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HomeMy WebLinkAbout02-22-13 (2) _~ ~o rn~ ~o "''- c~ FAMILY SETTLEMENT AGREEMENTm A ~ c r rn ~ IN THE ESTATE OF EMMA M. TRITT, DECF~. ~ ~ ~ AGREEMENT executed this ~ day of ~ b ~ v ~' ~ , 20~, b~ d •~ between RICHARD L. TRITT, Executor of the Estate of EMMA M. ~RITT, de` '~sec~ a°d RICHARD L. TRITT and JANE HIPPENSTEEL, heirs and beneficiaries of the Estate of EMMA M. TRITT. WI~REAS, EMMA M. TRITT, late of the Borough of Carlisle, Cumberland County, Pennsylvania, died on July 14, 2012, having left a Last Will and Testament dated October 29, 2007. WHEREAS, on August 1, 2012, the Register of Wills in and for the County of Cumberland, Commonwealth of Pennsylvania, did constitute and appoint RICHARD L. TRITT, as Executor of the Estate of EAIMA M. TRITT, in Estate Number 21-12-0832 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 $35,274.87, plus non-probate assets of $26,073.14, plus earnings of $443.90, less disbursements in the amount of $11,987.50, and less distributions of jointly held non-probate assets in the amount of $26,073.14, and less interim distribution of Trust account of $2,500.87, leaving a principal balance on hand of $21,730.40, 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 party 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 EMMA M. TRITT do hereby mutually agree as follows: 1. The parties hereto, and each of them, agree and acknowledge that they have fully and cazefully examined the First and Final Account of RICHARD L. TRITT, Executor for the Estate of EMMA M. TRITT, 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 EMMA M. TRITT, and RICHARD L. TRITT, 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 shaze 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 parry 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. WI ETH: .2. 10 3 ~ ~ ~ _ .~ ~~ Date RICHARD L. TRITT Executor ~~~- Date RICHARD L. TRITT Individually as heir and beneficiary i d Date J HIP STEEL Individually as heir and beneficiary FIRST AND FINAL ACCOUNT OF RICHARD L. TRITT. EXECUTOR OF THE ESTATE OF EMMA M. TRITT, Deceased Date of Death: July 14, 2012 Date of Executor's Appointment August 1, 2012 Accounting for the Period of August 1, 2012 to March , 2013 Purpose of Account: RICHARD L. TRITT, Executor of the Estate of EMMA M. TRITT, offers this Account to acquaint interested parties with the transactions that have occurred during her 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. Gr~e, Esquire GRIFFIE ~ ASSOCIA TES 200 North Hanover Street Carlisle, PA 17013 (717) 243-5551 (800) 347-5552 EXHIBIT "A" SUMMARY OF ACCOUNT Principal -Total Assets $61,791.91 Less Disbursements of Principal (-) 11,987.50 Non-probate assets previously distributed ~-) 26,073.14 TOTAL Cash Available for Distribution $23,731.27 RECEIPTS OF PRINCIPAL REAL ESTATE None STOCKS and BONDS 1. Cumberland Valley Cooperative Assn .............. $ 90.00 10 Shares at $9.00/share 2. Prudential-Pro High Yield A Fund .................. $32,151.31 5,813.98 Shares at $5.53/share SUBTOTAL ...............................................................$32,241.31 CASH and BANK ACCOUNTS 1. Citizens Bank Certificate of Deposit #X~s~~0387............$ 2,500.87 (In Trust for Scott P. Hippensteel) SUBTOTAL ...............................................................$ 2,500.00 PERSONAL PROPERTY None ADDITIONAL RECEIPTS 1. Egger Funeral Home, Inc .............................. $ 498.21 Refund of overpayment 2. CenturyLink refund ....................................... 3.17 3. Erie insurance .......................................... 21.00 4. The Sentinel (refund) ................................ 10.31 SUBTOTAL ............................................................... $532.69 TOTAL PRINCIPAL of probate Estate before adjustments .......................$35,274.87 NON-PROBATE ASSETS ATTRIBUTABLE TO ESTATE 1. Prudential Annuities ................................. $ .00 Contract No. PIA XX~~~X2786 (Payable to Commonwealth of PA) SUBTOTAL ...............................................................$ .00 JOINTLY HELD ACCOUNTS 1. Orrstown Bank ....................................... $ 9,604.44 Certificate of Deposit No. 7550 (Joint Owner: Jane Hippensteel) 2. Orrstown Bank ....................................... $ 9,604.44 Certificate of Deposit No. 7551 (Joint Owner: Richard L. Tritt) 3. Citizens Bank ........................................ $ 3,367.75 Certificate of Deposit No. XX~0~3953 (Joint Owner: Jane Hippensteel) 4. Metro Bank .......................................... $ 3,496.61 Checking Account No. XX~~7782 (Joint Owner: Jane Hippensteel) SUBTOTAL ........................................................... $26,073.14 GAINS AND LOSSES ON SALES AND OTHER DISTRIBUTIONS GAINS: Post death accrued earnings Prudential Pro-High Yield A Fund .......................... 443.90 SUBTOTAL LOSSES: None $443.90 NET ADJUSTMENT FOR GAINS AND LOSSES .................$ 443.90 Total principal of Estate with all adjustments ............................$61,791.91 DISBURSEMENTS OF PRINCIPAL Orrstown Bank Account No. ~s~~XX~~8139 DEBTS OF DECEDENT Millennium Pharmacy Systems (Medical) ..............................$ 41.98 Chapel Pointe at Carlisle (Nursing Home) ........................$5,078.42 Smart Med (Medical) ................................................$ 12.79 United Healthcare (Premium) .......................................$ 226.00 Cumberland Good Will Fire & Rescue (EMS) ................. 530.16 SUBTOTAL :.......................................................$5,889.35 FUNERAL EXPENSES 1. Eby Granite Work (Memorial Stone) ................................$ 119.00 2. Pastor donation ...................................................$ 125.00 3. Church donation .................................................$ 100.00 4. Funeral meaUwake .............................................. $ 86.03 5. Funeral Flowers ................................................ 55.30 SUBTOTAL :........................................................$ 485.33 ADMINISTRATION EXPENSES 1. Attorney's fees to GRIFFIE & ASSOCIATES ................$ 3,000.00 2. Probate Fees ......................................................................$ 192.50 3. Advertising -The Sentinel .....................................$ 189.54 4. Advertising -Cumberland Law Journal .......... . ......... . . $ 75.00 5. Bank fees on estate account ................................... 11.25 SUBTOTAL :........................................................$3,468.29 TAXES Pennsylvania Inheritance Tax $ 1,731.08 Less Discount (-)$ 86.55 SUBTOTAL: 1 644.53 TOTAL DISBURSEMENTS OF PRINCIPAL $11,987.50 NON-PROBATE ASSETS PREVIOUSLY DISTRIBUTED 1. Orrstown Bank ....................................... $ 9,604.44 Certificate of Deposit No. 7550 (Joint Owner: Jane Hippensteel) 2. Orrstown Bank ....................................... $ 9,604.44 Certificate of Deposit No. X~~XX7551 (Joint Owner: Richard L. Tritt) 3. Citizens Bank ........................................ $ 3,367.75 Certificate of Deposit No. 3953 (Joint Owner: Jane Hippensteel) 4. Metro Bank .......................................... $ 3,496.61 Checking Account No. XX~C~7782 (Joint Owner: Jane Hippensteel) SUBTOTAL ...........................................................$26,073.14 SUBTOTAL: $26,073.14 INTERIM DISBURSEMENTS TO BENEFICIARIES 1. Trust Account at Citizens Bank 2 500.87 Distributed to Scott P. Hippensteel 2 500.87 TOTAL DISBURSEMENT AND DISTRIBUTIONS $40,061.51 Total Principal of Estate with Adjustments $61 791.91 Total Disbursements and Distributions ~-) $40,061.51 Net available estate assets $21,730.40 PROPOSED SCHEDULE OF DISTRIBUTION Assets for Distribution Cash on Hand ........................................................................$21,730.40 TOTAL: $ 21,730.40 Net Cash on Hand Distributed as Follows• Richard L. Tritt .....................................................$10,865.20 Jane Hippensteel ...................................................................$10,865.20 TOTAL CASH DISBURSEMENT: $ 21,730.40 EXHIBIT "B"