HomeMy WebLinkAbout09-23-11 (2)FAMILY AGREEMENT AND RELEASE
ESTATE OF JOHN W. PHILLIPS
This Agreement entered into this day ofy~~-f- , 2011, by and between Joseph C.
Phillips and Michael J. Phillips as Executors under the will dated September 24, 1996, of John
W. Phillips, Deceased, and Joseph C. Phillips and Michael J. Phillips, beneficiaries of the estate.
For purposes of this agreement, when they are referred to in their fiduciary capacity, the term
`Executors' will be used and, when they are referred to in their individual capacities, they will be
referred to by their names.
BACKGROUND
WHEREAS, John W. Phillips ("Decedent") died on September 23, 2010, leaving a will dated
September 24, 1996.
WHEREAS, Decedent's will was admitted to probate by the Register of Wills of Cumberland
County on October 1, 2010 and letters testamentary were issued to Joseph C. Phillips and
Michael J. Phillips as co-executors.
WHEREAS, in his will Decedent named his two children, Joseph C. Phillips and Michael J.
Phillips, as the sole beneficiaries.
WHEREAS, the executors advertised the grant of Letters Testamentary, prepared and fled a
Pennsylvania Inheritance Tax Return and Decedent's federal and state personal income tax
,,-,returns and paid~the appropriate taxes thereon.
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WHEREAS, the executors have paid all taxes, debts and expenses of the estate known to them,
and they have no knowledge of any unpaid claims, absolute or contingent, which may be
asserted against the estate nor do they have any reason to believe there are any such claims.
WHEREAS, a statement reflecting all estate assets, disbursements and distributions is annexed
hereto as Exhibit A.
WHEREAS, Joseph C. Phillips and Michael J. Phillips desire that this family Agreement (The
`'Agreement") make unnecessary the filing of an accounting in the Orphan's Court Division of
the Court of Common pleas of Cumberland County.
WHEREAS, Joseph C. Phillips and Michael J. Phillips have reviewed the records of the
executors, and based upon such examination, they have determined that they have sufficient
information to make an informed decision to waive their right to an account.
NOW THEREFORE, in consideration of the willingness of the executors to distribute and
terminate the estate in accordance with the terms of the will without the protection afforded them
by a formal adjudication of an Executors' account, Joseph C. Phillips and Michael J. Phillips, the
undersigned beneficiaries, individually and with respect to their heirs, personal representatives,
successors and assigns, do hereby:
L Acknowledge that we have read this agreement and represent that the facts set forth
above are true and correct to the best of our knowledge, information and belief. We
further acknowledge that we are familiar with the provisions of the will of decedent;
2. Waive the filing of a formal account of the administration of this estate, in the Orphan's
Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania;
3. Declare that we have examined the statement attached hereto as Exhibit A and find it to
be true and correct in all particulars; accept and approve Exhibit A with the same force
and effect as if it had been prepared and duly filed with, audited, adjudicated and
confirmed absolutely by the Orphan's Court Division of the Court of Common Pleas of
Cumberland County, and as if the balance of the principal had been awarded by said
court in accordance with this agreement;
4. Warrant that we know of no outstanding and unsatisfied claims against the estate and
approve the distribution as shown on the attached account;
5. Absolutely and irrevocably release and discharge the executors, their personal
representatives, heirs, successors and assigns, from any and all actions, liabilities, claims
and demands, including specifically, but not limited to, liability arising in connection
with any mistakes of fact or law, or negligent or careless act or omission by the
executors, in connection with the administration and distribution of assets shown in the
statement, without a formal court account and adjudication;
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6. Agree that this agreement shall be governed by the laws of the Commonwealth of
Pennsylvania.
IN WI"INESS WHEREOF, we agree to be bound hereby and have signed this agreement this L;
day of , 2011.
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Joseph C. Phillips, Executor
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J. Phillips, Executor
Joseph C. PhiJ,~z~ .
Michael J. Phillips ~
EXHIBIT A
FINAL STATEMENT OF ACCOUNT
Estate of JOHN W. PHILLLIPS
ESTATE ASSETS
Personal Property
2009 Ford Ranger $18,879.00
Misc. Costume Jewelry $200.00
Clothing $100.00
Misc. Hiousehold Furniture $5,000.00
Total Personal Property $24,229.00
Cash
Union National Bank CD 0140806962 $29,552.04
Union National Bank CD 0140806962 $42,710.64
Union National Bank CD 014080691 $18,879.00
M&T Bank checking 98433501715 $40.02
Auto Insurance Refund $989.00
Federal Income Tax Refund $1,432.00
Pa Income Tax Refund $116.00
Inheritance Tax Refund $g.gg
Total Cash $93,727.59
TOTAL ASSETS $117,956.59
ESTATE EXPENSES
Farrow Funeral Directors $2,871.26
Medical Bills $1,007.55
Cumberland County Register of Wills $385.50
Cumberland County Law Journal $75.00
Carlisle Sentinel $187.54
Inheritance Tax $17,885.38
Chase Credit Card $139.03
Fulton Bank charges $11.86
TOTAL EXPENSE DISBURSEMENTS $22,563.12 -$22,563.12
BALANCE FOR DISTRIBUTION TO BENEFICIARIES $95,393.47
DISTRIBUTION TO BENEFICIARIES
Joseph C. Phillips 1/2 Ford Ranger Pick Up--in kind
1/2 Furniture--in kind
1/2 Clothing--in kind
1/2 Costume Jewelry--in kind
Cash
Total Distributed to Joseph C. Phillips
Michael J. Phillips 1/2 Ford Ranger Pick Up--in kind
1/2 Furniture--in kind
1/2 clothing--in kind
1/2 Costume Jewelry--in kind
Cash
Total Distributed to Michael J. Phillips
$9,439.50
$2,500.00
$75.00
$100.00
$35,582.23
$9,439.50
$2, 500.00
$75.00
$100.00
$35, 582.24
$47,696.73
$47,696.74
TOTAL DISTRIBUTI IONS TO BENEFICIARIES $95,393.47