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Home My WebLink About11-14-12 (2) r4 _~,r ~~ ' ~i ~ IN THE MATTER OF THE ESTATE OF PATRICIA L. KROH, DECEASED CUiv"',Btni.A:~J ~0. PA IN THE COURT OF COMMON PLEAS OF CUMBERLAND C017NTY, PENNSYL' ORPHANS' COURT DIVISION NO. 2011-0747 ESTATE SETTLEMENT AGREEMENT THIS AGREEMENT, made this WITNESSETH: IZT` day of ~.~, 2012. THE CIRCUMSTANCES leading up to the execution of this Agreement are as follows: 1. PATRICIA L. KROH (the "Decedent"), died testate on February 27, 2011, and LEMMERMAN C. KROH was duly qualified with the Register of Wills of Cumberland County, Pennsylvania, as the Executor (the "Executor" of the Decedent's probate estate (the "Estate") 2. The Decedent's Last Will and Testament (the "Will") provides that her husband, Lemmerman C. Kroh, ~.s to have a life estate in her home at 803 Wertzville Road, I'snola, Cumberland County, Pennsylvania with the remainder interest to go to her daughters, Melinda S. Walborn and Toni E. Porter and all the rest, residual and remainder of her estate was to ga to her husband, Lemmerman C. Kroh. 3. Lemmerman C. Kroh, Melinda S. Walborn and Toni E. Porter are collectively, the ~~Beneficiaries". The Beneficiaries desire the Executor to settle the Estate informally in order to avoid the expense and delay involved with the formal adjudication of a First and Final Account by the Orphans' Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania (the ~~Court"). 5. The Beneficiaries desire to forever settle and compromise any and all claims and rights which they may possess, now or hereafter, in the Estate and to confirm their ~scceptance of the Informal Account (the °Account"), attached hereto as Exhibit ~~A" and incorporated herein by this reference, and. the Schedule of Proposed Distribution (the ~~Schedule"), attached hereto as Exhibit "B" and incorporated herein by this reference. The Beneficiaries desire that the distributions, as set forth on Exhibit "B," be in full satisfaction of their rights in the Estate. 6. The Beneficiaries wish to release the' Executor and to indemnify him against any and all claims that may be asserted against the Estate or the Executor after the date hereof. 7. The Executor is willing to settle the Estate informally in consideration of the indemnifications hereinafter provided by the Beneficiaries. NOW THEREFORE, in consideration of the foregoing and intending to be legally bound, jointly and severally, the Eeneficiaries, for themselves, their successors and assigns: 1. Represent and warrant that they have read and understand this Agreement and confirm that the facts set forth above are true and correct, to the best of their knowledge, information and belief. 2. Declare that they have sufficient information to make an informed waiver of their right to a formal acc:ounting with the Court, and do hereby waive the filing and auditing of the same. 3. Acknowledge that the distributive share or amount set forth on the Schedule shall be in full satisfaction of their respective entitlements under the Will. 4. Release, remise, quitclaim and forever discharge the Executor, his heirs, personal representatives, successors and assigns, from and against all claims that they, as legatees of the Estate and in connection with the Estate, had, n.ow have or may in the future have in connection with the Estate. 5. Agree to refund, on demand, all or any part of any aforesaid distribution, which has been determined by the Executor, or by the Court, or by any court of competent jurisdiction, to have been improperly made. 6. Agree to indemnify and hold harmless the Executor, his heirs, personal representatives, successors and assigns, from and against any and all claims, loss, liability or damage (whether or not related to the negligence of the Executor) that may hereafter be asserted .against the Estate or against the Executor. 7. Agree to execute such other or additional documents as may be necessary to effectuate the agreements set forth herein. 8. Acknowledge that this Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. 9. Consent to the Court exercising personal jurisdiction over them in any suit or action arising out of the enforcement of this Agreement. IN WITNESS WHEREOF, the Beneficiaries have read and agreed to the terms and conditions set forth in this Estate Settlement Agreement and intending to be legally bound hereby placed their hands and seals. WITNESS LEMMERMAN C. KROH ~m~ ~. ~~ WITNESS WITNESS ~GX.~~ MELINDA S. WALBORN ~Ii ~i~- TONI PORTER COMMONWEALTH OF PENNSYLVANIA COUNTY OF G.cJ'(`"~l~e-~~'-'-"'~C SS On this, the (~ day of ~c)l 201.2, before me, the undersigned officer, personally appeared LEMMERMAN C. KROH, known to me (or satisfactorily proven) to be the per:;on whose name is subscribed to the within instrument, and acknowledged that he executed the same in the capacities and for the purposes therein contained. IN WITNESS WHEREOF, I hereunder set my hand and official seal. COMMC4VWEALi+i OF PE NSYLYANIA Nomnal Seal Ashley R. Malcolm, Nogry Public Hampden Twp., CumbMapd County M Canmissbn Explres 12, 2015 MEMBER, PENNSYLVANU ASSOM OF NOTARIES Notary blic COMMONWEALTH OF PENNSYLVANIA COUNTY OF Cvv~-.b-e--n~>~-rte ~ SS On this, the ~ day of ~Jly 201.2, before me, the undersigned officer, personally appeared MELINDA S. WALBORN, known to me (or satisfactorily proven) to be the per;;on whose name is subscribed to the within instrument, and acknowledged that she executed the same in the capacities and for the purposes therein contained. IN WITNESS WHEREOF, I hereunder set my hand and official seal. ~, • (~Q_t'C`2~L1 Notary blic COMMONWFALiii pF PENNSY VANIA Natanal Seal Ashley R. Malcolm, Notary Public Hampden TWp., Cumbenan0 County My Comml~ion Expires OG. 12, 2015 MEMBER, iENNSYLYANU ASSOCIATION 0 NOTARIES COMMONWEALTH OF PENNSYLVANIA COUNTY OF~t~'~'~~Qi'~c'`'`~C- SS On this, the 12.. day of JJ (y 201.2, before me, the undersigned officer, personally appeared TONI E. PORTER, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the same in the capacities and for the purposes therein contained. IN WITNESS WHEREOF, I hereunder set my hand and official seal. MMMONW PQNN9YLVAN Md ~8pel luhby R. Malcolm, Notrry Public HampCan'tWP., Cumbarlmd County M COmmlWpn Oct. 12, 2015 M!M!!R, PENN VANIA AS 1ION OP NOTARIES ~c~t~-Pm Notar Public INFORMAL ACCOUNT ESTATE OF PATRICIA L. RROH ITEM VALUE AT DEATH ASSETS: Real. Estate - 803 Wertzville Road, Enola $ 133,200.00 Misc jewelry, household goods and furniture $ 6,000.00 Total $ 139,200.00 DEBITS: Funeral & Administration Expenses (est) $ 13,426.92 Misc debts $ 1,395.72 Inheritance Tax $ 4,012.62 Total $ 18,835.26 Net Value of Estate $ 120,364.74 Patricia L. Kroh owned the real estate at 803 Wertzville Road, Enola and gave a life estate to her husband, Le:mmerman C. Kroh. Based on life the expectancy table Mr. Kroh's life estate interest in the real estate is valued at $29,208.10. The remainder value of the real estate is divided equally between Ms. Walborn and Ms. Porter. A PROPOSED DISTRIBUTION OF ESTATE OF PATRICIA OF ASSETS L. RROH BENEFICIARY P~MOUNT Lemmerman C. Kroh Melinda S. Walborn Toni E. Porter $ 35,208.10* $ 51,995.95** $ 51,995.95** Total $ ].39,200.00 Patricia L. Kroh owned the real estate at 803 Wertzville Road, Enola and gave a life estate to her husband, Lemmerman C. Kroh. Based on life the expectancy table Mr. Kroh's li:Ee estate interest in the real estate was valued at $29,208.10. Ttie remainder value of the real estate is divided equally between Ms. Walborn and Ms. Porter. To reduce the tax consequences, the administration costs and debts of the estate ($14,822.64) were deducted from the remainder value of the real estate thereby giving Ms. Walborn and Ms. Porter a taxable net of $44,584.64 each. Mr. Kroh received the value of the jewelry and misc household goods and furniture. * The expenses of the administration of the state and paying the debts of the estate totaled $14,822.64 ,snd were paid by Lemmerman C. Kroh. ** There are no inheritance taxes due for the assets given to Lemmerman C. Kroh. The inheritance taxes of $4,012.62 are the responsibility of Ms. Walborn and Ms. Porl=er and are to be deducted from their share of the estate. B