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Home My WebLink About10-09-12~~ ~a-oU~t 7 'J`' J V! ~ 1 I1 ~r~-r, t :.~.. ~~~~~~ FAMILY SETTLEME~NT'A(sI~E~VI~E15~' IN THE ESTATE OF HAZEL ~~(~I, DECEASED CUMB~~i,.~vD C~'F rq AGREEMENT executed this _~~ day of 2012, by and between WILBUR E. WOLF, JR., Executor of the Estate of HAZEL K. WOLF, deceased, and REBECCA ANN WOLF ESCOTT, WILBUR EARL WOLF, III, KATHRYN VIRGINIA WOLF SEKERES, MARGARET ELIZABETH WOLF RICHWINE and WILBUR EARL WOLF, JR., heirs and beneficiaries of the Estate of HAZEL K. WOLF. WHEREAS, HAZEL K. WOLF., late of West Pennsboro Township, Cumberland County, Pennsylvania, died on January 4, 2012, having left a Last Will and Testament dated February 17, 2000. WHEREAS, on January 17, 2012, the Register of Wills in and for the County of Cumberland, Commonwealth of Pennsylvania, did constitute and appoint WILBUR E. WOLF, JR., as Executor of the Estate of HAZEL K. WOLF, in Estate Number 21-12-0059 upon the probating of the aforesaid Last Will and Testament, and WHEREAS, the Executor has proceeded with the administration of said Estate .consisting of assets in the amount of $441,501.02 plus adjustments, plus non-probate assets of $191,597.08, less disbursements in the amount of $37,547.59, less interim distributions of $575,000.00, leaving a principal balance on hand of $20,550.51, as set forth in the First and Final Account, a true and correct copy is attached hereto and made part hereof as Exhibit "A", and WHEREAS, the only parties in interest in said Estate are the above-named parties, and WHEREAS, said parties in interest desire that the Executor shall not be required to file an Account with the Orphan's Court of Cumberland County, Pennsylvania, and that the net estate of the decedent shall be distributed without the necessity of filing a formal Account to avoid the expense, delay and publicity of a formal accounting, but should instead be distributed in accordance with the Executor's Proposed Schedule of Distribution, a true and correct copy of which is attached hereto and made a part hereof as Exhibit "B". NOW THEREFORE, in consideration of the mutual promises, covenants and agreements recited herein, the above-named heirs and beneficiaries of the Estate of HAZEL K. WOLF do hereby mutually agree as follows: 1. The parties hereto, and each of them, agree and acknowledge that they have fully and carefully examined the First and Final Account of WILBUR E. WOLF, JR., Executor for the Estate of HAZEL K. WOLF, deceased, and Proposed Schedule of Distribution relating thereto, and find them to be true and correct, and acceptable to the parties hereto and each of them, and further that each of them has received a copy of this Family Settlement and Final Release and of said Account and Proposed Schedule of Distribution. 2. The parties hereto hereby agree that in order to avoid the expense, delay and publicity involved in the filing of a formal Account and Schedule of Distribution, no accounting to the Court is necessary and we do hereby agree that we do consent to distribution being made without the filing of an Account and Schedule of Distribution, the same to be with the same force and effect as if they had been filed and confirmed by the Orphan's Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania. 3. The parties hereby remise, release, quitclaim and forever discharge the Estate of HAZEL K. WOLF, and WILBUR E. WOLF, JR., Executor, his heirs, executors, administrators and assigns, from all manner of acts, suits, claims, accountings, debts and demands whatsoever which we or any of us or our legal representatives or assigns may at any time hereafter have against said Executor, estate, or assets thereof, touching or concerning the Estate of the Decedent. 4. The parties hereto covenant and agree that they will contribute their share of the Estate to satisfy all claims, debts, demands, suits or cause of action which may be successfully brought against the Estate or the Executor after the execution of this Family Settlement and Final Release. 5. The parties hereto hereby agree that they will at all times in the future and wherever necessary, appropriate or convenient, made, execute and deliver to said Executor, and/or to the other party or persons, any and all instruments, documents, conveyances, deeds, releases or other instruments of any kind necessary or convenient to carry out the intention of this Family Settlement and Final Release. 6. This Family Settlement and Final Release constitutes the entire understanding among the parties hereto, and each of them acknowledges that no representations or statements of any kind, written or oral, have been made to them or any of them prior hereto by the Executor or any other person or party upon his behalf. 7. This Family Settlement and Final Release shall inure to the benefit and shall bind the parties hereto, and each of them, their heirs, executors, administrators, successors and assigns. 8. This Family Settlement and Final Release shall be governed by the laws of the Commonwealth of Pennsylvania. IN WITNESS WHEREOF, the parties hereto have hereunto set their respective hands and seals the day and year first above written. WITNESSETH: Date WILBUR E. WOLF, JR., Executor and individually as heir and beneficiary ~+~a3 r2 ~ ~~ ~~ C;b~7/C~ Date REBECCA ANN WOLF ESC TT Individually as heir and bene aciary G~r J 9` ~3 !1 Date WILBU ARL WOLF, III Indivi ually as heir and beneficiary ~,K i~~ Jo 2 J dog Z ~ (~ ~ Date KATH YN VI INIA WO SEKERES Individually as heir and b eficiary ~~~~ Date MA GARET ELIZABETH WOLF RICHWINE Individually as heir and beneficiary FIRST AND FINAL ACCOUNT OF WILBUR E. WOLF, JR., EXECUTOR OF THE ESTATE OF HAZEL K. WOLF, Deceased Date of Death: January 4, 2012 Date of Executor' Appointment January 17, 2012 Accounting for the Period of January 17, 2012 to September ~, 2012 Purpose of Account: WILBUR E. WOLF, JR., Executor of the Estate of HAZEL K. WOLF, offers this Account to acquaint interested parties with the transactions that have occurred during his administration of the Estate for the accounting period indicated above. The Account also indicates the proposed distribution of the Estate. It is important that the Account be carefully examined. Request for additional information or questions or objections can be discussed with: Bradley L. Griffie, Esquire GRIFFIE & ASSOCIATES 200 North Hanover Street Carlisle, PA 17013 (717) 243-5551 100 Lincoln Way East, Suite D Chambersburg, PA 17201 (717) 267-1350 (800) 347-5552 SUMMARY OF ACCOUNT Principal -Total Assets $633,098.10 (including non-probate assets) Less Disbursements of Principal (-) $ 37,547.59 Non-probate assets previously distributed (-) $ .00 In Kind Disbursement to Heirs, jointly (-) $ .00 Interim Disbursement to Heirs ~-) $575,000.00 TOTAL Cash Available for Distribution $20,550.51 Exhibit "A" RECEIPTS OF PRINCIPAL REAL ESTATE None SUBTOTAL ................................................... $ .00 MORTGAGES AND NOTES RECEIVABLE None SUBTOTAL ................ ...............................$ .00 STOCKS and BONDS None SUBTOTAL .............................................. $ .00 CASH and BANK ACCOUNTS 1. Susquehanna Bank ...................................$168,471.18 CD #XXX~~XX3221 2. Sovereign Bank .......................................$123,624.62 Money Market Account No. XX~~'X5280 3. Citizens Bank .......................................... $148,346.24 CD No. XXX~~X6597 4. Refund of overpayment (Presbyterian Home)..... $ 1,058.98 SUBTOTAL ............................................... $440,442.04 PERSONAL PROPERTY None SUBTOTAL ...............................................$ .00 ADDITIONAL RECEIPTS 1. Refund of overpayment (Presbyterian home) ........ 1 058.98 SUBTOTAL ............................................... 1 O S 8.98 TOTAL PRINCIPAL of probate Estate before adjustments ...................$441,501.02 ADJUSTMENTS JOINT ACCOUNTS 1. Susquehanna Bank ................................. $ 8,580.62 Checking Account No. 10004884192 (Joint with Wilbur E. Wolf, Jr.) 2. Susquehanna Bank ................................. $117,167.72 CD No. 10004884283 (Joint with Wilbur E. Wolf, Jr.) 3. PNC Bank, N.A .....................................$ 3,384.57 Checking Account No. 5112072079 (Joint with Wilbur E. Wolf, Jr.) 4. Sovereign Bank .....................................$ 6,000.44 Checking Account No. 2761034732 (Joint with Wilbur E. Wolf, Jr.) 5. Sovereign Bank .....................................$ 56,159.47 CD No. 1675551707 (Joint with Wilbur E. Wolf, Jr.) SUBTOTAL .................................................... $191,292.84 ANNUITY None SUBTOTAL ....................................................$ .00 GAINS AND LOSSES ON SALES AND OTHER DISTRIBUTIONS GAINS: 1. Interest on Citizens Account x~~~X~6597....$ 126.39 2. Interest on Susquehanna Bank Accounts ...... $ 302.91 SUBTOTAL ................................................... $ 429.30 LOSSES: 1. Sovereign Jointly held accounts ...............(-)$ 125.05 2. PNC Jointly held accounts .....................(-)$ .Ol SUBTOTAL .....................................................(-)$ 125.06 Total principal of Estate with all adjustments ........................................$633,098.10 DISBURSEMENTS OF PRINCIPAL Soverei~,ri Bank Account No. 1721809678 DEBTS OF DECEDENT 1. Green Ridge Village (Nursing Home) ...................$ 1,051.75 2. Millennium Pharmacy Systems, Inc .....................$ 640.22 3. Darryl Guistwite, M.D ....................................$ 140.00 4. Pennsylvania Department of Revenue .................. $ 127.00 (2011 Personal Taxes) SUBTOTAL :.................................................. $ 58.97 . 19 FUNERAL EXPENSES 1. Leber Funeral Home, Inc ................................. $7,720.52 2. Leber Funeral Home, Inc. (engraving) ................. $ 125.00 SUBTOTAL .................................................... $ 7, 845.52 ADMINISTRATION EXPENSES 1. Attorney's fees to Crriffie & Associates ...................$4,500.00 2. Probate Fees ................................................ $ 516.50 3. Advertising -The Sentinel ............................... $ 189.54 4. Advertising -Cumberland Law Journal ................$ 75.00 5. Sovereign Bank -bank fees ..............................$ 20.00 6. Cohick & Associates (accounting services) ...........$ 175.00 SUBTOTAL: TAXES $5,476.04 Pennsylvania Inheritance Tax $23,439.01 Less Discount (-)$ 1,171.95 Plus Penalties and Interest ............................... $ 0.00 SUBTOTAL: 22 267.06 TOTAL DISBURSEMENTS OF PRINCIPAL $37,547.59 NON-PROBATE ASSETS PREVIOUSLY DISTRIBUTED JOINT ACCOUNTS DISTRIBUTED BY OPERATION OF LAW None-Joint Owner contributed all jointly owned funds to Estate for distribution. SUBTOTAL ....................................................$ .00 INTERIM DISBURSEMENTS TO BENEFICIARIES 1. Rebecca Ann Wolf .................................$ 57,500.00 2. Wilbur Earl Wolf, III .............................. $ 57,500.00 3. Kathryn Virginia Wolf Sekeres .................. $ 57,500.00 4. Margaret Elizabeth Wolf Richwine .............. $ 57,500.00 5. Wilbur Earl Wolf, Jr ............................... $345,000.00 SUBTOTAL ........................................ .. ............$575,000.00 IN KIND DISTRIBUTIONS None TOTAL DISBURSEMENT AND DISTRIBUTIONS NET AVAILABLE FOR DISTRIBUTION TOTAL PRINCIPAL TOTAL DISBURSEMENT AND DISTRIBUTION $612,547.50 $633,098.10 (-) $612,547.59 Net available for final distribution 20,550.51 PROPOSED SCHEDULE OF DISTRIBUTION Assets for Distribution Cash on Hand ....................................................$ 20,550.51 TOTAL: $20,550.51 Net Cash on Hand Distributed as Follows: 1. Rebecca Ann Wolf .................................$ 2,055.05 2. Wilbur Earl Wolf, III .............................. $ 2,055.05 3. Kathryn Virginia Wolf Sekeres .................. $ 2,055.05 4. Margaret Elizabeth Wolf Richwine .............. $ 2,055.05 5. Wilbur Earl Wolf, Jr ............................... $ 12,330.31 SUBTOTAL ........................................ ..............$20,550.51 TOTAL CASH DISBURSEMENT: $20,550.51 EXHIBIT "B"