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HomeMy WebLinkAbout01-25-12F:~FQ,ES\CGaus\13973 Fluley\Estue\13973.1.fsntilyaettim~mt.egr ~. r.,> t,.- ~. r Z ESTATE OF ANN G. FLATLEY c3 ~ CUMBERLAND COUNTY FILE N0.21-10-1032 ~~ FAMILY SETTLEMENT AGREEMENT AND FINAL RELEASE 23 ` THIS AGREEMENT, made this- day of _ , 2012, between George E. Martz and Kathryn Hilleary, Executors of the to of Ann G. Flatley and George E. Martz and Kathryn Hilleary (in their individual capacities) (collectively referred to hereinafter as the "Beneficiaries"). WITNESSETH: WHEREAS, Ann G. Flatley ("Decedent") died on October 8, 2010; and WHEREAS, pursuant to the Will of the Decedent dated August 24, 2010, George E. Martz and Kathryn Hilleary were appointed Executors of the Decedent's Estate by the Cumberland County Register of Wills by appropriate action of the Register of Wills on October 14, 2010, and docketed at No: 221-10-1032; and WHEREAS, the Executors have truly and appropriately administered the Estate of the Decedent; and WHEREAS, the Executors have filed the appropriate Pennsylvania Inheritance Tax Return for the Estate and the Return has been audited with a determination being issued by the Pennsylvania Department of Revenue accepting the Return as filed; and WHEREAS, the Executors have and will file the appropriate Pennsylvania and Federal Income Tax Returns for the Estate, if any; and WHEREAS, the Executors have accomplished the payment of all obligations owing on the Decedent's Estate, except for any final income taxes, if any, and attorneys fees for which funds have been reserved; and WHEREAS, the Executors have provided the opportunity to all Beneficiaries to examine all records of the Decedent in the possession of the Executors and to examine all records of the Estate; and WHEREAS, the Executors have made various partial distributions to the Beneficiaries; and WHEREAS, the Executors are prepared to achieve the final distribution of the Decedent's Estate; and -1- i WHEREAS, the Executors and all Beneficiaries desire that the administration of the Estate of the Decedent be terminated without the expense and delay of a court accounting and the Parties are willing to enter into this Estate Settlement Agreement in order to expedite the conclusion of the Estate; and WHEREAS, the Executors propose to distribute the balance of Estate funds currently held by Martson Law Offices in accordance with the attached Statement of Account. NOW, THEREFORE, the parties in consideration of their mutual covenants herein expressed and intending to be legally bound hereby, agree as follows: 1. The above-named Beneficiaries hereby waive the filing of a Formal Accounting and Schedule of Distribution in the Estate of the Decedent. 2. The parties acknowledge that they have been provided with an opportunity to examine all paperwork and accounting of all expenses and revenues from the Estate of the Decedent. 3. The parties agree that the Executors may distribute the remaining assets of the Estate equally between George E. Martz and Kathryn Hilleary. 4. The parties hereby forever release, compromise, settle and discharge any and all claims, demands, actions or causes of actions, legal or equitable, absolute or contingent which any of them may have against any other party hereto or against the Estate of Ann G. Flatley or its Executors, George E. Martz and Kathryn Hilleary, by reason of any matter or thing growing out of or relating to any property or assets of said Estate, or growing out of or relating to any act of the Executors in the administration of the Estate. This Release shall release the Executors from all liabilities, whether due to his negligence or otherwise, which they may have by reason of their administration of the Estate. This Release, however, shall not release the Executors from any claims relating to fraud or claims relating to any willful action of the Executors in failing to disclose or account for assets of the Estate which the Executors may have received. Furthermore, this Release shall not be binding until signing of this Agreement by the Executors and all named Beneficiaries. 5. Each parry acknowledges that he/she may present this Agreement to their own private -2- attorney for legal advice if such parties desire such individual legal advice. 6. The parties agree that this Agreement shall be binding upon themselves, their successors, assigns and personal representatives. IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day and year first above written. WITNES . i ll 1G7~ ~ ~ fL ESTATE OF ANN G. FLATLEY ~~--- Geor E. artz, Executor and Beneficiary Ka Hille ,Executor and Beneficia -3-