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HomeMy WebLinkAbout11-01-12FsF_C~ ~~t.D ~:'~FICE OF ~~ t 2 t~OV - ~ Pi`s 2~ Z y (' O~P~-~.':~v'~ ~w~~T ClJMBERLA'~D CO., PA COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION NO. 21-11-1005 ------------------------------------------------------------------------------ ESTATE OF EDWARD K. MASLAND, DECEASED Late of Cumberland County , PA ------------------------------------------------------------------------------ FAMILY SETTLEMENT AGREEMENT AND RELEASE OF ALBERT H. MASLAND, EXECUTOR Date of Death: August 30, 2011 Letters Granted: September 22, 2011 First Complete Advertisement of Grant of Letters: Oct 7, 2011 Account stated to October 26, 2012 John C Oszustowicz, Esq. 104 South Hanover Street Carlisle, PA 17013 (717)243-7437 AGREEMENT TO INDEMNIFY, RECEIPT, AND RELEASE THIS AGREEMENT, by and among Albert H. Masland, Executor of the Estate of Edward K. Masland, Deceased and Albert H. Masland ,Ruth Hesse and Edward K. Masland, Jr.. WHEREAS, Edward K. Masland died August 30, 2011, testate, a resident of Cumberland County, Pennsylvania; and WHEREAS, the Last Will and Testament of Edward K. Masland dated July 25, 2006, was duly probated in the Office of the Register of Wills of Cumberland County, Pennsylvania as appears of record at Number 21-11-1005 (a copy of the Will is attached hereto and marked Exhibit A); and WHEREAS, Letters Testamentary were issued to Albert H. Masland on September 22, 2011; and WHEREAS, said Executor has duly administered the estate according to the laws of the Commonwealth of Pennsylvania; and WHEREAS, in ITEM 3: He gave and bequeathed to his children, Edward K. Masland, Jr., Albert H. Masland and Ruth Hesse, in equal shares all of the rest, residue and remainder of his estate. WHEREAS, Albert H. Masland ,Ruth Hesse and Edward K. Masland, Jr., have been furnished with a complete listing of the estate assets, receipts and disbursements; and WHEREAS, it is the desire of the parties to this Agreement that final distribution of this estate be accomplished without a formal accounting to the Orphans' Court Division of'the Court of Common Pleas of Cumberland County, it being the desire of the parties to avoid the expense, delay and publicity of a formal accounting. NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements recited herein, the parties do agree as follows: 1. Albert H. Masland ,Ruth Hesse and Edward K. Masland, Jr., do hereby release and forever discharge Albert H. Masland, Executor, from any and all liability which he had or may have or which may from time to time arise in connection with his service as Executor of the Estate of Edward K. Masland, Deceased, and hereby authorize and request the Orphans' Court Division to charge the same against their shares of said estate, and in consideration for said distribution, hereby agree to refund any amounts so distributed which may be required to distribution, hereby agree to refund any amounts so distributed which may be required to fully discharge any tax liability of the estate, debts of the decedent, or administration expenses. 2. Each party to this Agreement acknowledges that this Agreement shall be indexed and recorded in the estate proceedings and that the terms hereof shall be binding upon their respective heirs, successors, executors, administrators and assigns. This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania. DATED this ~ ~ day of NOVe,YYI b2Y' , 2012. l.J~ Witness Witness ~. W V Witn y~~~~ fitness Albert H. Masland, Executor Albert H. Masland, Beneficiary (~ D zAST w=z~ AND TESTAr~rtT Exhi bid A OF EDWARD R. MASLAND I, EDWARD K. MASLAND, of Cumberland County, Pennsylvania, do make, publish and declare this as and for my Last Will and Testament, hereby expressly revoking all wills and codicils made by me heretofore, anti dispose of my estate as follows: ITEM l: I direct the payment of my just debts, funeral, and burial expenses, inc:uding a suitable and proper grave marker, as soon as conveniently can be done following my decease. ITEM 2: I direct that alI State and Federal Transfer Inheritance Tax, Estate Tax, Succession Tax or any other tax, including any interest, assessments or penalties thereon, that may become due and payable by virtue of my death, or by virtue of the passing of any propez~ty either under my Last Will and Testament, or in any other manner, shall be paid by my estate, just as if such taxes were my debts, and no beneficiary shall be required to pay or refund any pant thereof. ITEM 3: All of the rest, residue and remainder of my estate of whatsoever nature and wheresoever situate, I give, devise and bequeath to my children, EDWARD K. MASLAND, JR., ALBERT H. MASLAND and RUTH HESSE, in equal shares. If a child of mine does not survive me, that child's share of my estate shall be given, devised and bequeathed unto the issue, per stirpes, of such deceased child. If a c~er-Pa~P~ ter; i~ „f ,r,;.,o ~,.,~ ., ,.. surviving issue, that= child's share shall lapse. ITEM 4: In the event that any said beneficiary has not f i. 'y`'1 'w. ~ p x ~:~ :~~ reached the age of 25 at the date of my death, said beneficiary's interest shall be held and administered in trust to be used exclusively for their health, support, maintenance and education. The Trustee is hereby empowered to pay out such income and/or principal from the trust as he in his discretion sees fit to provide for the health, support, maintenance and education of said beneficiary. The Trustee shall have the authority to do the following: A. To hold, manage, invest and reinvest the principal so received, and accumulation of income thereon, and to use, pay and apply the income and the principal or so much thereof as in Trustee's sole discretion may be necessary for the maintenance, support, health and education of said beneficiary. B. Payments authorized by this trust may be made by the Trustee directly to the beneficiary, or may be made directly to the person having custody and care of said beneficiary, or may be made directly to any institution entitled to such payment by reason of services rendered or to be rendered to said beneficiary. C. The amount to be paid for the benefit of the beneficiaries shall be determined from time to time by him and the amounts and times of said payments shall be determined by such need. 1. All payments of principal and income hereby given shall be free from anticipation, assignment, pledge or obligations of the beneficiary, and shall not be subject 2 to any execution or attachment. 2. All principal and accumulated income, not otherwise applied shall. be distributed in equal shares to my beneficiaries and the trust terminated according to the following procedure: 1/2 of the trust estate at age 21; and 1/2 of the entire balance of the trust estate at age 25. If said beneficiaries are all older than 25 years when this instrument takes effect, they shall receive their share outright. ITEM 5: If the trust in ITEM 4 takes effect, I appoint my son, ALBERT H. MASLAND as Trustee; if he cannot or does not serve then JOHN C. OSZUSTOWICZ, ESQ. shall be alternate Trustee. No bond shall be required for any Trustee. ITEM 6: In the administration of my estate my Executor shall have the following powers without leave of court in addition to, but not in limitation of, the powers granted by law to the Executors of estates, which powers shall continue after the termination of my estate until actual distribution of the assets: A. To receive in the estate and to retain any assets, real or personal, to which I may be entitled at the time of my death, which my Executor may deem for the best interest of the estate without being required to convert said assets into so-called "legal investments". B. To invest and reinvest in such securities as a prudent 3 investor of intelligence and discretion would buy for himself for investment, and not for speculation, giving due regard to the safety of the principal and the adequacy of the income, and without being limited to the so-called "legal investments" of the Commonwealth of Pennsylvania, said investment authority to include the right to invest in any Discretionary or Legal Common Trust Fund that may be administered and managed by a Corporate Executor or Corporate Trustee. C. To sell or buy real estate without Court order at public or private sale; to make, execute and deliver or receive good and sufficient deeds of conveyance and give or receive good title therefor; to reinvest the proceeds as if they had originated in personal property; to mortgage or encumber any real estate comprising part of my estate, borrowing the necessary funds from himself or from any other source; to improve any property or otherwise expend principal funds for the upkeep and welfare of any properties; to release, vacate and abandon the same; to grant and acquire licenses and easements with respect thereto; to make improvements to or upon the same; and in general to do all things necessary in the management of the properties as if he is the owner thereof, including the right to let property and to make leases for any term. The purchaser shall not be required to see to the proper application of proceeds but may pay the same over to the Executor selling the same. D. To make distribution hereunder in cash or of property and securities in kind at fair market value at the time of such 4 distribution and in such a manner as to be fair, equitable and just to all concerned. Distributions of property and securities are not required to be identical among the beneficiaries, and some may receive one type of property or security while another may receive another type of property or security. E. To exercise any election or privilege given by the federal and other tax laws, including but not limited to, the election of the alternate valuation date for federal estate tax purposes, the election to claim deductions for federal estate tax or for federal income tax purposes, and the election of the method of payment of pE~nsion, profit-sharing, HR-10, individual retirement account, <~nd any other similar benefits. In addition, my Executor, in his sole discretion, may make or not make equitable adjustment among the beneficiaries, without the consent of the beneficiaries, for the exercise or non-exercise of any election or privileges. ITEM 7: If, for any reason, a guardian over the estate of a beneficiary or beneficiaries is needed or required, my Executor shall be the guardian of the estate of such beneficiary or beneficiaries, with the same rights, powers, privileges, duties and responsibilities as I have given to him as Executor. ITEM 8: All references in my Will to issue shall include those born or adopted, either before or after the date of my Will. Adopted persons sha1:1 be considered as children of their adoptive parents, and they and their descendants shall be considered as issue of their adoptive parents, regardless of the date of the 5 adoption. ITEM 9: I nominate, constitute and appoint my son, ALBERT H. MASLAND, to be thE~ sole Executor of this, my Last Will and Testament. If my son is unable or unwilling to serve or to continue to serve a:> Executor, I appoint JOHN C. OSZUSTOWICZ, ESQ. to be the sole Executor of this, my Last Will and Testament. No Executor shall be required to give bond. ITEM 10: WherE~ver the context requires, the masculine gender shall include the feminine and neuter gender, and vice versa, and the singular shall include the plural, and vice versa. IN WITNESS WHEF;EOF, I have hereunto set my hand and seal this ~~day of 2006. WARD K. BLAND Signed, sealed, published, acknowledged and declared by the above-named Testator, EDWARD K. MASLAND, as and for his Last Will and Testament, in the presence of us, who, at his request, in his presence and in the presence of each other, have hereunto subscribed our names as witnesses thereto. / / ~ 7U i.: 6 COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND I, EDWARD K. instrument, having acknowledge that I and voluntary SS: MASLAND, Testator, who si ned h been signed act fcr the g t e foregoing duly qualified according to law, and executed the instrument as my free purposes Gn containe /' , EDWARD A D Sworn to or affirmed and acknowledged before me by EDWARD K. MASLAND, the Testator, this ~''~' day of U~~ 2006. Notary Public mm nwealth o_ f__ p_~n n• NOTARIAL SEAL KIMBERLY R. LEO, Notary Public Carlisle Borough, County of Cumberland My Commission Expires Oct. 10, 2009 COMMONWEALTH OF PENNSYLVANIA ) SS: COUNTY OF CUMBERLAND ~ We, the undersigned witnesses who signed the foregoing instrument, being duly qualified according to law, depose and say that we were present and saw Testator sign and execute the instrument as her Last Will and Testament; executed it willingly as her free and voluntary h actlgford the purposes therein expressed; that each of us in her sight and hearing signed the Will as witnesses; that Testator is known to each of us; and that to the best of our knowledge and observation the Testator was at the time of sound mind and under nn nnnc~,-~;.,~ or undue influen^^ Sworn to or aff: to before me by and ~T-'I~G ci 11 ~ this ~r"day of , ~)u~~ 2006. Notary Public om n Ith of Pe I ani NOTARIAL SEAL KIMBERLY R. LEO, Notary Public Carlisle Borough, County of Cumberland My Commission Expires Oct. 10, 2009 7