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HomeMy WebLinkAbout02-22-13 (2)IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTS PENNSYLVANIA -ORPHANS' COURT DIVISIO~ © ~ ~, ~ ~ ESTATE OF No. 21-12-0075 ~ ~~„ ~ N -~'"-~ d ~ r~r OLIVE C. WEPFER, Deceased ~ ~ o ~ d~-.,~ ~ -,~~ ~ ~ __., ,~... .. r rn r_,. ~,,, c~~ `~ to a- ~ ESTATE SETTLEMENT AGREEMENT THIS AGREEMENT, made as of this 21st day of January, 2013, by and among CAROLYN L. WEPFER, Executrix of the Last Will and Testament of Olive C. Wepfer, (herein referred to as the "Executrix"), and CAROLYN L. WEPFER, SUSAN W. DILL and ROBERT M. WEPFER, (herein collectively referred to as the "Beneficiaries" and individually as a "Beneficiary"). WHEREAS, Olive C. Wepfer (the "Decedent") died on December 26, 2011 and her estate (the "Estate") is now in the process of administration, Letters Testamentary having been duly granted to the Executrix by the Register of Wills of Cumberland County, Pennsylvania on January 19, 2012 at File No. 21-12-0075; and WHEREAS, the Decedent left a Will dated July 12, 1996 wherein she left her residuary estate to the Beneficiaries in equal shares; and WHEREAS, the Executrix, and the Beneficiaries desire that the administration of the Estate be terminated without the expense and the delay of a court accounting. NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, agree as follows: 1. Each party hereto acknowledges and agrees that Executrix will not file an Account or Petition for Adjudication or secure a Decree of Distribution from any court having jurisdiction over the Estate and they further acknowledge their right to compel an accounting, which right they and each of them hereby waive. 2. The parties hereto acknowledge that the Executrix has received the assets and made the payments as set forth on the Account which is attached hereto as Exhibit A, and the parties approve the Account in its entirety. The parties further agree that the remaining balance as calculated and set forth on the schedule of proposed distribution attached to the Account shall be -1- '~ distributed to the Beneficiaries in equal shares in accordance with the terms of the Decedent's will. 3. Without intending to limit the rights or remedies of the Executrix, the Beneficiaries agree to indemnify the Executrix and save the Executrix harmless against all liability, loss, and expense (including, but not limited to, costs and counsel fees) which the Executrix may incur, whether due to her negligence or otherwise, as a result of making the above-described distributions and any other subsequent distributions without a court audit. 4. Should any proper liabilities of the Estate, whether for taxes or otherwise, arise or come to the attention of the Executrix or any of the other parties hereto, the Beneficiaries shall be liable therefor, and they shall refund to the Executrix to the extent of the distributions received, in equal shares, the amount necessary to enable the Executrix to make such payments, and they shall further refund any portion of the distributions to which they are not properly entitled, even if distributed through negligence. 5. The Beneficiaries, and each of them, hereby forever fully release, compromise, settle and discharge any and all claims, demands, actions or causes of action, legal or equitable, absolute or contingent, vested or hereafter to accrue, which any of them may have against any other party hereto or against the Estate of Olive C. Wepfer, Deceased, and the Executrix, by reason of any matter, cause or thing growing out of or relating to any act of the Executrix in her administration of the Estate, even if attributable to negligence, and agree that any period for the limitation of actions for the collection of any erroneous distribution or distributions shall commence only at such time as the Executrix shall have obtained actual knowledge of such erroneous distribution or distributions and that in no event shall the period for collection of any erroneous distribution or distributions be less than two years after the actual discovery thereof by the Executrix. 6. The parties agree to execute such additional releases as the Executrix may submit to them in order to confirm the discharge of the Executrix from any further liability to the Beneficiaries in connection with the Estate. 7. It is the intention of the parties hereto that the legal effect of this Agreement be the same in each and every respect as would be obtained had an Adjudication or Decree of Distribution been entered by the Court of Common Pleas of Cumberland County, Pennsylvania with respect to the Estate, which Adjudication or Decree had become final and unappealable. 8. The Beneficiaries represent that they have read and understand this Agreement and the Executrix verifies that the attached Account is true and correct and fully discloses all transactions occurring during the accounting period. -2- _ _ ___ _ _ _ ~.... 9. This Agreement shall be binding upon the parties hereto, their respective heirs, personal representatives and assigns. 10. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals as of the day and year first above written. /f ~ _`.. _.. ~ ~C_~ ~ ~ ~~ Witness Carolyn L. Wepfer, Executrix and Beneficiary Witness Witness 1-~ ~'~..-. Susan W. Dill, Beneficiary Robert M. Wepfer, Beneficiary -3- 9. This Agreement shall be binding upon the parties hereto, their respective heirs, personal representatives and assigns. 10. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals as of the day and year first above written. Witness Carolyn L. Wepfer, Executrix and Beneficiary `~ r r ~ ~ ~Ll~ Witness Witness ~~ ~4 ~~ Susan W. Dill, Beneficiary Robert M. Wepfer, Beneficiary -3- 9. This Agreement shall be binding upon the parties hereto, their respective heirs, personal representatives and assigns. 10. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals as of the day and year first above written. Witness Carolyn L. Wepfer, Executrix and Beneficiary Witness Witness Susan W. Dill, Beneficiary ~f ~,,,~- ~ ~ . Robert M. Wepfer, eneficiary -3-