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HomeMy WebLinkAbout10-03-12.; Family Agreement -Waiving Filing of Accoant This Agreement entered into this l0a' day of September, 2012, by Timothy M. Adams as Executor under the will dated December 24, 1986, of Geraldine M. Aduns, Deceased, and Rogene C. Jennings, Calvin J. Adams, Joy L. Gray and Thomas M. Adams, residuary legatees of the estate. For purposes of this agreement, when they aze referred to in. their fid ,the t `Executors' will be used and, when they are referred to in their individual capac t~ey w~ be referred to by their first names. ~ T c'>_ ~ ~n i BACKGROUND o~, ~ `'' c_ ~ 1. Geraldine M. Adams died on October 8, 2011, a resident of Cazlisle, ~A~eaving'd will dated December 24, 1986. 0 2. Decedent's will was admitted to probate by the Register of Wills of Cumberland County on October 12, 2011, and letters testamentary were issued to Timothy M. Adams as Executor. 3. In her will, Decedent named her five children, Rogene C. Je;miings, Calvin J. Adams, Joy L. Gray, Thomas M. Adams and Timothy M. Adams, as sole residuary legatees. 4. The executor advertised the grant of Letters Testamentary, prepared and filed an Inventory and Appraisement of Decedent's property, prepa~•ed and filed a Pennsylvania Inheritance Tax Return and federal and state income tax returns and paid the appropriate taxes thereon. 5. The executor has paid all the general legatees and all the taaces, debts and expenses of the estate know to him, and has no knowledge of any unpaid claims, absolute or contingent, which maybe asserted against the estate nor does he have any reason to believe there aze any such claims. 6. The executor has completed the administration of the estate, has prepazed his account thereof ("account") and has distributed the net assets of the estate to Rogene C. Jennings, Calvin J. Adams, Joy L. Gray, Thomas M. Adams and Timothy M. Adams, the residuary legatees named in the will. A statement reflecting all estate receipts, disbursements andl distributions are annexed here to as Exhibit A. 8. Rogene C. Jennings, Calvin J. Adams, Joy L. Gray, Thoma> M. Adams and Timothy M. Adams, desire that this Family Agreement, (The "Agreement") make unnecessary the filing of an accounting in the Orphans' Court Division of the Court of Common Pleas of Cumberland County. c;c~ <' ~; ~^ r r. c;~ -r, , .. _ -n Tjrn c~ ~ 9. Rogene C. Jennings, Calvin J. Adams, Joy L. Gray and Thomas M. Adams have been given the opportunity to review the books and records of the executor, and based upon such opportanity or examination, they have determineod that they have sufficient information to make an informal decision to waive their right to an accounting. AGREEMENT In consideration of the willingness of the executors to distribute and terminate the estate in accordance with the terms of the will without the protection afforded them by a formal adjudicafion of an Executor's account, Rogene C. Jennings, Calvin J. Adams, Joy L. Gray, Thomas M. Adams and Timothy M. Adams, the undersigned beneficiaries, individually and with respect to their heirs, personal representatives, successors and assigns, do hereby: Acknowledge that we have read this agreement and represent that the facts set forth above are true and coaect to the best of our knowledge, information and belief. We further acknowledge that we aze familiar with the provisions of the will of decedent; 2. Waive the filing of a formal account of the administration of this estate, with respect to the income and principal thereof, in any court which jurisdiction, in particular, the Orphans' Court Division of the Court: of Common Pleas of Cumberland County, Pennsylvania. 3. Declaze that we have examined the account and statement which are attached hereto and incorporated herein, and find them to be true and correct in all particulars; understand that the distribution is still subject to the payment of certain administration expenses; accept and approve: the account with the same force and effect as if it had been prepazed and duly :filed with, audited, adjudicated and confirmed absolutely by such court which has jurisdiction over this estate, and, as if the balance of principal acid income had been awarded by said court in accordance with this agreement and the account and statement; 4. Warrant that we know of no outstanding and unsatisfied claims against the estate and approve the distribution of the balance of principal and income shown on the attached account and statement as set forth above; 5. Absolutely and irrevocably release and discharge the executor, his 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 of fact or law, or negligent or cazeless act or omission by the executor, in connect'.ion with the administration and distribution of assets shown, without formal coiut accounting and adjudication; 6. Agree to refund to the executor such part or all of the distributive shaze which has been or is being distributed to us which may at ;my time be determined to have been an erroneous distribution to us regardles:r of the cause of such error, even if attributable to negligence; 7. 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 executor has obtained achral 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 executor. 8. With respect to any distributions of income or principal, which we have received, or will receive upon execution of this agr+~ment, agree to indemnify and hold harmless the executor, his personal represerrtatives, heirs, successors and assigns, from any liability, loss or expense (including but not limited to costs and counsel fees), arising from any cause whsttsoever, which may be incurred by the executor as a result of the adminisdation of this estate or distribution in accordance with this agreement inchrding, but not limited to, any liability for arty federal estate tax, Pennsylvania inheritance tax or any other death taxes and federal and state income taxes, together with any interest and costs incidemal thereto, relating in any way to the estate and also including, but not limited to, any assets received or payments or distributions made by reason of any negligence or mistake of fact or law; 9. Understand that this agreement may be signed in counterpart originals, all of which together shall be deemed to constitute one original and 10. Agree that this agreement shall be governed by the: laws of the Commonwealth of Pennsylvania. IN WITNESS WHEREOF, we agree to be bound hereby and have signed this agreement this lOm day of September, 2012. Witness: RogemG~ er gs eneficiary Witness: Calvin J. dams, Beneficiary Witness: Witness: Joy L. q~~ i~ y'-~-'~- Witness: ~ ~© ~ ~ ~ Tr M. Adams, Executor/B.eneficiary have been an erroneous distribution to us regardless of the cause of such error, even if attributable to negligence; 7. 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 executor 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 executor. 8. With respect to any distributions of income or principal, which we have received, or will receive upon execution of this agreement, agree to indemnify and hold harmless the executor, his personal representatives, heirs, successors and assigns, from 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 executor 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 any way to the estate and also including, but not limited to, any assets received or payments or distributions made by reason of any negligence or mistake of fact or law; 9. Understand that this agreement may be signed in counterpart originals, all of which together shall be deemed to constitute one origwal and 10. Agree that this agreement shall be governed by the laws of the Commonwealth of Pennsylvania. 1N WITNESS WHEREOF, we agree to be bound hereby and have signed this agreement this I Om day of September, 2012. Witness: Rogene C. Jennings, Beaeficiary~ Witness: Calvin J. Adams, Beneficiary Witness: J y L. y, Beneficiary Witness: Thomas M. Adams, Beneficiary Witness: Timothy M. Adams, Executor/Beneficiary Statement of Account of the Estate of Geraldine M. Adams -SEAN: 203.10098 Assets Cash in Checking/Savings Account $ 2,868.00 50% of Jointly Owned Property with Tom $ 58,950.00 Life Insurance $ 5,576.00 Total Gross Assets $ 67,394.00 Debts Final Nursing Home Payment $ {774.00) Funeral Expenses $ (8,145.00} Gravesite Marker $ (2,272.00) Funeral Reception (Wake) $ (431.00) Administrative F~cpenses $ (3,100.00) Probate Fee $ (129.00) Certified Mailings, Postage, etc. $ (78.00) Cumberland Cnty. Recorder of Deeds Fees $ (17.00} Total Deductions $ (14,946.00} Net Value of Estate (Tax Purposes) Previous DistNbutions Inheritance Taxes $ (1,946.00} 50% Transfer of home to Tom $ (58,950.00} According to Deed Total $ (80,896.00) Remaining Estate Value 0 Net Value of Estate to be DiaUfbuted to Heirs 0 10. Agee that this agreement shall be governed by the laws crf the Commonwealth of Peansylvania. IN WITNESS WHEREOF, we agree to be bound hereby and have signed this ageement this 10'6 day of September, 2012. Witness: ~n-t.~r~- ~ Rogene Jennings, eficiary Witness: Calvin J. Adams, Beneficiary Witness: Joy L. Gray, Beneficiary Witness: Thomas M. Adams, Beneficiary Witness: Timothy M. Adams, Executor/Beneficiary Statement of Account of the Estate of Geraldine M. Adams - SSAN: 203-10-9098 Assets Cash in Checking/Savings Account $ 2,868.00 SO% of Jointly Owned Property with Tom $ 58,950.00 Life Insurance $ 5,576.00 Total Gross Assets $ 67,394.00 Debts Final Nursing Home Payment $ (774.00) Funeral Expenses $ (8,145.00) Gravesite Marker $ (2,272.00) Funeral Reception (Wake) $ (431.00) Administrative Expenses $ (3,100.00) Probate Fee $ (129.00) Certified Mailings, Postage, etc. $ (78.00) Cumberland Cnty. Recorder of Deeds fees $ (17.00) Total Deductions $ (14,946.00) Net Value of Estate (Tax Purposes) Previous Distributions Inheritance Taxes $ (1,946.00) 50% Transfer of home to Tom $ (58,950.00) According to Deed Total $ (60,896.00) Remaining Estate Value 0 Net Value of Estate to be Distributed to Heirs 0