HomeMy WebLinkAbout10-12-11c ees
Wallace & Nurick LLc
Linda M. Eshelman, Pa. C.P.
Estate Paralegal
Direct Dial: 717.237.5210
Direct Fax: 717.260.1640
lshelman@mwn.com
October 11, 2011
VIA CERTIFIED MAIL
Register of Wills
Cumberland County Courthouse
1 Courthouse Square
Carlisle, PA 17013
RE: Estate of Mary D. Straub
Cumberland County File No. 2011-00807
Ladies and Gentlemen:
Enclosed for filing for the above-referenced estate are the following documents:
^ Pennsylvania Inheritance Tax Return (2 originals) -The Return shows a balance
due of $26,075.43 and an estate check is attached in payment thereof.
^ Inventory
^ Check for $30 filing fee
Please date-stamp the enclosed copies and return to us in the stam ped envelope provided.
Thank you.
Yours truly,
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HARRISBURG, PA • LANCASTER, PA • STATE COLLEGE, PQ • HAZLETON, PA • COLUMBUS, OH • WASHINGTON, DC
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
BUREAU OF INDIVIDUAL TAXES
DEPT. 280601
HARRISBURG, PA 1 7 1 28-0601
RECEIVED FROM:
REV-1162 EX(11-96)
PENNSYLVANIA
INHERITANCE AND ESTATE TAX
OFFICIAL RECEIPT
NO. CD 015056
STRAUB HENRY J
360 BEVERLY ROAD
CAMP HILL, PA 1701 1
ford
ESTATE INFORMATION:
FILE NUMBER:
DECEDENT NAME:
DATE OF PAYMENT:
POSTMARK DATE:
COUNTY:
DATE OF DEATH:
SSN: 198-05-3877
2111-0807
STRAUB MARY D
10/12/2011
10/12/201 1
CUMBERLAND
07/14/2011
REMARKS: RECEIPT TO ATTY
ACN
ASSESSMENT AMOUNT
(:ONTROL
NUMBER
526,075.43
TOTAL AMOUNT PAID:
CHECK#101
INITIALS: HEA
SEAL RECEIVED BY:
GLE:NDA EARNER STRASBAUGH
REGISTER OF WILLS
REGISTER OF WILLS
INVENTORY
REGISTER OF WILLS OF CUMBERLAND _ COUNTY, PENNSYLVANIA
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF CUMBERLAND SS 2011-D0807
File Number
Personal Representative(s) of the Estate of Mary D. Straub
deceased, depose(s) and say(s) that the items appearing in the following inventory include all of the personal assets wherever situate
and all of the real estate in the Commonwealth of Pennsylvania of said Decedent, that the valuation placed opposite each item of said
inventory represents its fair value as of the date of the decedent's death, and'. that Decedent owned no real estate outside of the
Commonwealth of Pennsylvania except that which appears in a memorandum at the end of this inventory.
I verify that the statements made in this Inven-
tory are true and correct. I understand that false state-
ments herein aze made subject to the penalties of
18 Pa.C.S. § 4904 relating to unsworn falsification to
authorities.
Attorney -- (Name) David M. Watts, Jr. 42232
(Supreme Court I.D. No.)
(Address) 100 Pine Street, P.O. Box 1166, Harrisburg, PA 17108-1 l66
(Telephone) (717) 237-5344
DATE OF DEATH LAST RESIDENCE
DECEDENTS SOC. SEC. NO.
July 14, 2011 4905 E. Trindle Road, Mechanicsburg, PA 198-OS-3877
FIGURES MUST BE TOTALED
SEE ATTACHED
664,739.5 l
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(Attach additional sheets as needed)
AL: 664,739.51
NOTE: The Memorandum of real estate outside the Commonwealth of Pennsylvania may, at the election of the personal representative include the value of each
item, but such figures should not be extended into the total of the Inventory. (See 20 Pa. C.S. ,¢ 1301(bJ)
Farm RW-09 rev. 10.13.06
Estate of MARY D. STRAUB
Estate Inventory
Valued as of Date of Death
Cash and Cash Equivalents
Country Meadows -Prepaid Account
Refund
GE Money Market Account
Nationwide Insurance -Refund
Wachovia Bank Checking Account
No. 8131-0992
Wachovia Bank Revocable Trust
Total Crash and Cash Equivalents
No. of
Shares Stocks
56 MetLife
Total Stocks
No. of
Shares Mutual Funds
8,885.607 Brandywine Fund
2,243.161 Janus Venture Fund
Total Mutual Funds
Total Inventory
Page 1
$ 3,512.89
51,669.36
64.00
5,445.43
215,271.32
$ 275,963.00
$ 2,346.12
2,346.12
$ 249,507.84
136,922.55
386,430.39
$ 664,739.51
J 1505611185
REV-1500 EX (02-11)(FI)
PA Department of Revenue OFFICIAL USE ONLY
Bureau of Individual Taxes County Code Year File Number
Po Box zaosot INHERITANCE TAX RETURN 21 11 00807
Harrisburg, PA 17129-0601 RESIDENT DECEDENT
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death MMDDYYYY Date of Birth MMDDYYYY
198-05-3877 07142011 !11281920
Decedent's Last Name Suffix Decedent's First Name MI
STRAUB MARY D
(If Applicable) Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix Spouse's First Name MI
Spouse's Social Security Number
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
- - REGISTER OF WILLS
FILL IN APPROPRIATE t30XES BELOW
® 1. Original Retum ^ 2. Supplemental Retum ~ 3. Remainder Retum (Date of Death
^
4. Limited Estate
^
4a. Future Interest Compromise (date of Prior to 12-13-82}
^ 5. Federal Estate Tax Return Required
®
6. Decedent Died Testate
(Attach Copy of Will}
® death after 12-12-82)
7. Decedent Maintained a Living Trust
(Attach Copy of Trust.)
8. Total Number of Safe Deposit Boxes
^
9. Litigation Proceeds Received ^ 10. Spousal Poverty Credit (Date of Death ^ 11. Election to Tax under Sec. 9113(A)
Between 12-31-91 and 1-1-95) (Attach Schedule O)
CORRESPONDENT • THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
Name
Daytime Telephone Number
DAVID M- WATTS, JR- 717-237-5344
First Line of Address
100 PINE STREET
Second Line of Address
PO BOX 1166
City or Post Office State ZIP Ccde
HARRISBURG PA 171081166
REGISTER OF WILLS USE ONLY
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Correspondent's e{nall address: D W A T T S o1 M W N• C O M
Under penalties of pery'ury, I declare that I have examined this return, inGuding accompanying schedules and statements, and to the beat of my knowledge and belief,
it is true, correct a et . DeGarat' n of preparer other than the personal representative is based on atl information of which preparer has any knowledge.
SIGNATURE~OF R SI FOR FILING RE111RN DATE
ADDRESS ~ ~ ~ L] ~
360 BEVER Y ROAD CAMP HILL, PA 17011
S~TURE OF P E ER OTHER THAN REPRESENTATIVE DATE
ADDRESS L~ f ~ ~ ~ ~ I
PO BOX 1166 HARRISBURG, PA 17108-1166
PLEASE USE ORIGINAL FORM ONLY
Side 1
15D5611185 15D5611185 J
OM4647 3.000
1505611285
REV-1500 EX (FI)
Decedent's Social Security Number
198-05-3877
Decedents Name S T R A U B I~ A R Y ])
RECAPITULATION
1. Real Estate (Schedule A) 1 O • O O
2. Stocks and Bonds (Schedule B) ......................... 2. 6 O 4 , 0 4 7 • 8 3
3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) , ,; O • O O
4. Mortgages and Notes Receivable (Schedule D) 4
O • O O
5. Cash, Bank Deposits and Miscellaneous Personal Property (Schedule E) 5. 6 O , 6 91.6 8
6. Jointly Owned Property (Schedule F) ~ Separate Billing Requested 6 O • O O
7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property
(Schedule G) ~ Separate Billing Requested 7. O • O O
8. Total Gross Assets (total Lines 1 through 7) 8 6 6 4 , 7 3 9.51
9. Funeral Expenses and Administrative Costs (Schedule H). g. 4 5 , 5 81.0 6
10. Debts of Decedent, Mortgage Liabilities, and Liens (Schedule I) 10 9 , 2 0 6.9 8
11. Total Deductions (total Lines 9 and 10), 11
54, 788.04
12. Net Value of Estate (Line 8 minus Line 11) 12
13.
Charitable and Governmental Bequests/Sec 9113 Trusts for which . 6 O 9 , 9 51.4 7
an election to tax has not been made (Schedule J) , 13
. O • O O
14. Net Value Subject to Tax (Line 12 minus Line 13) 14
6 O 9 , 9 51.4 7
TAX CALCULATION -SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
at the spousal tax rate, or
transfers under Sec. 9116
15. 0.00
16. Amount of Line 14 t xable
o 4.~
at lineal ratex
17. .
609, 951.48
Amount of Line 14 taxable 16. 27, 447.82
at sibling rate X .12 0. 0 0 17. O• O O
18. Amount of Line 14 taxable
at collateral rate X .15 O.O O 18. O.O O
19. TAX DUE 19. 27, 447.82
20. FILL IN THE BOX IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
Side 2
1505611285 1505611285 J
OM4648 3.000
REV-1500 EX (FI) Page 3
File Number
Total Credits (A + B) (2) 1, 3 7 2.3 9
3. Interest
4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. (3) D • D D
Fill in box on Page 2, Line 20 to request a refund. (4) D • D D
5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) 2 6 , D 7 5 • 4 3
Make check payable to: REGISTER OF ~NILLS, AGENT.
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "~;" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred
b. retain the right to designate who shall use the property transferred or its income
c. retain a reversionary interest
d. receive the promise for life of either payments, benefits or care?
2. If death occurred after Dec. 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration? .
3. Did decedent own an "in trust for" or payable-upon-death bank acco
t
un
or security <3t his or her death?
4. Did decedent own an individual retirement account, annuity, or other non-probate property, which
contains a beneficiary designation?
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN
For dates of death on or after July 1, 1994, and before Jan. 1, 1995, the tax rate imposed on the of=.t value of transfers to or for the use of the surviving spouse
is 3 percent [72 P.S. §9116 (a) (1.1) (i)j.
For dates of death on or after Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0 percent
[72 P.S. §9116 (a) (1.1) (ii)]. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and
filing a tax return are still applicable even if the surviving spouse is the only beneficiary.
For dates of death on or after July 1, 2000:
• The tax rate imposed on the net value of transfers from a deceased child 21 years of age or younger at death to or for the use of a natural parent, an
adoptive parent or a stepparent of the child is 0 percent [72 P.S. §9116(a)(1.2)].
• The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5 percent, except as noted in [72 P.S. §9116(a)(1)j.
• The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12 percent [72 P.S. §9116(a)(1.3)j. Asibling is defined,
under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption.
OM4671 2.000
Tax Payments and Credits:
1. Tax Due (Page 2, Line 19) (1) 2 7 , 4 4 7.8 2
2. Credits/Payments
A. Prior Payments D • 0 0
B. Discount _ 1, 3 7 • 3 9
REV-1503 EX+ (696)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
FILE NUMBER
MARY D. STRAUB _ 21 11 0807
All property jointly-owned with right of survivorship must be disclosed on Schedule F.
ITEM
NUMBER DESCRIP110N VALUE AT DATE
OF DEATH
1.8,885.607 Shares
Brandywine Fund 249,507.84
2 2,243.161 Shares
Janus Venture Fund
3 56 Shares
MetLife
4 Wachovia Bank Revocable Trust
This Trust was created per an Agreement dated July 17,
1997. See copy attached of agreement and listing of
assets held with their date of death values.
Trust assets distributable to decedent's estate.
SCHEDULE B
STOCKS 8~ BONDS
136,922.55
2,346.12
215,271.32
TOTAL (Also enter on line 2, Recapitulation) I $ 604 , 047 83
3W4696 1.000 (If more space is needed, insert additional sheets of 4he same size)
REV-1508 EX+ (11-10)
pennsylvania SCHEDULE E
DEPARTMENTOF REVENUE CASH, BANK DEPOSITS '
INHERITANCE TAX
~ MISC
•
RETURN s
RESIDENTDECEDENT PERSONAL PROPERLY
ESTATE OF:
MARY D. STRAUB FILE NUMBER:
Include the proceeds of litigation and the date the proceeds wire received by the estate
" 21 11 0807
.
All propert
ointl owned with ri ht of survivorshi must be disclosed on Schedu
le F.
ITEM
NUMBER VALUE AT DATE
DESCRIPTION OF DEATH
~. Wachovia Bank Checking Account No. 8131-0992
5,445.43
2 GE Money Market Account
51,669.36
3 Nationwide Insurance - Refund
64.00
4 Country Meadows - Prepaid Account Refund
3,512.89
FOR INFORMATION ONLY:
5 Henry Straub Trust
The Trust was for the lifetime benefit of the decedent
and was created by the decedent's husband, Henry F.
Straub, in an Agreement dated July 10, 1991. Mr. Straub
died on December 12, 1995 and the Trust was subjected to
inheritance tax at that time (PA File No. 21-96-0201)
0.00
TOTAL (Also enter on line 5, Recapitulation) $ I 60 , 691 68
oWasgD 2.000 If more space is needed, use additional sheets of paper of the same size.
REV-1511 EX+ (10-09)
pennsylvania SCHEDULE H
DEPARTMENTOF REVENUE FUNERAL EXPENSES AN D
INHERITANCE TAX RETURN ADMINISTRATIVE COST,
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
MARY D. STRAUB 21 11 0807
Decedent's debts must be reported on Schedule I.
ITEM
NUMBER DESCRIPTION AMOUNT
A. FUNERAL EXPENSES:
~ Neill Funeral Home 11,604.94
2 Pealers Flowers 654.98
Total from continuation schedules 3,314.33
B. ADMINISTRATIVE COSTS:
1. Personal Representative Commissions: 22 , 950.00
Name(s) of Personal Representative(s) Henry J. Straub
Street Address 360 Beverly Road
City Came Hill State PA ZIP 17011
Year(s) Commission Paid: undetermined
2. Attorney Fees: McNees Wallace & Nurick LLC (estimated) 4,000.00
3. Family Exemption: (If decedent's address is not the same as claimant's, attach e~q~lanation.)
Claimant
Street Address
4.
5.
6.
7.
1
City State ZIP
Relationship of Claimant to Decedent
Probate Fees:
Accountant Fees:
Tax Return Preparer Fees:
Central Penn Business Journal
Legal Advertising
Total from continuation schedules .
588.50
150.00
2,318.31
TOTAL (Also enter on Line 9, Recapitulation) I $ 45 , 581 06
swasnc z.ooo If more space is needed, use additional sheets of paper of the same size.
Estate of: MARY D. STRAUB
Schedule H Part 1 (Page 2)
Item
No. Description
3 Cemetary - Grave Opening
4 Radisson
Funeral Luncheon
5 Hank Straub
Expenses related to funeral luncheon, etc.
Total (Carry forward to main schedule)
21 11 0807
Amount
1,395.00
1,652.47
266.86
3,314.33
Estate of: MARY D. STRAUB
Schedule H Part 7 (Page 2)
2 Cumberland County Register of Wills
Filing fee re PA Inheritance tax return and
inventory
3 Cumberland Law Journal
Legal Advertising
4 McNees Wallace & Nurick LLC
Reserve re closing costs re duplicating, postage,
etc.
5 McNees Wallace & Nurick LLC
Costs Advanced as follows:
Duplicating $10.60
6 Wachovia Bank
Trust Termination Fee
Total (Carry forward to main schedule)
21 11 0807
30.00
75.00
50.00
10.60
2,152.71
2,318.31
REV-1512 EX + (12-08)
pennsylvania
DEPARTMENiOF REVENUE
INHERITANCE TAX RETURN
RESIDEM DECEDENT
ESTATE OF FILE NUMBER
MARY D. STRAUB 21 11 0807
Report debts incurred by the decedent prior to death that remained unpaid at the date of death, including unreimbursed medical expenses.
ITEM VALUE AT DATE
NUMBER DESCRIPTION _ OF DEATH
~ Country Meadows
Private Duty Care 1,496.00
2 Senior Helpers
Private Duty Care 7,529.48
3 PA Department of Revenue
Tax due (estimated) re 2011 Pennsylvania individulal
income tax return 181.50
SCHEDULEI
DEBTS OF DECEDENT,
MORTGAGE LIABILITIES 8~ LIENS
TOTAL (Also enter on Line 10, Recapitulation) ~$ 9 206 98
swasAH z.ooo If more space is needed, insert additional sheets of the same size.
REV-1513 EX+(01-10) SCHEDULE J
pennsylvania
DEPARTMENiOF REVENUE BENEFICIARIES
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF:
FILE NUMBER:
MARY D. STRAUB 21 11 0807
RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE
TAXABLE DISTRIBUTIONS [Include outright spousal distributions and transfers under
Sec. 9116 (a) (1.2).]
1. Henry J. Straub
360 Beverly Road
Camp Hill, PA 1.7011
One Quarter of Residue: 152,487.87 ;;on 152,487.87
2 Barbara S. Williams
635 4th Street, NE
Washington DC 20002
One Quarter of Residue: 152,487.87 Daughter 152,487.87
3 Rosemary A. Gould
5225 Red Bandana Way
Ellicott City, MD 21042
One Quarter of Residue: 152,487.87 Daughter 152,487.87
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18 OF REV-1500 COVER SHEET, AS APPROPRIATE.
I[ NON-TAXABLE DISTRIBUTIONS
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN:
1.
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS:
1.
TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF= REV-1500 COVER SHEET. I $
swasAi 2.00o If more space is needed, use additional sheets of paper of the same size.
0.00
Estate of: MARY D. STRAUB
21 11 0807
Schedule J Part 1 (Page 2)
Item
No. Description
4 Margaret M. Straub
475 First Avenue
Chester, VT 05143
One Quarter of Residue: 152,487.87
Relation Amount
Daughter 152,487.87
ESTATE OF MARY
D. STRAUB
PA FILE NO. 21-11-
oso7
COPY -SHORT
CERTIFICATE AND
COPY OF WILL
COMMONWEALTH OF PENNSYLVAA11e
COUNTY OF CUMBERLAND
estate of MARY D STRAUB
a/k/a
I,
SHORT CERTIFICATE
GLENDA EARNER STRASBAUGH
Register for the Probate of Wills and Granting
Letters of Admin.i.stration in and for
CUMBERLAND Count~.~, do hereby certify that on
the 20th day of Truly, Two 'Thousand and Eleven,
Letters TESTAMENTARY
in common form were granted by the Register of
said County, on t:he
late of HAMPDEN TOWNSHIP
(First, Middle, Lastl
MARY MARGARET STRAUB
in said county, deceased, to HENRY) STRAUB
(First, Middle, Lastl
and that same has not since been revoked.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed the
seal of said office at CARLISLE, PENNSYLVAN.rA, this 20th day of July
Two Thousand and Eleven.
File No
PA File No.
Date of Death
S.S. #
20 7 ~ - 00807
21- 1 1- 0807
7/14/2011
198-05-3877
NOT VALID WITHOUT ORIGINAL SIGNATURE AND IMPRESSED SEAL
WILL
I, MARY D STRAUB, having my domicile in Cumberland County, Pennsylvania, revoke my prior
Wills and Codicils and declare this to be my Will:
Article I. Family Information.
A. I intend references to "children" and "descendants" to include persons whenever born. I note
that my children born before the date of this Will are:
1. My daughter, Rosemary A. Gould.
2. My daughter, Margaret Mary Straub.
3. My daughter, Barbara E. Straub.
4. My son, Henry J. Straub.
Article II. Appointment of Fiduciaries.
A. I appoint the following individual and the following corporation, each to the offices specified
below:
I appoint CoreStates Bank, N.A. (or any successor corporation) to be a co-trustee of
each trust under this Will.
2. I appoint as co-executors hereunder my four children, Rosemary A. Gould, Margaret
Mary Straub, Henry J. Straub, and Barbara E. Straub. If any one or more of the
foregoing executors is unable or unwilling; to serve or to complete the administration
of my estate, then the remaining of such executors shall serve as my sole executors
without a replacement being named.
3. I appoint Rosemary A. Gould as a co-trusi:ee of each trust hereunder. If Rosemary A.
Gould is unable or unwilling to serve as co-trustee of any trust created hereunder or is
unable or unwilling to complete the administration thereof, then one of my other
children shall serve as co-trustee in her place. The replacement of co-trustee shall be
made in the following order: (1) Margaret Mary Straub, (2) Barbara E. Straub, and
then (3) Henry J. Straub with the next eligible person serving if the prior ranking
1
individual is unable or unwilling to serve or to complete the administration of a
separate trust created hereunder.
B. Provisions governing the compensation of executors and trustees and the appointment of
executors and trustees by persons other than myself appear elsewhere in this Will.
Article III. Tangible Personal Property.
A. I give all my tangible personal property as follows:
I bequeath all such remaining property to those of my children who survive me in
equal shares (to be divided as they may agree). If said children cannot agree on the
division, then such property shall be distributed in equal shares on the basis of choices
determined by lot and rotation. If such property is distributed on the basis of lot and
rotation, the values as finally determined i;or federal estate tax purposes (or if none,
then the values as finally determined for state death tax purposes) shall be
determinative with regard to the values of'the property passing hereunder and any
disparity shall be equaled by such payments from my estate or among said children as
maybe necessary. My Executors may sell any and all items not chosen by my
children as aforesaid, and any and all iterr~s as necessary to equalize shares among
said children if required hereunder, and distribute the proceeds.
2. The term "tangible personal property" includes personally held art, antiques, stamp
and coin collections, and other collectibles. Subject to that, it does not include
property primarily held for investment purposes. It does not include any property
held. for use in a trade or business, ordinary currency and cash, or bullion.
B. Except when I have specifically provided otherwise, any gift to an individual under this
Article shall take effect only if the individual survives me. No anti-lapse rule shall apply.
C. A gift of property under this Article includes my rights under any related insurance policies
or the proceeds of such policies.
Article IV. Survival. If any beneficiary hereunder should die within sixty (60) days after my
death, or within sixty (60) days after any other person the survival of whom determines his or her rights
hereunder, then such beneficiary shall be deemed to have predeceased me or such other person for all
purposes hereunder.
Article V. Powers of Appointment. I declare that 1: do not by this Will intend to exercise any
power of appointment.
2
Article VI. Residue. I give my residuary estate, wherever located, including any property
mentioned above, but not effectively disposed of, to those of :my descendants who survive me, der
sti es, subject, however, to provisions of the descendants' tnzsts. In computing the shares of my
residue, lifetime gifts to my children which are in excess of the annual exclusion amount for federal
estate and gift tax purposes (now $10,000 per donor, per donf;e), if any, shall be treated as advancements
against the recipient's respective share hereunder (or the share of his or her descendants hereunder) and
lifetime gifts to any of my grandchildren in excess ofTwo-Hundred and Fifty Dollars ($250) in any one
year shall be treated as advancements against that grandchild"s parent's respective share hereunder (or if
the parent does not survive me, against the share of the descendants of such parent). In making the
adjustment for these advancements, the Executor(s) shall charge the share of such child or children (or
their descendants) under this will, with an aggregate advancement upon the distribution of such share of
an amount equal to the value of their respective gifts in excess of said amounts (determined as of the
date of the gifts, relying on the values as finally determined for federal gift tax purposes if gift tax
returns were filed for same) plus an amount equal to the applicable earnings adjustment. The applicable
earnings adjustment means that amount which is equivalent to the "earnings" on such advancements
from the date of the gift to the date of my death. The "earnings" for any given calendar year shall be
calculated by multiplying the amount of the advancement(s) by the CoreStates Bank, N.A. "Prime
Lending Rate" for individual borrowers obtaining a 30 year residential mortgage (or any successor
replacement index issued by CoreStates Bank, N.A., or its successors, reflecting the institution's best
lending rate for an individual borrower obtaining a 30 year residential mortgage) on the first day of the
calendar year prorated from the date of the gift for the number of days remaining during the calendar
year. "Earnings" shall be compounded annually (added to the advancement(s) when calculating the
"earnings" for proceeding years).
Article VII. General Provisions Re Descendants' Trusts. Whenever property passes to any of
my descendants (other than my children) who are under the age of thirty (30) years at the time of
distribution, then same shall be held subject to the provisions of the descendants' trusts, to the extent
provided in this Article and the property shall not pass outright to them. Such property shall be held in
separate trusts for each descendant who would otherwise receive property outright, each such descendant
to be the "Beneficiary" of his or her separate trust.
Article VIII. Separate Trusts for Descendants. A descendant's separate trust shall have these
terms:
A. During the Beneficiary's life:
As much of the principal of the trust as the Trustee(s) may from time to time
determine, if any, shall be distributed to the Beneficiary to help establish the
Beneficiary in a business or profession and/or to acquire and/or furnish a home for the
Beneficiary.
2. As much of the net income and/or principal. of the trust as the Trustee(s) may from
time to time determine, if any, shall be dist~~ibuted to the Beneficiary for the
Beneficiary's health, education, support in his or her accustomed manner of living, or
maintenance.
3. Any net income not so distributed shall be accumulated and from time to time shall be
added to principal.
4. The Beneficiary shall have the right individually to withdraw all the principal at any
time at or after attainine the aye of thirty f30 ears.
5. Without limiting the Trustees' discretion, I want the Trustees to know that, to the
extent consistent with the foregoing, it would not be contrary to my intent for the
Trustees to regard the needs of the Beneficiary as more important than those of the
Beneficiary's descendants or any remainderman.
B. Upon the Beneficiary's death, the property then held in his or her trust, if any, shall be
distributed:
1. To such one or more persons out of a class composed of the Beneficiary's descendants
on such terms as the Beneficiary may appoint by a Will specifically referring to this
power of appointment; or in default of appointment or insofar as an appointment is
not effective,
2. To the Beneficiary's descendants then living, per stirpes, subject however to the
provisions of the trusts under this Article for any descendants who have not yet
attained the age of thirty (30) years, or if there are no descendants of the Beneficiary
then living,
C. If the Beneficiary was a grandchild or more remol:e descendant of mine, to the descendants
then living, per stirpes, of the Beneficiary's nearest ancestor who was a descendant of mine
with descendants then living, subject however to the provisions of the trusts under this
Article; or if there are no such descendants or if the Beneficiary was a child of mine,
D. To my descendants then living, per stirpes, subject however to the provisions of the trusts
under this Article to the extent provided in Article VII above.
E. Any trust under this Article still in existence upon the expiration of the maximum duration
for trusts as defined elsewhere in this Will shall thereupon terminate and the remaining trust
property shall be distributed to the Beneficiary of'the trust.
Article IX. Takers of Last Resort. If the provisions of this Will fail to effectively dispose of
any property, that property shall be distributed to the persons, and in the proportions, that my estate
4
would be distributed if I died at the same time as the expiration of the interest of the last beneficiary of
the property hereunder, without a will, unmarried, a resident of Pennsylvania, owning only that property,
under the law then in effect.
Article X. Maximum Duration of Trusts. The maximum duration for trusts means the longest
period that property maybe held in trust under this Will under the applicable rules governing
perpetuities, vesting, accumulations, the suspension of alienation, and the like (including any applicable
period in gross such as 21 years or 90 years). If under those n~les the maximum duration maybe
determined (or alternatively determined) with reference to the death of the last survivor of a group of
individuals alive on the date of my death, those individuals shall consist of all of my descendants living
on the date of my death and any surviving spouse of a descendant of mine if both the descendant and the
spouse were living on the date of my death. This Article shall not apply to a trust created by an exercise
of a power of appointment conferred by this Will if the exercise is valid under this Will and under the
applicable rules against perpetuities, accumulations, suspension of alienation, or the like, and such a mist
may have different measuring lives than those provided in this Article. In the case of any property I
have appointed to a trust under this Will from another trust by exercising a power over the other trust,
the date for determining measuring lives with respect to that property shall be the date that my power
was created (rather than the date of my death).
Article XI. Payments to Minors or Incapacitated Persons. Whenever income or principal
becomes distributable (whether by a direction in this Will or b;y exercise of discretion hereunder) to a
person under age 21 (described herein as the "Minor" regardless of the actual legal age of majority) or to
an incapacitated person, my Executors or the Trustees may make the distribution in one or more of the
following ways (or any other way that seems appropriate to my Executors or the Trustees):
A. If to a Minor who is a descendant of mine, by holding the property in a separate trust for the
Minor until the Minor attains age 21. As much of the net. income and/or principal of the trust
as my Executors or the Trustees may from time to time determine shall be distributed to the
Minor for any purpose. Any net income not so distributed shall from time to time be
accumulated and added to principal. Upon the attainment of age 21 by the Minor, the
property then held in the Minor's trust shall be distributed to the Minor. If the Minor dies
before attaining age 21, the property shall be distributed to (1) the Minor's descendants
surviving the Minor, per stirpes, or in default thereof (2) if the Minor was a grandchild or
more remote descendant of mine, to the descendants then living, per stirpes, of the Minor's
nearest ancestor who was a descendant of mine with issue then living, or in default thereof or
if the Minor was a child of mine (3) to my descendants then living, per stirpes. Any trust
under this paragraph still in existence upon the expiration of the maximum duration for trusts
as defined elsewhere in this Will shall thereupon terminate and the remaining trust property
shall be distributed to the Minor in one of the other ways authorized in this Article.
5
B. If to a Minor, by distributing the property to a custodian under any state's version of the
Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act, including a custodian
selected by my Executors or the Trustees. My Executors or the Trustees may select any age
for termination of the custodianship permitted under the Act, giving due consideration to
selecting age 21 if that is permitted.
G By distributing the property to anyone serving as e~s:ecutor or trustee under this Will to hold
the same as donee of a power during minority or incapacity, such donee to have all the
powers of an executor or trustee under this Will (inc;luding the power to apply the property
for the Minor or incapacitated person) and to be compensated as if the property were a
separate trust, but with no duty to account to any court periodically or otherwise.
D. By distributing the property to a guardian of the distributee's property.
E. By distributing the property directly to the Minor or• incapacitated person, provided that
property shall be distributed directly to a Minor only if the Minor has attained the age of
fourteen and has the practical capacity to own the type and amount of property in question.
F. By distributing the property to a trust existing prim~u~ily or exclusively for the benefit of the
Minor or incapacitated person.
G. By applying the property for the use or benefit of the Minor or incapacitated person.
My Executors and the Trustees shall be free from any responsibility for the subsequent disposition of
the property if it is distributed in one of the ways specified :in this Article.
Article XII. Exercise of Powers Created Hereunder. >=;xcept where this Will specifically
provides otherwise, a power of appointment conferred hereunder upon a person in his or her individual
capacity (a "non-fiduciary power") may be exercised to confer upon one or more objects of the power in
any proportions any lawful estates and interests, whether absolute or in further trust, including further
non-fiduciary powers which maybe made exercisable in favor of objects ornon-objects of the exercised
power, or both. A limited power of appointment maybe exercised to confer a limited or general power
on an object of the exercised power, including a presently exercisable limited or general power. The
tnistee under an appointment in further trust maybe any person not prohibited from serving as trustee
under this Will and may be given fiduciary powers (including discretionary powers over distributions),
exercisable, however, only in favor of objects of the exercised power. Anon-fiduciary power
exercisable by Will may also be exercised by a written instrument signed by the powerholder other than
the powerholder's Will if the powerholder's Will contains a direction that the exercise in the other
instrument be honored.
Article XIII. Adopted &Non-marital Persons. A person adopted prior to attaining age 18 (but
not after) by me or by a descendant of mine shall be treated under this Will as a descendant. A
biological descendant of mine shall not be treated as a descendant if surrendered for adoption with the
consent of his or her parent who is myself or a descendant of mine in such manner that an adoptive
parent substitutes as parent for the consenting parent. A biological descendant of mine born out of
wedlock shall not be treated as a descendant unless and until h.is or her biological parents marry one
another prior to his or her attaining age 18 or my descendent v~rho is a parent of such child agrees in a
written instrument, executed prior to the child attaining the age 18, that he or she is the biological parent
of such parent of such child and agrees to financial responsibility for such child. Under these rules,
adoptions and marriages shall not affect prior distributions or other interests that have previously vested
in possession, but they shall enable a person to receive distributions from or remainder or other interests
in a trust still in existence. When a person is treated or is not treated as a descendant of mine under these
rules, the same treatment shall apply to that person's descendants. To be treated or not treated as a
descendant means to be treated or not treated as a descendant of me and of any intervening descendant of
mine. Applicable law shall apply to adopted and non-marital persons to the extent not modified by these
rules.
Article XIV. Spendthrift Clause. No interest (whether in income or principal, whether or not a
remainder interest, and whether vested or contingent) of any be°neficiary hereunder shall be subject to
anticipation, pledge, assignment, sale or transfer in any manner, nor shall any beneficiary have power in
any manner to charge or encumber his or her said interest, nor shall the said interest of any beneficiary
be liable or subject in any manner while in the possession of m~.y fiduciaries for any liability of such
beneficiary, whether such liability arises from his or her debts, contracts, torts or other engagements of
any type.
Article XV. Payment of Death Taxes.
A. All estate, inheritance, legacy, succession, generation-skipping, or other wealth transfer taxes
that result from my death, including any additional estate tax on an excess retirement
accumulation, imposed by any domestic or foreign `axing authority with respect to all
property taxable by reason of my death, together with interest and penalties on those taxes,
shall be paid out of my estate "off the top" as an administration expense without
apportionment. and with no right of reimbursement from any recipient of any such property.
B. However, the following clarifications and/or modifications of this general rule shall apply:
1. Any U.S. Estate Tax incurred as a direct result of including adjustable taxable gifts in
the calculation of such tax (determined as the difference between the federal death tax
calculated with and without adjusted taxable gifts), and any Inheritance Tax incurred
as a direct result of including gifts in my taxable estate for state death tax purposes
(determined as the difference between the inheritance tax calculated with and without
such gifts) shall be charged dollar for dollar to the donee's, or his or her descendants',
residual share. to the extent thereof.
2. Any generation-skipping transfer tax other 'than a tax on a direct skip of property
passing as part of my estate and disposed oi~under this Will prior to the article
disposing of my residuary estate shall be charged to the property constituting the
transfer in the manner provided by Section 2603(b).
C. I here make specific reference to Section 2207A (concerning tax on QTIP property), Section
2207B (concerning tax on property included under Section 2036), and Section 2603(b)
(concerning the generation-skipping transfer tax under chapter 13) of the Code and to
corresponding provisions of state law and direct that they shall apply to the extent they are
consistent with the above, and shall not apply to thf: extent they are inconsistent with it.
D If payment of taxes from my residuary estate in accordance with the foregoing exhausts my
residuary estate, the balance of tax due shall be apportioned to property passing as part of my
estate and outside my estate, in accordance with the: rules of tax apportionment rather than the
rules of abatement.
Article XVI. Fiduciary Powers. My Executors and the Trustees may, without prior authority from
any court, exercise all powers conferred by this Will or by law, including without limitation any
Fiduciary Powers Act or other statute of Pennsylvania or any other jurisdiction whose law applies to this
Will or to any trust hereby created. My Executors and the Trustees shall have absolute discretion in
exercising these powers, subject, however, to any applicable requirements of ordinary due care and
loyalty. In order to fully effectuate the powers of the my Executors and the Trustees, specific reference
is now made to Probate, Estates and Fiduciaries Code, 20 Pa. C'.S.A. § 101, et seq. Except as
specifically limited by this Will, these powers shall extend to gill property held by my Executors and the
Trustees until the actual distribution of the property. The powers of my Executors and the Trustees shall
include the following:
A. Power in my Executors to pay my debts as soon as practicable in the course of the
administration of my estate, and to pay my funeral and burial expenses without regard to any
limits otherwise imposed by law on funeral and burial expenses.
B. Power to pay out of my general estate administration expenses incurred in connection with
real or tangible personal property located outside of my domicile.
C. Power to determine what property is covered by general descriptions contained in this Will.
D. Power to make any election available under the tax laws in such manner as my Executors or
the Trustees shall determine, even though an executor or trustee may have an interest affected
by the election, except where an executor or trustee; is prohibited from participating in the
election by another provision of this Will.
E. Power to retain any property originally owned by nne, and/or to invest and reinvest in all
forms of real and personal property, whether inside; or outside the United States, including
without limitation common trust funds of a corporate executor or trustee, mutual funds,
partnerships (including a partnership in which an executor or trustee is a general or limited
partner), and other forms of joint investment (whichh may but need not be managed by,
advised by, or affiliated with an executor or trustee), without regard to any principle of law
limiting delegation of investment responsibility by executors or trustees.
F. Power to compromise claims or debts and to abandon or demolish any property which my
Executors or the Trustees shall determine to be of little or no value.
G. Power to sell property at public or private sale, for cash or upon credit, and to exchange
property for other property, and to lease property far any period of time, and to give options
of any duration for sales, exchanges or leases.
H. Power to join in any merger, reorganization, voting-trust plan or other concerted action of
security holders, and to delegate discretionary powers (including investment powers) in
entering into the arrangement.
Power to borrow from anyone, even if the lender is an executor or trustee under this Will, and
to pledge property as security for repayment of the :funds borrowed, including the
establishment of a margin account. No executor or trustee shall be personally liable, and any
such loan shall be payable only out of assets of my estate or the trust.
Power without the consent of any beneficiary to distribute in cash or in kind, and to allocate
specific assets in satisfaction of fractional shares or pecuniary sums among the beneficiaries
(including any trust) in such proportions, not necessarily pro rata, as my Executors or the
Trustees may determine, even though an executor or trustee has an interest affected by the
distribution and even though different beneficiaries entitled to the same sum or share may
thereby receive different mixes of assets, possibly with different income tax bases, so long as
the fair market value of property on the date of distribution is used in determining the extent
to which any distribution satisfies a sum or share.
K. Power to apply to the use of any individual, any property, whether principal or income, that
otherwise would or could be distributed directly to such individual.
L. Power with respect to any real property (i) to partition, subdivide or improve such property
and to enter into agreements concerning the partition, subdivision, improvement, zoning or
management of any real estate in which my estate or a trust hereunder has an interest and to
impose or extinguish restrictions on any such real estate, (ii) to sell, exchange, lease for any
period, mortgage, alter, or otherwise dispose of such. property and to execute any instrument
9
necessary to do that, and (iii) to charge to principal the net loss incurred in operating or
carrying non-income producing real property.
M. Power to permit any individual eligible to receive distributions of income from a trust to
occupy any real property or cooperative apartment or use any tangible personal property
forming part of the trust upon such terms as the Tnistees shall deem proper, whether rent free
or in consideration of the payment of taxes, insurance, maintenance and ordinary repairs, or
otherwise.
N. Power to employ a custodian, to hold property unregistered or in the name of a nominee
(including the nominee of any bank, trust company, brokerage house or other institution
employed as custodian), and to pay reasonable compensation to the custodian in addition to
any fees otherwise payable to my Executors or the 'Trustees, notwithstanding any rule of law
otherwise prohibiting such dual compensation.
O. Power in the Trustees to hold two or more trusts hereunder as a combined fund (allocating
ratably to such trusts all receipts from, and expenses of, the combined fund) for convenience
in investment and administration; provided that any combination of trusts for this purpose
shall not alter their status as separate trusts.
P. Power in the Trustees to consolidate any trust with ,another trust having substantially similar
terms and the same trustee under this Will or my husband's Will or any Trust Agreement and
administer the two as one trust, provided that each portion of the consolidated trust shall
terminate and vest in possession no later than the dz~te required for the separate trust from
which it came.. Provisions of such trusts shall be considered substantially similar even if
there are minor variations as to the management anti distribution of the trusts. The
determination by the Trustees as to any consolidations shall be final and conclusive as to all
parties.
Q. Power to divide any trust into two or more separate trusts and administer them as separate
trusts, either before or after the trust is funded, to enable GST exemption to be separately
allocated to one of the trusts, or to enable the election under Sec. 2652(a)(3) of the Code to be
made separately over one of them, or to otherwise make possible a separate trust with a zero
inclusion ratio, or because the trusts have different transferors for GST purposes, or for any
other purpose. Any such division shall be a division into fractional shares with each share
participating pro rata in income, appreciation, and depreciation to the time of division. Any
relevant pecuniary amount (such as the obligation to pay an annuity, or the right to withdraw
$5,000) shall be applied pro rata to the separate trusts based on the fractional shares into
which they are divided.
R. Power to make secured loans, or unsecured loans if t:o my husband, my husband's estate, any
trust established by either of them or if to a child of mine, in such amounts, at such rates of
interest, and to such persons, firms or entities as my Executors or the Trustees deem
advisable, and the power to engage in sales, leases, loans and other transactions with my
10
husband's estate or any trust established by either of them, regardless of the fact that one or
more or all of the persons serving as executors or trustees hereunder are also serving as a
selling or borrowing executor or trustee; provided that any such purchases shall be for fair
market value.
S. Power to employ and to rely upon advice given by accountants, attorneys, investment
bankers, and other expert advisers, and to employ agents, clerks and other employees, and to
pay reasonable compensation to such advisors or employees in addition to fees otherwise
payable to my Executors or the Trustees, notwithstanding any rule of law otherwise
prohibiting such dual compensation.
T. Power if CoreStates Bank, N.A. is unable to serve as trustee in any jurisdiction, in the
executor or trustee serving in that jurisdiction, to use CoreStates Bank, N.A. as agent to
perform any task that may lawfully be performed by such an agent in that jurisdiction, and to
pay to CoreStates Bank, N.A. such compensation fir its services as agent as shall be agreed
upon by such executor or trustee and it.
U. Power to accept or to decline to accept additions whether made by me or from some other
source.
Article XVII. Accountings & Other Proceedings.
A. I direct that my estate or a trust hereunder be subject to independent administration with as
little court supervision as the law allows. Except as otherwise specifically directed by a court
of competent jurisdiction, my Executors or the Trustees shall not be required to render to any
court annual or other periodic accounts, or any inventory, appraisal, or other returns or
reports, whether required by statute or otherwise. 1V[y Executors and the Trustees shall take
such action for the settlement or approval of accounts at such times and before such courts or
without court proceedings as my Executors or the Trustees shall determine. My Executors or
the Trustees shall pay the costs and expenses of any such action or proceeding, including but
not limited to the compensation and expenses of attorneys and guardians, out of the property
of my estate or the trust. The Trustees shall not be required to register any trust hereunder.
B. Except as otherwise specifically directed by a court of competent jurisdiction, I direct that in
any proceeding relating to my estate or a trust hereunder service upon any person under a
legal disability need not be made when another person not under a disability is a party to the
proceeding and has the same interest as the person under the disability. The person under the
disability shall nevertheless be bound by the results of the proceeding. The same rule shall
apply to non judicial settlements, releases, exonerations, and indemnities.
11
Article XVIII. Various Provisions Regarding Fiduciaries.
A. "Interested trustee" means for any trust a trustee who is (i) a transferor of property to the
trust, including a person whose qualified disclaimf;r resulted in property passing to the trust,
or (ii) a person who is or in the future maybe eligible to receive income or principal pursuant
to the terms of the trust. "Interested trustee" also means any trustee who could be replaced by
the Protector if the Protector is then described in (i) or (ii). A trustee described (or removable
by a Protector described) in (i) is an interested trustee only with respect to the transferred
property (including income and gain on, and reinvestment of, such property). A person is
described in (ii) even if the person's only interest is a remote contingent remainder interest,
but is not described in (ii) if the person's only interest is as a potential appointee under anon-
fiduciarypower ofappointment held by another person the exercise of which will take effect
only in the future, such as a testamentary power he-1d by a living person.. Notwithstanding the
foregoing, the second sentence of this paragraph (amd the parenthetical reference to the
Protector in the third sentence) shall apply to a trust only if the powers of the trustee will be
attributed to the Protector for federal estate and gift tax purposes. A trustee who is not an
interested trustee is a "disinterested trustee".
B. My Executors may make distributions directly from my estate to beneficiaries of a trust
hereunder, but only at the direction of the Tnistees authorized to make such distributions.
C. Under this Will, if two or more separate trusts with the same beneficiaries and same terms are
created, either by direction or pursuant to the exercise of discretion, I intend that the separate
trusts may but need not have the same investments and may but need not follow the same
pattern of distributions. The Trustees' powers shall be exercisable separately with respect to
each trust.
D. Except to the extent specifically provided otherwise in this Will, references to my Executors
or the Trustees shall, in their application to my estate or a trust hereunder, refer to all those
from time to time acting as executors or trustees of'that trust and if two or more executors or
trustees are eligible to act on a given matter they shall act by majority. In the exercise of
discretion over distributions, if this Will provides ghat certain trustees may participate in
distributions limited by an ascertainable standard, while a different set of trustees may
participate in distributions for any purpose, if the t,vo sets of trustees (each acting by its own
majority) want to distribute the same item of income or principal to different recipients, the
distribution desired by the set of trustees participating in distributions for any purpose shall
prevail.
E. Individual executors and trustees shall receive compensation in accordance with the law of
Pennsylvania in effect at the time of payment, unless the executor or trustee waives
compensation. A corporate executor or trustee sha].1 be compensated by agreement with the
individual executors or trustees or in the absence oi'such agreement in accordance with its fee
schedule as in effect at the time of payment. I authorize a corporate executor or trustee to
charge additional fees for services it provides to my estate or a trust hereunder that are not
12
comprised within its duties as executor or trustee, for example a fee charged by a mutual fund
it administers in which my estate or a trust hereunder invests, or a fee for providing an
appraisal, or a fee for providing corporate finance or investment banking services. I also
recognize that a corporate executor or trustee may charge separately for some services
comprised within its duties as executor or trustee, for example a separate fee for investing
cash balances or preparing tax returns. Such sepa~~ate or "unbundled" charges shall not be
treated as improper or excessive merely because they are added on to a basic fee in
calculating total compensation for service as executor or. trustee. Insurance proceeds and
retirement benefits payable to my estate shall not be subject to executor's compensation.
F. No executor or trustee shall be liable to anyone for anything done or not done by any other
executor or trustee or by any beneficiary.
G. The fact that an executor or trustee is active in the investment business shall not be deemed a
conflict of interest, and purchases and sales of invf;strnents may be made through a corporate
executor or trustee or through any firm of which a corporate or individual executor or trustee
is a partner, shareholder, proprietor, associate, employee, owner, subsidiary, affiliate or the
like, and property of my estate or a trust hereunder may be invested in individual securities,
mutual funds, partnerships, private placements, or other forms of investment promoted,
underwritten, managed, or advised by an executor or trustee or such a firm.
H. I authorize my Executors and the Trustees to employ and rely upon advice given by
investment counsel, to delegate discretionary investment authority over investments to
investment counsel, and to pay investment counsel reasonable compensation in addition to
fees otherwise payable to my Executors or the Trustees, notwithstanding any rule of law
otherwise prohibiting such dual compensation. My Executors and the Trustees may but need
not favor retention of assets originally owned by m.e. My Executors and the Trustees shall
not be under any duty to diversify investments regardless of any principle of law requiring
diversification. My Executors and the Trustees ma.y retain and acquire property that does not
produce income, subject to any restrictions or qualifications of this power set forth elsewhere
in this Will.
I. The fact that an executor or trustee (or a firm of wruch an executor or trustee is a member or
with which an executor or trustee is otherwise affiliated) renders legal or other professional
services to my estate or a trust hereunder shall not be deemed a conflict of interest, and I
authorize my Executors or the Trustees to pay fees for such services to such executor or
trustee or firm without prior approval of any court or any beneficiary and whether or not
there is a co-executor or co-trustee to approve such payment. I intend an attorney or other
executor or trustee who also renders professional services to receive full compensation for
both services as executor or trustee and the professional services rendered, except as
specifically limited by law.
J. I direct that the so-called rule against self-dealing shall not apply to an executor or trustee
who is a descendant of mine. Except when prohibited by law or by another provision of this
13
Will, such an executor or trustee may enter into transactions on behalf of my estate or a tnist
hereunder in which that executor or trustee is personally interested so long as the terms of
such transaction are fair to my estate or the trust. For example, such an executor or trustee
may purchase property from my estate or the trust at its fair market value without court
approval.
K. If I have given the Trustees discretion concerning distributions of income or principal I
intend that discretion to be absolute and uncontrolled, and subject to correction by a court
only if the Trustees should act utterly without reason, or in bad faith, or in violation of
specific provisions of this Will. If I have set forth general guidelines (as opposed to
directions or dollar limits) for the Trustees in making distributions, I intend those guidelines
to be merely suggestive and not to create an enforceable standard whereby a distribution
could be criticized or compelled. It is my strong belief that the Trustees will be in the best
position to interpret and carry out the intentions e~:pressed herein under changing '
circumstances. This paragraph shall not, however, apply to any standards framed in terms of
health, education, support (including support in an accustomed manner of living) or
maintenance as I intend those words to create an ascertainable standard for federal tax
purposes when applied to a trustee's power or a power held individually, although even in
those cases I want the holder of the power to have as much discretion as is consistent with
that intent.
L. Notwithstanding any other provisions of this Will, each trustee is prohibited from making,
voting on, or otherwise participating in any discretionary distribution of income or principal
from a trust that would discharge or substitute for a legal obligation of that trustee, including
the obligation to support a beneficiary of the trust. Subject to that, in exercising discretion
over distributions, the Trustees may consider, or may disregard, other resources available to
any beneficiary. In addition, no distributions shall be made hereunder which would
discharge to any extent the legal obligation of any person for the support of a beneficiary
without the prior written consent of such person.
M. Unless I have specifically provided otherwise, and subject to any ascertainable standard
governing its exercise, the Trustees' discretionary power to distribute income or principal
includes the power to distribute all of such income and/or principal to one or more members
of a class to the exclusion of others whether or not the terms of the mist specifically mention
that possibility.
N. A trustee may irrevocably release one or more powers held by the trustee while retaining
other powers.
O. Any executor or trustee may delegate to a co-executor or co-trustee any power held by the
delegating executor or trustee, but only if the co-executor or co-trustee is authorized to
exercise the power delegated. A delegation may be: revocable, but while it is in effect the
delegating executor or trustee shall have no responsibility concerning the exercise of the
delegated power.
14
Article XIX. Alternate or Successor Fiduciaries.
A. Any executor or trustee may resign without court approval at any time upon sixty (60} days
written notice to the co-executor(s), a co-trustee(s), as applicable, and to the beneficiary(ies)
hereunder who then have vested interests, provided that, if there is a co-executor or co-trustee
and same so agree, or if a successor to such executor or trustee is appointed within said sixty
(60) days, such resignation shall be effective as oi'the date of such resignation of the date of
such appointment.
B. Each individual executor and trustee (including successors) shall have the right to appoint a
successor individual executor or trustee by an instrument in writing, such appointment to take
effect upon the death, resignation or incapacity of the appointing executor or trustee. An
appointment may be changed or revoked until it takes effect. If I have named an alternate or
alternates to the appointing executor or trustee in 1:his Will, the appointment of a successor
under this paragraph shall take effect only if and vvhen those alternates fail to qualify or cease
to act.
C. The individuals (and any corporation) acting as my Executors or the Trustees may at any
time acting unanimously by written instrument appoint an individual or a corporation with
fiduciary powers as a co-executor or co-trustee.
D. The "Protectors" of each trust under this Will shall be my then surviving children. The
Protectors shall have the right, by majority vote, to remove any trustee of a trust under this
Will other than a descendant of mine. If a trustee is removed by the Protectors, any successor
trustee appointed by the removed trustee shall not take office. The Protectors shall also have
the right to appoint an individual or corporation with fiduciary powers to replace the removed
trustee. If the office of trustee of a trust becomes vacant, the Protectors may appoint a trustee
to fill the vacancy. The Protectors shall not appoint herself as trustee. The Protector may
resign. The Protectors' authority hereunder is cons=erred in a fiduciary capacity and shall be
so exercised, but the Protectors shall not be liable for any action taken in good faith. No
discretionary distribution shall be made from any trust that would discharge or substitute for
a legal obligation of the Protectors even if such a distribution would otherwise be authorized
under the terms of the trust. The Protectors may release the Protectors' power to remove a
particular trustee and such release may be limited t:o the releasing Protectors or made binding
upon any successor Protectors.
E. If the office of corporate trustee of a trust is vacant:, and no successor takes office pursuant to
any other provision of this Will, an individual or corporation with fiduciary powers may be
appointed as trustee by majority vote of my then living children.
F. The separate trusts hereunder may have different trustees pursuant to these provisions.
G. In the event that the sole trustee of a trust is a beneficiary of the trust, I intend that the trustee
may appoint but shall not be required to appoint a ro-trustee as provided herein. I do not
15
intend that a beneficiary's interest be merged or converted into a legal life estate or estate for
years because the beneficiary is the sole trustee, but if despite this expression of intent that
would happen under applicable law, then a co-trustee shall be appointed in preference to such
merger or conversion.
H. An executor or trustee may be appointed pursuant. to this Article for a limited purpose or to
hold only specified powers.
Article XX. Exoneration From Security. No executor or trustee shall be required to give bond
or other security in any jurisdiction, and if despite this exoneration a bond is nevertheless required, no
sureties shall be required.
Article XXI. Jurisdiction and Venue. Jurisdiction anti venue for the resolution of any and all
disputes arising hereunder, and for all interpretations hereof, shall lie only with the Court of Common
Pleas for Cumberland County and/or the United States District Court for the Middle District of
Pennsylvania. By agreement of the parties, the situs of this trust shall be in Cumberland County,
Pennsylvania to the fullest extent permitted by law.
Article XXII. Other Definitions. The following terms used in this Will shall be defined as follows:
A. I intend references to "children" and "descendants" to include children and descendants
whenever born.
B. Whether an individual is a minor or an adult shall be determined under the laws of the
individual's domicile at the time in question, except incases when this Will has specifically
defined "Minor" to mean a person under age 21.
C. References to the "Internal Revenue Code" or "Code" or to provisions thereof are to the
Internal Revenue Code of 1986, as amended at the time in question. References to the
"Regulations" are to the Treasury Regulations under the Code. If by the time in question a
particular provision of the Code has been renumbered, or the Code has been superseded by a
subsequent federal tax law, the reference shall be deemed to be to the renumbered provision
or the corresponding provision of the subsequent law, unless to do so would clearly be
contrary to my intent as expressed in this Will, and a similar rule shall apply to references to
the Regulations.
D. "Gross estate" means my gross estate as determined for federal estate tax purposes (or for
state death tax purposes where relevant).
16
E. For all trusts hereunder, "education" shall include., without limitation, elementary, secondary,
preparatory, undergraduate and graduate levels, at private or public institutions.
IN WITNESS WHEREOF, I have hereunto subscribed my name on this day of April, 1998.
_.., _ .
- ~ ~ ~ __
\~ 1VIARY D STRAUB
Signed, sealed, published and declared by MARY D STRAUB, the testatrix above named, as and for
her last will and testament, in our presence, and we in her presence, and in the presence of each other,
have hereunto subscribed our names as witnesses:
! ~ t
~'• ~
`/.
17
SELF-PROVING AFFI:DAVIT
COMMONWEALTH OF PENNSYLVANIA ) ss:
COCTNTY OF Dauphin
We, MARY D STR_AUB, _~~,~:, ~ ` 3 . r{ ~ ~,~:,;_~~ s
s , ~ ,--~
~`~firt?hc.inie 1'~`-i~^'tt `~'k and l.i~v~Y-i ~C ~ ~ ~~~cY- , the testatrix
and the witnesses, respectively, whose names are subscribed to the
foregoing instrument, being first duly sworn, do hereby declare to the
undersigned authority that the testatrix signed and executed the
instrument as her last Will and that she had signed willingly and that
she executed it as her free and voluntary act for the purposes therein
expressed, and that each of the witnesses, in the presence and hearing
of the testatrix, signed the Will as witness and that to the best of
each such witness's knowledge the testatrix was at that time eighteen
(18) years of age or older, of sound mind., and under no constraint or
undue influence.
(MARY D STRAUB Wit
' Witness '~ -~ Witness
Subscribed, sworn to and acknowledged :oefore me by MARY D STRAUB,
the testatrix, and subscribed and sworn t.o before me by
~~,~~~~ i=,. ~c;~v,~ :~~zp~•,4,~,;e ht~,~~-E~'l~e~:- and
<.~~~~ , t~~t ~=~ ~ ,~ ~:~ witnesses, this ~jt'~ day of April, 1998.
Notar Public s
- NOTARIAL SEAL
~~ANGELA M. ALONZ(I, Notary Public
Harrisburg, PA i)auphin County
My Commisstian.Expires Oct. 26, 2000
ESTATE OF MARY
D. STRAUB
PA FILE NO. 21-11-
oso7
COPY -
REVOCABLE TRUST
AGREEMENT
~ j~113C~~O~~
PERSONAL TRUST
GORESTATES BANK., N. A.
PENNSYLVA.~IA
This AGREE;~NT is made between undersigned ("GRANTOR") and CORESTATES
BANK, N. A. ("TRUSTEE").
This Agreement will not avoid probate, or the need to have the trust balance admrinistered
by Grantor's executor, administrator, or other persona] representative after Grantor (or the
survivor of married co-Grantors) has died. Except for those actions which are necessary to
terminate this trust after C:rrantor (ar the survivor of married co-Grantors} has died, this
Agreement will have no continuing effect thereafter.
1. TRANSFER OF ASSETS: Grantor will transfer' title and deliver to Trustee certain
assets which Trustee will administer under this Agreement. Trustee may receive
additional assets from Grantor at any time for administration under this Agreement and
subject to Trustee's acceptance such additional assets will be administered in accordance
with this a~eement. Tn the event this Agreement is executed by a marred couple, both
spouses will retain equitable title to all trust assets as tenants by the entireties.
INVESTYTENTS AND DISTRIBUTION OF ;!fET INCObIE: Trustee will invest
the assets transferred to it and pay the net income not Iess frequently than quarterly in the
manner Grantor prescribes.
3 WITHDRAWAL-S, A,lYZEVDYLENTS AND REVOCATION: By notice to Trustee,
Grantor at any time may withdraw assets from this trust, or revoke this trust. Grantor and
Trustee at any time may amend this agreement in writing. If Grantor is a marred couple,
either spouse may withdraw assets from the trust unless and until written notice to the
contrary is received by Trustee.
4. INCAPACITY OF GRANTOR: If Grantor becomes disabled, incapacitated or izrfrrm,
Trustee may apply income or principal for Grantor's benefit as Trustee deems
advisable. In that event, any income not so appG+ed will be accumulated and added to trust
principal periodically.
5 TERitiL~IATION: Grantor may terminate this Agreement at any time by written notice
to Trustee, and Trustee may resign at any time by written notice to Grantor, and
Trustee will thereafter return to Grantor all trust assets net of accrued e;cpense and
commissions.
Unless sooner revoked or otherwise terminated, this trust will end upon Grantor's death,
and all trust assets, net of unpaid expenses and commissions, will be distributed to
Grantor's personal representative. If Grantor is a married couple, the trust will. continue
until the sttrvivin g spouse's death. Thereafter al] trust assets, net of unpaid expenses and
commissions, will be distnbuted to the surviving spouse's personal representative.
6, STATEiyTENTS AND NOTICES: Trustee will provide Grantor with a statement of
account transactions not less frequently than quarterly, and with a list of trust assets and
their values not less frequently than annually. Unless Grantor otherwise instructs in
writing, all such statements and any notices or other communications will be mailed to
Grantor's address set forth at the end of this A~'eement.
7, FEES: As compensation for its services hereunder, Trustee may retain from time to
time trust principal, income or partly from each, those fees which are specified in its
published or otherwise generally applicable fee schedule in effect at the time its services
are rendered. Grantor understands that this schedule might be changed from time to time.
g, POWERS OF TRUSTEE: Trustee, in addition'to aII powers conferred by law and
without prior Court approval shall have discretion~sry authority:
(a) to retain any assets free of any legal or statutory requirement to diversify;
(b) to invest principal and income without restriction to so-called "legal investments"
for fiduciaries. Trustee may place cash awaiting investment or distribution in a
deposit account with Trustee or at a bank affiliated with Trustee;
(c) to allocate stock dividends to principal or t:o income ar in part to each;
(d) to retain, purchase, sell, vote or refrain from voting its own or any affiliate's
securities; exercise or refrain from e:cercising any options or rights to purchase any
such securities; invest principal or income in its own or an affiliate's common trust
funds; and invest in mutual funds, including but not limited ro money market
mutual funds, to which the Trustee or any of its affiliates may provide
management, investment, advisory, custodial or other services for compensation,
without notifying any beneficiary hereunder prior to such investment and without
reducing fetes or commissions payable hereunder to such Trustee.
(e) to delegate any part or the entire administr. ation of this trust to one or more of
Tn.rstee's corporate affiliates.
9, BOND: Trustee shall not be required to post bond or any other form of security.
X0. SITUS A1~tD GO'vERNING LAW: The Situs of the Trust hereunder shall be in the
Commonwealth of Pennsylvania, and all questions restarding the validity, effect or
interpretation of this deed or the administration of the trust hereunder shall be governed by
the laws of Pennsylvania.
II CpMl%i IUi~iICATION WITH ISSUERS OF SECURITIES: CoreStates is required by
the Securities and Exchange Commission {SEC rule; 14 b-1(c)) to determine whether
Grantor authorizes us to provide Grantor's name, address, and share position to
companies whose stock is held herein. If "NO" is checked below, CoreStates will not
provide this information. If "YES" is checked, CoreStates will provide this information
to requesting companies. Grantor's direction will apply to all securities held herein. The
Rule prohibits the requesting company from using c.;rarrtor's name and address for other
than corporate communication.
[ ] YES, CoreStates is authorized to release Grantor's name, address, and share
position to requesting companies.
[,Y ] N0, CoreStates is not authorized to releasc: Grantor's name, address, and share
position to requesting companies.
12 SUBSTITU'T'E W-9: Under penalty of perjury Grantor hereby certifies that: (I) the
number provided ~~/k' ~ ~' 3 ~T7 is Grantor's correct Taxpayer Identification
Number. and (2) Grantor is not subject to backup withholding either because Grantor has
not been notified by the IRS that Grantor is subject to backup withholding as a result of a
failure to report all interest and dividends; or the LEtS has notified Grantor that Grantor is
no longer subject to backup withholding.
Grantor understands that Grantor must crass out { 2) above if Grantor has been notified by
the IRS that Grantor is subject to backup withholding because of underreporting of
interest or dividends on Grantor's tax return, unless after being so notified, Grantor
received another notice from IRS that Grantor is no longer subject to backup withholding.
. Intending to be legally bound, Grantor and CoreStates have executed this Agreemerrt on
/ ~ ~ day of ~-~ , 19~ '
this
CORESTATES BANK, N.A '~
Gra r
~~~~ ~ ~~T~~ ~-
---`- / (print name)
} Grantor
~Tltl .~ ~ PE'eSrr~evr7--
____ {print name)
~_~PT r~~
Grantor's A~~
_ 17- 737- f
Grantor's Telephoae Number
ESTATE OF MARY
D. STRAUB
PA FILE NO. 21-11-
oso7
REVOCABLE TRUST
ASSETS
Estate Valuation
Date of Death: 07/14/2011
Valuation Date: 07/19/2011
Processing Date: 07/29/2011
Shares Security
or Par Description High/Ask LowiBid
1) 32212.19 SEC MMKT DEP ACCT (99999Y999)
PRINCIPAL
Accrual
2) 259.5 SEC MMKT DEP ACCT (99999Y944)
INVESTED INCOME
Accrual
3) 955.41 PIMCO FDS PAC INVT MGMT SER (693390841)
HIGH YIELD FD
Mutual Fund (as quoted by NASDAQ)
07/19/2011
9) 2995.936 WELLS FARGO ADVANTAGE FDS (94985D673)
WFA PN TXFR INST
Mutual Fund (as quoted by NASDAQ)
07/14/2011
5) 574.669 PIMCO FDS PAC INVT MGMT SER (693391559)
EMRG MKTBD INS
Mutual Fund (as quoted by NASDAQ)
07/14/2011
6) 390.831 WELLS FARGO ADVANTAGE FDS (94985D582)
WFA INTL BD INST
Mutual Fund (as quoted by NASDAQ)
07/14/2011
7) 326.673 ARTISAN FDS INC (09314H105)
SMRLL CAP FD
Mutual Fund (as quoted by NASDAQ)
07/14/2011
8) 299.8 DODGE & COX STK FD (256219106)
COM
Mutual Fund (as quoted by NASDAQ)
07/14/2011
9) 792.908 VANGUARD INDEX FDS (92290 8497)
MIDCAP IDX SIG
Mutual Fund (as quoted by NASDAQ)
07/14/2011
10) 302.459 WELLS FARGO ADVANTAGE FDS (94989B397)
WFA SP SMCP ADMN
Mutual Fund (as quoted by NASDAQ)
07/19/2011
11) 701.689 WELLS FARGO ADVANTAGE FDS (99985D277)
WFA STR LC INSTL
Mutual Fund (as quoted by NASDAQ)
07/14/2011
12) 480.314 HARBOR FD (911511306)
INTL FD INSTL
Mutual Fund (as quoted by NASDAQ)
07/14/2011
Estate of: Mary Straub
Account: Mary D Straub Trust
Report Type: Date of Death
Number of Securities: 13
File ID: 1519136620
Mean and/or Div and Int Security
Adjustments Accruals Value
9.39000 Mkt
9.390000
11.00000 Mkt
11.000000
.11.27000 Mkt
11.270000
11.99000 Mkt
11.990000
18.91000 Mkt
18.910000
110.71000 Mkt
110.710000
30.9501)0 Mkt
30.950000
23.09000 Mkt
23.090000
32.11000 Mkt
32.110000
62.61000 Mkt
62.610000
32,212.14
0.74
259.50
0.01
8,971.30
32,955.30
6,976.52
4,686.06
6,177.39
27,655.36
22,977.53
6,968.66
22,531.23
30,072.96
Page 1
This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions,
please contact EVP Systems at (618) 313-6300 or www.evpsys.com. (Revision 7.2.0)
Date of Death: 07/19/2011
Valuation Date: 07/14/2011
Processing Date: 07/29/2011
Shares Security
or Par Description
13) 587.908 SSGA FDS (784924425)
EMRG MKTSEL CL
Mutual Fund (as quoted by NASDAQ)
07/14/2011
Total Value:
Total Accrual:
Total: $21.5,272.07
Estate of: Mary Straub
Account: Mary D Straub Trust
Report Type: Date of Death
Number of Securities: 13
File ID: 1519136620
Mean and/or Div and Int Security
High/Ask Low!Sid Adjustments Accruals Value
22.67000 Mkt
22.670000 13,327.87
$215,271.32
$0.75
Page 2
This report was produced with EstateVal, a product of Estate Valuations & Fricing Systems, Inc. If you have questions,
please contact EVP Systems at (B18) 313-6300 or www.evpsys.com. (Revisi.on 7.2.0)
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