Loading...
HomeMy WebLinkAbout03-0608COURT OF COMMON PLEAS OF CUMBERLAND COUNTY PENNSYLVANIA ORPHANS' COURT DIVISION FIRST AND FINAL ACCOUNT OF RAPHAEL S. HAYS II AND MANUFACTURERS AND TRADERS TRUST COMPANY SUCCESSOR TO FARMERS TRUST COMPANY, CARLISLE, PENNSYLVANIA CO-TRUSTEES U/WILL OF JEANNETTE HAYS Stated from May 13, 1991 to July 1, 2003 SUMMARY & INDEX PRINCIPAL Receipts Less Disbursements Less Distributions to Beneficiaries Net Gain on Conversions Pages 2 2 2 2-3 $ 95,104.76 385.00 94,719.76 26,200.00 68,519.76 792.19 Principal Balance Remaining $ 69,311.95 INCOME Receipts Less Disbursements Less Distributions to Beneficiaries Income Balance Remaining $ 136,705.10 9,062.28 127,642.82 127,521.65 121.17 $ 69,433.12 COMBINED BALANCE REMAINING PRINCIPAE RECEIPTS 5/13/91 6/7/91 4/28/92 Estate of Jeannette B. Hays Estate of Jeannette B. Hays 602 shares Frog, Switch & Manufacturing Co. Estate of Jeannette B. Hays 25,000.00 69,230.00 874.76 Total Principal Receipts PRINCIPAL DISBURSEMENTS 4/4/01 4/11/01 4/10/02 9/25/02 12/24/02 4/9/03 4/11/03 PA Department of Revenue-Fiduciary Income Tax PA Department of Revenue-Estimated Tax PA Department of Revenue-Fiduciary Income Tax PA Department of Revenue-Estimated Tax PA Department of Revenue-Estimated Tax PA Department of Revenue-Fiduciary Income Tax PA Department of Revenue-Fiduciary Income Tax Reserved: Miscellaneous Filing Fees 22.00 6.00 12.00 15.00 5.00 24.00 1.00 300.00 Total Principal Disbursements PRINCIPAL DISTRIBUTIONS TO BENEFICIARY 9/10/92 Ellinor H. Dyke 3/1/93 Ellinor H. Dyke 7/14/93 Ellinor H. Dyke 11/9/93 Ellinor H. Dyke 4/15/94 Ellinor H. Dyke 10/18/94 Ellinor H. Dyke 11/21/94 Ellinor H. Dyke 5/1/95 Ellinor H. Dyke 7/25/95 Ellinor H. Dyke 11/13/95 Ellinor H. Dyke 7/18/96 Ellinor H. Dyke 6,500.00 3,000.00 1,000.00 4,500.00 1,000.00 1,000.00 1,200.00 1,500.00 4,000.00 1,500.00 1,000.00 Total Distributions to Beneficiary PRINCIPAL CONVERSIONS INTO CASH 9/9/92 11/8/93 10/19/94 10,000 par U.S. Treasury Note 7%due 6-30-93 Proceeds 10,221.88 Cost 9,996.88 5,000 par U.S. Treasury Note 8% due 10-15-96 Proceeds 5,389.06 Cost 4,994.53 10,000 par U.S. Treasury Note 8% due 10-15-96 Proceeds 10,161.72 Cost 9,989.06 Gain 225.00 394.53 172.66 $ 792.19 Total Gain on Conversions -2- $ 95,104.76 $ 385.00 $ 26,200.00 Loss PRINCIPAL IN~/ESTMENTS 7/1/91 7/10/91 10,000 PAR u.s. Treasury Note 7% due 6-30-93 15,000 par U.S. Treasury Note 8% due 10-15-96 INCOME RECEIPTS Interest-U.S. Treasury Note 8% due 10-15-96 10-18-91 to 10-19-94 Interest-U.S. Treasury Note 7% due 6-30-93 1-6-92 to 9-9-92 Dividends-Frog, Switch & Manufacturing 8-7-91 to 5-8-03 Dividends-Money Market Mutual Funds 6-4-91 to 7-1-03 Total Income Receipts INCOME DISBURSEMENTS 3/19/98 3/16/99 3/27/00 3/27/01 PA Department of Revenue-Fiduciary Income Tax PA Department of Revenue, Fiduciary Income Tax PA Department of Revenue, Fiduciary Income Tax PA Department of Revenue, Fiduciary Income Tax Fiduciary Income Tax Preparation 2-27-92 to 2-26-99 Trustee Fees - 10-9-91 to 4-15-03 Total Income Disbursements INCOME DISTRIBUTIONS TO BENEFICIARY Ellinor H. Dyke 8-9-91 to 5-9-03 Total Income Distribution to Beneficiary 9,996.88 14,983.59 3,835.16 833.15 131,236.00 800.79 $ 136,705.10 20.00 22.00 29.00 23.00 400.00 8,568.28 $ 9,062.28 127,521.65 $ 127,521.65 RAPHAEL S. HAYS II AND MANUFACTURERS AND TRADERS TRUST COMPANY SUCCESSOR TO FARMERS TRUST COMPANY CO-TRUSTEES U/WILL OF JEANNETTE HAYS -3- coMMONWEALTH OF PENNSYLVANIA · COUNTY OF CUMBERLAND · Raphael S. Hays II and Jane F. Burke, Vice President, Manufacturers and Traders Trust Company, Co-Trustees U/Will being duly sworn, depose and say that the foregoing Account, both as to the items of charge and discharge, are just and true to the best of their knowledge and belief. RAPHAEL S. HAYS II AND MANUFACTURERS AND TRADERS TRUST COMPANY SUCCESSOR TO FARMERS TRUST COMPANY CO~T~~ JEANNETTE HAYS Jal~ .~,¢~Vice President Sworn to and Subscribed before me this o,~_~ day of July, 2003 Notarial Seal Kandy L. Coyle, Notary Public Carlisle Bom, Cumberland Counly My Commission Exl~res July 3. 2006 -4- F:\FILES\DATAFILE\ESTATES\8482-3.Petifion for Trustee to Res~gn Created: 09/09/98 04:49:29 PM RemSed: 08/08/03 02:40:30 PM IN RE: ESTATE OF JEANNETTE HAYES,: Deceased TRUST CREATED UNDER WILL IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION NO. 03-6o% PETITION BY CO-TRUSTEE FOR LEAVE TO RESIGN IN ACCORDANCE WITH 20 PA. CONS. STAT. § 7104 AND NOW, the petition of' Trustees, MANUFACTURERS AND TRADERS TRUST COMPANY, successor in interest to Farmers Trust Company, and RAPHAEL S. HAYS II, by and through their attorneys, MARTSON DEARDORFF WILLIAMS & OTTO, represent as follows: 1. Petitioner Manu£acturers and Traders Trust Company is a New York banking corporation doing business in Pennsylvania as M&T Bank with a principal place of'business at One M&T Plaza, Buffalo, New York (hereinafter "M&T Bank"), is the successor in interest to Farmers Trust Company, Carlisle, Pennsylvania, and is Co-Trustee o£the Trust created under the Last Will and Testament of. Jeannette B. Hays (hereinafter "Trust"). A copy of'the Last Will and Testament is attached hereto as Exhibit "A." 2. Co-Petitioner Raphael S. Hays II is an adult individual residing in Carlisle, Pennsylvania, and is Co-Trustee of'the Trust. 3. Petitioner M&T Bank wishes to resign as Co-Trustee of'the Trust. As set forth in the First and Final Account filed on July 25, 2003, the Trust currently has a remaining balance of. $69,433.12. It is inefficient and disproportionally expensive for a corporate trustee to continue to administer a trust o£ such a small size. 4. Co-Petitioner Raphael S. Hays II will continue to act as Trustee of the Trust upon this Court's approval of M&T Bank's resignation. He has joined in this Petition to demonstrate his willingness to serve as sole Trustee and his concurrence to M&T Bank's resignation. 5. The persons having an interest in the Trust are Ellinor B. Dyke and her issue, Richard Fry and Jeanette Fry, all of whom are adult individuals. These persons have been given notice of the filing of the First and Final Account and this Petition for Leave to Resign. WHEREFORE, Petitioners respectfully request: (1) (2) Date: August 8, 2003 That M&T Bank be granted leave to resign as Co-Trustee; That, after due accounting, M&T Bank be discharged from such Trust and released from all liabilities in connection therewith; and (3) That this Court confirm that Raphael S. Hays II is the sole remaining Trustee of the Trust, and grant all other such relief as this Court deems just and proper. Respectfully submitted, WILLIAMS & OTTO Ivo V. Otto III, Esquire PA Attorney I.D. No. 27763 Carl C. Risch, Esquire PA Attorney I.D. No. 75901 Ten East High Street Carlisle, PA 17013 (717) 243-3341 Attorneys for Petitioners 2 CERTIFICATE OF SERVICE I, Carl C. Risch, hereby certify that I have, on the below date, caused a true and correct copy of the foregoing to be served upon the following in the manner indicated: FIRST CLASS MAIL Ellinor Hays Dyke Box 162, Dame Hill Road Orford, NH 03777 FIRST CLASS MAIL Richard Fry Box 162, Dame Hill Road Orford, NH 03777 FIRST CLASS MAIL Jeanette Fry 99 Oxford Street, Apt. 1 Arlington, MA 02474 Carl C. Risch, Esquire PA Attorney I.D. No. 75901 Ten East High Street Carlisle, PA 17013 (717) 243-3341 A ttorneysfor Petitioners WILLIAMS & OTTO Date: August 8, 2003 I, JEANNETTE B. HAYS, of the Borough of Carlisle, Cumberland County, Pennsylvania, declare this instrument to be my Last Will and Testament, hereby expressly revoking all Wills and Codicils heretofore made by me. ONE: I direct my Executor to pay all funeral and administrative expenses as soon as conveniently after my decease. of my debts, may be done TWO: ! give, devise and bequeath certain items of my antique furniture as set forth in my instructions to my Executor which are attached hereto and a part of this my Last Will. THREE: I specifically give, devise and bequeath the sum of Five Thousand and no/lO0 ($5,000.00) Dollars to the First Presbyterian Church of Carlisle in memory of my beloved husband, Edward Gardner Hays. FOUR: I specifically give, devise and bequeath the cottage kno~m to my family as the "Lake Cottage" and located on Upper Baker Pond in the Town of Orford, Grafton County, New Hampshire, to my daughter, Ellinor H. Dyke, provided she survives me. If she has predeceased me, then ownership of this property shall be distributed equally to her issue who survive me. ~IVE: I hereby expressly exercise the Power of Appointment contained in my husband's Last Will and Testament by appointing my children, Raphael S. Hays, Mabel H. Torrence, and Ellinor H. Dyke, to receive the balance in equal shares, per stirpes. ?he share of Ellinor H. Dyke shall be held in Trust for her as set forth in paragraph six (6) of this my Last Will. SIX: All the rest, residue and remainder of my estate of every nature and wherever situate, I give, devise and bequeath to my children, Raphael S. Hays, II, Habel H. Torrence and Ellinor H. Dyke, in equal shares, per stirpes. The share of Ellinor H. Dyke shall be held for her in Trust as set forth in paragraph six (6) of this my Last Will. If my son should predecease me, his share shall be distributed to his wife, Janice C. Hays. If she has predeceased me, then my son's share shall be distributed to his adopted son, Edward Gardner Hays, II. If any of my other aforementioned children should predecease me, the share of a deceased child shall be distributed equally to the issue of said child. SEVEN: The share of my residuary estate of £11inor H. Dyke, I hereby give, devise and bequeath in TRUST to Raphael S. Hays, ~I, and FARHERS TRUST COHPANY as Co-Trustees subject to the following provisions: a. The Trust principal and interest after the payment of Trust expenses shall be used solely for the benefit of my daughter, £11inor H. Dyke, during her life while this Trust is in effect. b. The net income of the Trust shall be applied at the sole and absolute discretion of the Trustees to the support, maintenance, education and general welfare of my daughter, Ellinor B. Dyke, in such manner as the Trustees deem proper, without regard to any other funds which may be available for the Trust purposes or may be accumulated in the Trust. c. I further authorize the Trustees to apply, not only the income, but also so much of the principal as the Trustees shall deem necessary, in, for, or toward the maintenance, support and general welfare of my daughter, in such manner as they deem proper. Upon the formation of the Trust, the Trustees shall immediately distribute the sum of Ten Thousand and no/lO0 ($10,000.00) Dollars to my daughter. The balance shall be held in Trust for her benefit until her death. The balance of the proceeds and accumulated income, if any, shall be distributed equally to her issue, living at her death. d. The Co-Trustees shall have the following powers, in addition to those vested in them by law, for my property held for the benefit of my beneficiaries, whether income or principal, exercisable without court approval and effective until the distribution of all property under the terms of this Trust; the Co-Trustees, at their discretion, may compromise claims, borrow money, or retain property for such length of time as they may deem proper, sell, lease, pledge, mortgage, transfer, exchange, convert or otherwise dispose of or grant options of all or any portion of Trust property for such prices, on such terms in public or private transactions as they may deem proper; and invest Trust property and income without restriction to legal invest- ments. EIGHT: of this my qualify Torrence place. I appoint Raphael S. Hays, II, to serve as Executor Last Will. If he should predecease me, fail to or cease to serve as Executor, I appoint Mabel H. and Ellinor H. Dyke, to serve as Co-Executors in his NINE: My Executor may, at his discretion, compromise claims, borrow money, retain property for such length of time as he may deem proper; lease and sell property for such prices, on such terms, at public or private sales, as he may deem proper; and invest estate property and income without restriction to legal investments. SEVEN: No hereunder, shall Executor, Co-Executor or Co-Trustee, acting be required to post bond or enter security in this or any jurisdiction. IN WITNESS WHEREOF, I have hereunto set my hand and seal this 28th day of April, 1989. (SEAL) Signed, sealed, published and declared by JEANNETTE B. HAYS, the above-named Testatrix, as and for her Last Will and Testament in the presence of us, who, at her request, in her presence and in the presence of each other have subscribed our names as witnesses hereto. ACKNOWLEDGEMENT AND AFFIDAVIT We, JEANNETTE B. HAYS, SHARON L. SCHWALH and KATHLEEN H. KENNEY, the testatrix and witnesses respectively, whose names are signed to the foregoing instrument, being first duly sworn, do hereby declare to the undersigned authority that the testatrix signed and executed the instrument as a her Last Will and t'hat she had signed willingly, and that she executed it as her free and voluntary act for the purpose herein expressed, and that each of the witnesses, in their presence and hearing of the testatrix signed the Will as a witness and that to the best of their knowledge the testatrix was at that time eighteen years of age or older, of sound mind and under no constraint or undue influence. JEANNETTE B ' SHARON L. SCHWALM KATHLEEN M. KENN'EY COHHONWEALTH OF PENNSYLVANIA : : SS. COUNTY OF CUHBERLAND : Subscribed, sworn to and acknowledged before me by JEANNETTE B. HAYS, the testatrix, and subscribed and sworn to before me by SHARON L. SCHWALM and KATHLEEN M. KENNEY, witnesses, this 28th day of April, 1989. ~-h 0 0 0 IN RE: ESTATE OF JEANNETTE HAYES,: Deceased TRUST CREATED UNDER WILL IN THE COURT OF COMMON PLEAS OF CLrMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION PRELIMINARY DECREE on consideration of the annexed Petition, a Citation is to be issued to Dyke, Richard Fry, and Jeanette Fry, to show cause, if any there may be, why M&T Bank should not be given leave to resign as Co-Trustee of the Trust created under the Last Will and Testament of Jeanette Hays, why M&T Bank should not be released from all liability for the administration of this Trust after the confirmation of the First and Final Account, and why Raphael S. Hays II should not be appointed sole Trustee of the Trust. Citation shall be returnable the 26th day of August, 2003, at 9:00AM, in Courtroom # 1, Cumberland County Courthouse, Carlisle, Cumberland County, Pennsylvania 17013. BY THE COURT, P.J. IN RE: Estate of Jeannette Hayes, Deceased Trust Created under Will IN THE COURT OF COMMON PLEAS ORPHANS' COURT DIVISION CUMBERLAND COUNTY, PENNSYLVANIA NO. 21-2003-0608 CITATION WE COMMAND, you that laying aside all business and excuses whatsoever, you be and appear in your proper person before the Honorable Judges of the Court of Common Pleas, Orphans' Court Division at a session of the said Court there to be held, for the County of Cumberland to show cause why if any there may be, why M&T Bank should not be given leave to resign as Co-Trustee of the Trust created under the Last Will and Testament of Jeanette Hays, why M&T Bank should not be released from all liability for the administration of this Trust after the confnmmtion of the First and Final Account, and why Raphael S. Hays II should not be appointed sole Trustee of the Trust. Citation shall be returnable the 26th day of August, 2003, at 9:00 A.M. in Courtroom Number #1, Cumberland County Courthouse, Carlisle, Pennsylvania 17013. Witness my hand an official seal of office at Carlisle, Pennsylvania, this 12th day of August, 2003. Clerk, Orphans' Court Division Cumberland County, Carlisle, PA ~[/l&[ I My Commission Expires on the 1st Monday January, 2006 IN RE: ESTATE OF JEANNETTE HAYES,: IN THE COURT OF COMMON PLEAS OF Deceased CUMBERLAND COUNTY, PENNSYLVANIA TRUST CREATED UNDER WILL ORPHANS' COURT DIVISION ORDER AND NOW, this 26th day of August, 2003, upon consideration of the annexed Petition, and it appearing that no objections have been filed to the First and Final Account of Petitioners for the Trust under the Last Will and Testament of Jeannette Hays, confirmed this 26th day of August, 2003, and it appearing that no cause has been shown why the relief requested in the annexed Petition should not be granted after due notice to all persons interested in said Trust, it is hereby ordered and decreed that: a. The resignation of Manufacturers and Traders Trust Company as Co-Trustee of the Trust under the Last Will and Testament of Jeannette Hays is accepted; b. Raphael S. Hays II is appointed sole Trustee of the Trust under the Last Will and Testament of Jeannette Hays; and c. Manufacturers and Traders Trust Company is hereby released from all liability in connection with its co-administration of the Trust under the Last Will and Testament of Jeannette Hays.