE ~,`,3o ao~a DATE c~/~2aa ~/ cJL~.~~(.N ~ (Seal) JA S E. RICHTER, II 1~C~o~ (Seal) SANDRA RICHTER -3- BEFORE THE REGISTER OF WILLS, CUMBERLAND COUNTY, PENNSYLVANIA No. 2109-01106 FIRST AND FINAL ACCOUNT OF SANDRA RICHTER, Co-Executor and JAMES E. RICHTER, II, Co-Executor For ESTATE OF ELIZABETH C. RICHTER, Deceased Date of Death: Date of Co-Executors' Appointment: Accounting for the Period: November 1, 2009 November 30, 2009 November 1, 2009 to December 30, 2010 PURPOSE OF ACCOUNT: Sandra Richter., Co-Executor, and James E. Richter, II, Co-Executor, offer this Account to acquaint interested parties with the transactions that have occurred during their administration. The Account also indicates the proposed distribution of the Estate. It is important that the Account be carefully examined. Requests for additional information or questions or objections can be discussed with: Debra K. Wallet, .Esquire 24 N. 32nd Street Camp Hill, PA 17011 I.D. #23989 (717) 737-1300 EXHIBIT A SUMMARY OF ACCOUNT Fiduciary Current Acquisition page Value Value Proposed Distribution to Beneficiaries 8 $6,148.41 PRINCIPAL Receipts 2 $193 , 684.98 Net Gain on Sales or Other Dispositions 100.00 Less Disbursements Debts of Decedent 4 $2,202.66 Funeral Expenses 4 436.00 Administration Expenses 4 864.12 Federal and State Taxes 5 8,709.70 Fees and Commissions 5 3,612.00 $15,824.48 Principal Balance on Hand $177,960.50 INCOME Receipts 6 $287.91 Income Balance on Hand $287.91 Balance Before Distributions $178,248.41 Distributions to Beneficiaries 7 $172,100.00 Combined Balance on Hand ~ $6,148.41 RECEIPTS OF PRINCIPAL Assets Listed in Inventory: (Value as of Date of Death) Cash and Bank Deposits: Citizens Bank Checking Acct. #610076-541-5 $860.22 Mittel Steel death benefit 800.00 Cash in possession of Decedent 20.00 $1,680.22 Stocks: 71 Savings Bonds $36,180.20 Realty: 6001 William Drive Mechanicsburg, PA 17050 (Based on proceeds from sale- Sold with all furniture and appliances) $154,523.56 Refunds: Highmark Blue Shield refund $301.00 TOTAL ASSETS LISTED IN INVENTORY: $192,684.98 Receipts Subsequent to Inventory (Valued When Received) Advance from Co-executors to address cash flow issues $1,000.00 TOTAL RECEIPTS OF PRINCIPAL: $193,684.98 2 GAINS AND LOSSES ON SALES OR OTHER DISPOSITIONS Gain on sale of Real Estate Received 03/ 11/ 10 Received 08/05/ 10 Received 12/27/ 10 Fiduciary Acquisition Error on Inventory NET GAIN: $151,623.56 2,689.70 310.30 (154, 523.56) $100.00 $100.00 3 DISBURSEMENTS OF PRINCIPAL Debts of~ Decedent: UGI $133.31 Pennsylvania American Water Company 27.03 PP&L 28.71 AT&T Long Distance 30.43 Hampden Township (sewer & trash) 94.40 Lawnscapes, Inc. (lawn maintenance trimming & leaf cleanup) 311.64 State Farm Insurance Co. (homeowner's insurance quarterly payment) 82.74 West Shore EMS 54.00 Country Meadows 1,104.85 MCHS Camp Hill (beautician) 38.00 Lawnscapes -final bill 297.55 $2,202.66 Funeral Expenses: Myers Funeral Home, Inc. $336.00 Cake for funeral luncheon 100.00 $436.00 Administration Expenses: Probate Fees 336.00 Attorney's postage, photocopies, mileage, etc. 30.00 Postage incurred by Co-Executors 60.00 Terminex 98.05 Pennsylvania American Water Company 37.04 Hampden Township-sewer bill balance 12.49 PP&L 43.63 UGI-furnace repair 200.79 Clarke American-estate checks 36.12 Reserve for Filing of Account 10.00 $864.12 4 Federal and State Taxes: 1/30/10 PA Inh. Tax prepayment $6,000.00 8/04110 Balance of PA Inh. Tax 2,689.70 Reserve for 2010 fiduciary taxes 20.00 $8,709.70 Fees and Commissions: Debra K. Wallet, Esq.--Attorney's fees $3,500.00 H & R Block tax preparer's fees 112.00 $3,612.00 5 RECEIPTS OF INCOME Interest Estate Checking Acct. #622544-294-8 (Interest Jan. 1 -Nov. 30, 2010) $1.23 (Interest December 2009) .15 $1.3 8 Estate Money Market Acct. #623055-836-3 (Interest Jan. 1 -Nov. 30, 2010) $283.53 Estate Money Market Acct. #623055-836-3 (April 201.0 Paper statement rebate) $3.00 TOTAL RECEIPTS OF INCOME: $287.91 6 DISTRIBUTION TO BENEFICIARIES TO: James E. Richter, II 31 Autumn Drive Dillsburg, PA 17019 6/28/10 Cash Distribution $2,500.00 4/30/10 Cash Distribution 80,000.00 $82,500.00 Sandra Richter 10 Summer Drive Dillsburg, PA 17019 03/30/10 Cash Distribution $9,000.00 04/30/10 Cash Distribution 80,000.00 08/31/10 Cash Distribution 400.00 11 /24/ 10 Cash Distribution 200.00 $89, 600.00 TOTAL DISTRIBUTION TO BENEFICIARIES: $172,100.00 7 PROPOSED DISTRIBUTION TO BENEFICIARIES TO: James E. Richter, II $6,148.41 31 Autumn Drive Dillsburg, PA 17019 Sandra Richter $0.00 10 Summer Drive Dillsburg, PA 17019 TOTAL PROPOSED DISTRIBUTION TO BENEFICIARIES: $6,148.41 1 By agreement of the Co-Executors with the only heirs, the total distribution will be ~~unequal. 8