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HomeMy WebLinkAbout01-11-12FAMILY AGREEMENT -WAIVING FILING OF ACCOUNTING -BETTY J. RICHARDSON -FILE NUMBER: 2009-01209 This Agreement, entered into this _1~ day of 2012, by and between LORIE RICHARDSON in her capacity as Executrix under the of BE J. RICHARDSON. For purposes of this Agreement, when LORIE RICHARDSON is referred to in her fiduciary capacity, the term "Executrix" will be used, and when she is referred to in her individual capacity, she will be referred to by her first name. BACKGROUND 1. BETTY J. RICHARDSON ("Decedent") died on December 7, 2009. Mrs. Richardson resided at 125 Bosler Avenue, Lemoyne, Pennsylvania, having left her Last Will and Testament dated Apri19, 2008. 2. Decedent's Will was admitted to Probate by the Register of Wills of Cumberland County on December 30, 2009, and Letters Testamentary were issued to LORIE RICHARDSON as Executrix, File No: 2009-01209. 3. In her Will, Decedent named her daughter, LORIE RICHARDSON as the sole beneficiary to her estate. The decedent was a widow and only had two children, her daughter, LORIE RICHARDSON and daughter CINDY HOUSEMAN who was not named in the will. Betty had shared with the family, as well as the attorney, that she had helped CINDY HOUSEMAN financially many times while alive and therefore what remained was to go to LORIE RICHARDSON. 4. The Executrix advertised the Grant of Letters Testamentary, prepared and filed an Inventory and prepared and filed the Pennsylvania Inheritance Tax Return, and federal and state income tax returns, and paid the appropriate taxes thereon. 5. The Executrix has paid all the general legatees and all the taxes, debts and expenses of the estate known to her, and she has no knowledge of any unpaid claims, absolute of contingent, which may be asserted against the estate, nor does she have any reason to believe that there are p any such claims. 6. The Executrix has completed the administration of the estate, has prepared her account thereof ("account"), and has distributed the net assets, the residuary legatees named in the Will. ' 7 7. , ~.~ ~, A statement reflecting all estate receipts, disbursements, and distributions are d heret;w ^~~ ~ ~. as Exhibit "A'~. rn ~ ~°' ~- ~. m- µ ' ~~ x~• ~ ~ I - 1 ~ ~ ~^~rii c..a 8. LORIE RICHARDSON desires that the Family Agreement make unnecessary the filing of an accounting in the Register of Wills Office of the Court of Common Pleas of Cumberland ..County. AGREEMENT In consideration of the willingness of the Executrix to distribute and terminate the estate in accordance with terms of the Will without the protection afforded her by a formal adjudication of an Executrix's account, the undersigned beneficiary, individually and with respect to her heirs, personal representative, successors, and assigns, do hereby: 1. Acknowledge that she has read this Agreement and represent that the facts-set forth above are true and correct to the best of her knowledge, information, and belief. She further . acknowledges that she is familiar with the provisions of the Will of the decedent; 2. Waive the filing of a formal accounting of the administration of this estate, with respect to the income and principal thereof, in any court which had jurisdiction, and in particular, the Register of Wills Office of the Court of Common Pleas of Cumberland County, Pennsylvania; 3. Declare that she has examined the accounting and the periodic statements for the accounting, which are attached hereto and incorporated herein, and fmd them to be true and correct in all particulars; 4. Understands that the distribution is still subject to the payment of certain administration expenses, including but not limited to, counsel fees to Quigley Law Office, P.C.; accept and approve it with the same force and effect as if it had been prepared and duly filed with, audited, adjudicated and confirmed absolutely by such Court as has jurisdiction over this estate, and as if the balance of principal and income has been awarded by said Court in accordance with the Agreement and the accounting and statement; 5. Warrant that she knows of no outstanding and unsatisfied claims against the estate and approve the distribution of the balance of principal and income shown on the attached accounting and statement as set forth above. 6. Absolutely and irrevocably release and discharge the Executrix, her personal representatives, heirs, successors, and .assigns from any and all actions, liabilities, claims, and demands, including specifically, but not limited to liability arising in connection with any mistake or fact or law, or negligent or careless act or omission by the Executrix in connection with the administration and distribution of assets shown in the statement without a formal Court accounting and adjudication; 2 7. Agree to refund to the Executrix such part or all of the distributive share which is being distributed to us which may at any time be determined to have been an erroneous distribution regardless of the cause of such error, even if attributable to negligence; 8. Agree that any period of limitation of actions for the collection for any erroneous distribution to any of us shall commence only at such time as the Executrix has obtained actual knowledge of such erroneous distribution and that in no event shall the obligation to collect any erroneous distribution start earlier than the actual discovery thereof by the Executrix; 9. With respect to any distribution of income or principal, which she have received, or will receive upon execution of this Agreement, agree to indemnify and hold harmless the Executrix, her personal representatives, heirs, successors, and assigns, for any liability, loss or expense (including but not limited to costs and counsel fees), arising from any cause whatsoever,-which may be incurred by the Executrix as a result of the administration of this estate or distribution in accordance with this Agreement, including, but not limited to, any liability for any federal estate tax, Pennsylvania Inheritance Tax, or any other death taxes and federal and state income taxes, together with any interest and costs incidental thereto, relating in a way to the estate, and also including, but not limited to any assets received and payments or distribution made by reason of an negligence or mistake of fact or law; 10. Agree that this Agreement shall be governed by the laws of the Commonwealth of Pennsylvania. IN WITNESS WHEREOF, she agrees to be bound hereby and have signed this Agreement this1~_ day 2012. ~~~ ~ ~~ LORIE RICHARDSON, Beneficiary LORIE RICHARDSON, Executrix 3 EXHIBIT A EXHIBIT "A" FAMILY AGREEMENT -ACCOUNT Estate of Betty 1. Richardson File No. 2009-01209 DOO -December 7, 2009