Loading...
HomeMy WebLinkAbout10-07-11IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION _ "'' _ ~' "..--off c_a m N0.21-11-0389 `~~~ ~ ~ ;' ~.-, ESTATE OF MARGARET J. COSGROVE `=~,~ ~ ~~ ,-~ c~ -t-, - ~ , ~~ PETITION TO DISPENSE WITH OFFICIAL APPOINTMENT OF A GU~$RDIAN ~' `~' ~i THE ESTATE OF A MINOR UNDER 20 PA CONS STAT ANN § 5101 AND DISTRIBUTE A SPECIFIC BEQUEST UNDER 20 PA CONS STAT ANN § 5102 TO THE HONORABLE, THE JUDGES OF THE SAID COURT: The petition of Patrick M. Cosgrove respectfully represents that: 1. Petitioner, Patrick M. Cosgrove, residing at 112 East Countryside Drive, Boiling Springs, Cumberland County, Pennsylvania 17007, is an adult individual, the Executor of the Estate of Mazgazet J. Cosgrove. Said Petitioner is a United States citizen and is able to speak, read, and write in the English language. Petitioner, as Executor of the Estate of Margaret J. Cosgrove ("Decedent") desires to distribute a specific bequest from the estate to minor beneficiaries. The Petitioner would like to dispense with a formal accounting of the estate and execute a Family Settlement Agreement with the beneficiaries of the estate. As is related more fully at large herein below in the BACKGROUND Section, Petitioner and counsel believe and aver that the current facts and circumstances of the Estate and its settlement, justify dispensing with the appointment of a guazdian of the estate to represent the interests of said minors. ]n fact, Petitioner and counsel believe that the amount of the bequest is not sufficient to warrant the expense of a full guardianship and formal accounting and would only serve to unnecessarily deplete the Estate's resources. V~~ 3. The court has jurisdiction to heaz this matter under 20 Pa. Cons. Stat. Ann. §711. 4. Mazgazet J. Cosgrove ("Decedent") died on March 10, 2011, with a will, which is attached as "Exhibit A." 5. Letters Testamentary were granted to Patrick M. Cosgrove, son of the decedent, on March 24, 2011 by the Register of Wills in and for Cumberland County, Pennsylvania. 6. Under Item 2 of Decedent's Last Will and Testament, decedent made a specific bequest of five thousand ($5,000) dollazs to each of her grandchildren as follows: Hannah Cosgrove, Grace Cosgrove and Jack Cosgrove, have an interest in the Estate of Mazgazet J. Cosgrove under Item 2 of Decedent's Will, as the decedent's grandchildren. 7. Decedent did not nominate a guazdian of the estate for minor beneficiaries. 8. Patrick M. Cosgrove is the father and natural guardian of Hannah Cosgrove, Grace Cosgrove and Jack Cosgrove, the minors. 9. Petitioner intends to file a Family Settlement Agreement of the Estate of Mazgazet J. Cosgrove, instead of a formal accounting. 10. 20 Pa. Cons. Stat. Ann. §5101 permits the court to dispense with the appointment of a guazdian of the estate of a minor when the entire real or personal estate, wherever located of a resident or nonresident minor has a net value of $25,000 or less, all or any part of it may be received and held or disposed of by the minor, or by the parent without the appointment of a guazdian when it is an awazd from a decedent's estate. 11. 20 Pa. Cons. Stat. Ann. §5102 permits the court to authorize or direct that the pazent of the minor execute as natural guardian, any receipt or cazry out a decree entered under section 5101 and may require the deposit of money in a savings account. 12. 20 Pa. Cons. Stat. Ann. §5103 permits the court, without the appointment of a guazdian, to order any amount of cash of a resident or nonresident minor to be deposited in one or more savings accounts in the name of the minor in a bank with the provision that no withdrawal from the account can be made until the minor attains the age of majority, except as authorized by a prior order of the court. WHEREFORE, petitioner requests that the court 1. dispense with the official appointment of a guardian of the estate to represent Hannah Cosgrove, Grace Cosgrove and Jack Cosgrove, minors; 2. order the $5,000 bequest to be deposited into a bank, in the name of the minors, with the provision that no withdrawal can be made from any such account until the minor attains her majority, such restriction to be sufficient protection of the minor's interest; 3. authorize Hannah Cosgrove, Grace Cosgrove and Jack Cosgrove's father, Patrick M. Cosgrove to make said deposit and to execute any documents relating to said deposit, the receipt and release for said distribution, and the Family Settlement Agreement for the Estate of Mazgazet J. Cosgrove. Respectfully submitted, . Get' R ' David A. Baric, Esquire I.D. 44853 19 West South Street Cazlisle, Pennsylvania 17013 (717) 249-6873 CONSENT The undersigned acknowledges, pursuant to the penalties of 18 Pa.C.S.A Section 4904 relating to unswom falsification to authorities, that he and his children, Hannah Cosgrove, Grace Cosgrove and Jack Cosgrove, a minor, are beneficiaries of the Estate of Margaret J. Cosgrove; that he is an adult; that he is the father of Hannah Cosgrove, Grace Cosgrove and Jack Cosgrove; that the statements made in the Petition filed by David A. Baric, Esquire are true and correct to the best of her knowledge, information and belief; that he concurs and consents to representing the interests of his children, Hannah Cosgrove, Grace Cosgrove and Jack Cosgrove, minors, and dispensing with the appointment of a guardian of the estate of Margaret J. Cosgrove. WITNESS: /D Ofo 11 ~~G~ A E Patrick M. Cosgrove LAST WILL AND TESTAMENT OF MARGARET J.COSGROVE I, AAargaret J. Cosgrove of Cumberiar~d Canty, Pia, being of sand mind, memory and understar>dmg, do hereby make, publish and dedare this ~ and for my Last Will and Testament, hereby revotdng all otha-wills and oodials her~re made by me. FIRST I direct the payrrrent of my debts and the ~ my last illness ar~i fix~era! ftom my estate as soon after my death as oor~venientiy may be done. If tliere be rio oerr>afer)r lot available for cry interrrrent, awned by me at the time of my death, I authorize my personal reprove ib pub such oerr~etery lot with a oontrad for perpeh,ial care, using therefor finds from my estate, and I authorize my persa~al represerrtative to cause title to or ownership aF such lot so ~ to be vested in suds person ass my personal ~~ shall designate. tr is cry wish that a grave side service only be held in my honor: Further, in this oorxiection, I arthaize my person representative to emend funds fiom ^~' my estate, in such amourrt as my personal repr>tive shall oor~sider r~eoessary and desirable, for the purchase, erection and inscription of a suitable rrtarkerfor my grave. SECOND I givee, devise and bequeath my entire estate of vuhatever rrahxe and wherever sihaate to my sons, Patrick M. Cosgrove and Midiael L. ~, in equal st~-es. I, give devise and bequeath fhe sum of five tltousarxt ($5,000.00) dollars to each of cry 9retiddiild~en, the money to be taken from their respective fathers portion of my estate. In the event I am predeceased by my son, Michael L Heistxrran, my erne estate shall pass to my son, Patrick M. Cosgrove eJCOept for five thousand "EXHIBIT A" ($5,000.00) dollars which shall be paid to each of the then living children of Mic~ael L. Heishman. In the event I am predaoeased by rrty son, Patrick M. Cosgrove, his onefialf share of my Make shall) pass to his chil~en in equal shares who are alive at the time of my death. THIRD M the event I am not so survived by my said sons, Palridk M. Cosgrove and Mid~ael L Heisf•xr~an, and a portion of my estate passes m an herr under fhe age of iwenty~ive (25), then that portion of my estate passing to the heir shall be placed with Patrick M. Cosgrove, as TRUSTEE. In the event Patrick M. Cosgrove is unable or unwilling to serve as Trustee, I rxmirrate and appoird Mid~ael L Heistxnan as alternate Trustee under the following oorrdifions:: 1. My Trustee shall pay prinxipal and inoorne fA or for the benefit of fhe heir during his or her life as my Trustee, frcm time to time, shall deem advisable for the health, maintenance, support ark complete edt.rcation of such heir and the members of his or her immediate family. In addition, my Trustee in his sole discretion may advance princpal to said berteficiary against the fractional shares to be advanced hereurxiet' for the ousts of marriage, or the purc~asing of a home or casts of entering a business or profession if my said Trustee shall deem such e~ense reasonably pruder>t 2. Nobnding ~ ~J previsions, after- aktainrrierit of finrerrly-one (21) ors, each heir may witlidraw ore-half (12) of the principal of his or her Dust valued as aF said birthday or the date of division into shares, if later, and after attair>ing age t\n~r-five (25) years, each heir ma}r wiihdra~nr the rrrmairrder of said prinapel ar>d undistributed income. 3. In the event of the death of a trust ber~efiaat'y prior to age twenty~ive (25) then my Trustee sh~l dishib~e any rerria~ing princpal and interest as such benefici~y shall appoir~ by spedfic reference to this power in his or her will, or iF such pawet- is riot exercised in full, the unappoir~ed prindpal shall be distributed to his or her issue, per stirpes, a' in default of such issue, to my issue, per sbrpes; provided, ho~w~ever; any portion of such prinapal, which would be distributed to any beneficiary for whom a trust is then held hereunder, shall be added to such trust 4. Should the prinapal of any trust herein provided fa' be or become too srr~l in my Trustee's disa etion to make establishments or oon6rn~anoe of the trust advisable, my Tr~tee may dis6ibute the r+errraining prinapal and arty ao~.arxalafied or undisbibuted income outright to the t~enefiaaries in the proportions to which they are tlien entified to. The receipts and releases of the dish^ibutees will terminate absdutely the rights of all persons who might otherwise have fu6ure ir~terrst in tine trust, whether vested or oontingerrt, without notice to them and without the necessity of filing an acca.r~t with the court. FOURTH I direc# that no trustee, exeartor, guardian or other' fichaciar}i Warned, riomtrr~ed, or appointed by this my Last Will and Testament shall be required to post arty bond or gore arty security of any type for arty purpose whatsoever any law or rule of the court of the Comrr~orrn~ealth of Pennsylvania or any otherj~eisdidion to the contrary r>oivuitl~tanding. I direct chat the law of the Commonwealth of Perxisylvania shall apply fA any interpretation or application of the validihr of this iristrLrrrent. FIFTH My exearhor and trustee shall have the fdkriving powers in addition to chose vested in them by law and by other provisions of this Will, applicable to all property, real, personal a mimed and wheresoever sihaate, irx~uding property hey for minors, whether principal or irioorr~e, pa~-dsable without court approval, and emotive, with respect to each item of said property until ach.~ distribution tliereaF. A) To retain, as irnestments of my estate or trust, any or all assets of my estate, real, personal, or mocect, witho~ regard to arty priWCipal of diversfication, and to purchase and acquire veal or personal property and to hold any or all of such real and personal property retained or acquired witl~ making the same productive ~ income. B) To permit the children, or arty of them, to ooa,~r any real esta~ retained or acquired upon such temps and condfions as my executor or trustee shall deem proper: C) To pay all taxes, charges and e~enses of mainter~arioe, upkeep, improvements, development, protection, preservation arxi inv~strr~ent of any rained or acquired real or personal property, such payments to be made firm eitl~er principal or income ~ my exeartor or trustee shall determine. D) To retain or invest any and all funds, whether prinapal or income, in any real a personal pnperty witl~out r~iriction to ~ ir~vesfinetts; to pud~se invesfi~nents at prums; to exeroise all rights of a security holder or share holder in any corporation; and to Imo, mortgage, pledge, give options upon or sell ~ public or private sale and witl~ apprmral of arty court, any real or personal properly, or portion or portions thereof, irrespective of the manner or the means by which the same was acquired by my said executor or trustee. E) To make payment or dis7ibution herein provided for in cash, kind or partly in cash and partly in Idrid, at valuations faed by my executor or tn.~ee at the time of distribution. SIXTH Arty and all payrr~ent or payments of any sum or suns, whether in rash or in kind and vvhether-for prirxipal a' irioorr~e, payable to an heir, or any of tiiem, shah be made upon irte sole receipt of the respective individual to whom the p~ayrrient is made, and free from antiapation, alienation, assignment, attachment, and pledge, and free from control by the aedrtors of any such benefiaary. SEVENTH I appoint my son, Patrick M. Cosgrove, Exetxata' of this my Last Will and Testament. Should my said F~aea.rtor fail to survive me odor ar~y reason fail to qualify as Exeafia; then I appoint my son, M~Yrael L Heistxnart, Exeaata' of this my Last V1fill and Testament IN WITNESS WHEREOF, I have hereunto set my hand acid seal to this, my Last Will and Testament, of fnie (5) typeuvritten pages, the first four (4) of which bear my s~ah.-e in the margin for the purpose of iderrtification, this ~~f~ day of February, 1998. ~ (sEAL) MAR J. GROVE Signed, sealed, published and declared by the above named testahvc, Margaret J. Cosgrove, as and for her Last Will and Testament, in the presence of us, who, at her r~ecµiest, in her and prpsenoe, aril in the sight acid prpserme ~ each otl~r; have hereunto subsaibed our names as vwtr~ses. ~~~~~ ~- a~oRESS ~3(~ ~~r ~~ ~- - - - ,~ /~ ~ r i-~ ~2 y~ CONMOMMF.ALTH OF PENNSYLVANIA SS. COUNTY OF CUMBERLAND : We, Margaret J. Cosgrove, ~«~ ~ l~ (~h~(~'J and ~ ~ . ~, , the ta5tatruc and the wih~esses, r~edively, whose names are signed to the attached or foregoing instrument, being first duly sworn, do hereby declare to the uidersigned authait)r that the testatroc signed aril exeaated the instnarrient of her Last Will and Testarrrertt, ar~d that she signed willingly and that she exe~aated as her free and voluntary act far the purposes therein euq~ressed, arxi that each ~ the wihie5ses, in the presa'roe and hearing of the testahix, Signed the Will as vvih~es5es, and that ro the hest of their Iviowledge, the testatruc was at the lime eighheen (18) years ~ age or older; of sound mind and undo' r~o oonsaairit or undue irtliuenoe. Swum m and subscribed before I71e th15 / ` day of ~2~~-"'~ '-'~'L , ~ ~ ~ .