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IN THE MATTER OF THE r- rya g
ESTATE OF JAMES A. RUSSELL, JR., >„' ,
DECEASED ca -cr °
ESTATE SETTLEMENT AGREEMENT
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THIS AGREEMENT, made this n day of Dr, w-t cr 2008,
WITNESSETH :
THE CIRCUMSTANCES leading up to the execution of this Agreement are as follows:
1. James A.Russell,Jr. (the"Decedent"),died testate on April 10,2008. On April 21,
2008,the Register of Wills of Cumberland County,Pennsylvania, granted Letters Testamentary to
George R. Boyer, as Executor (the"Executor") of the James A. Russell, Jr., probate Estate (the
"Estate").
2. ARTICLE FOUR of the Will provides as follows:
"I give and bequeath the following amounts to those individuals identified below:
1. The sum of$25,000.00 to my niece, MARTHA DEAN, of Winberley(sic),
Texas.
2. The sum of$25,000.00 to my nephew, WILLIAM L. RUSSELL, JR., of
Tampa, Florida.
3. The sum of$25,000.00 to my sister-in-law,HILDAGARD(sic)RUSSELL,
of Germany.
3. ARTICLE FIVE of the Will provides, in part, as follows:
"I give the rest, residue and remainder of my estate, of whatsoever nature and
wheresoever situate, in equal shares, to my sister-in-law, JOANNE (sic) C.
GIEHLER,and my wife's nephew,GEORGE R.BOYER,provided they survive me
by thirty(30) days."
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4. Martha R. Dean, William L. Russell, Jr., Hildegard M. Russell, Joann C.
Giehler,and George R.Boyer(the"Beneficiaries")desire the Executor to distribute their bequests
informally in order to avoid the expense and delay involved with the formal adjudication of a First
and Final Account by the Orphan's Court Probate Division 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 acceptance of the
Informal Account(the"Account")which is attached hereto as Exhibit"A" and incorporated herein
by this reference. The Beneficiaries desire that the terms of the Account 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 distribute the Beneficiaries' bequests 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 Beneficiaries, for themselves, their heirs, personal representatives,
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. Acknowledge receipt of a copy of the Account.
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3. Declare that they have had the opportunity to review the Account and
based upon an examination(or on their decision not to make such an
examination),they are satisfied that they have sufficient information
to make an informed waiver of their right to a formal accounting with
the Court, and do hereby waive the filing and auditing of the same.
4. Accept the Account, examined or not, as if the same had been duly
filed with and audited, adjudicated, and confirmed absolutely by the
Court.
5 . Acknowledge that the amount received shall be in full satisfaction of
their respective entitlement from the Estate, and acknowledge that
they have received their respective share.
6. Release, remise, quitclaim and forever discharge the Executor, his
heirs, personal representatives, successors and assigns, from and
against all claims that the Beneficiaries, as beneficiaries, residuary
legatees, and heirs, had, now have, or may in the future have, in
connection with the Estate.
7. 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.
8. 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 personal representative) that may hereafter be
asserted against the Estate or against the Executor by them.
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,and intending to be legally bound,the Beneficiaries have caused the agreement
and the attached Consents to be duly executed.
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CONSENT TO ESTATE SETTLEMENT AGREEMENT
Martha R.Dean,hereby consents to and joins in the Estate Settlement Agreement relating to
the Estate of James A.Russell,Jr.,deceased,a copy of which Estate Settlement Agreement has been
provided to me.
Date Martha R. Dean
ACKNOWLEDGEMENT
STATE OF TEXAS
ss
COUNTY OF S
On this n14 day of �-jn6- 2008, before me a notary public, the undersigned
officer,personally appeared Martha R.Dean,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 for
the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
Mary M Krouse ��-S`--
NOTARY rUB IC
' Notary Pubic.State of Texas �
s My Commission Expires:
u March 29,2011
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CONSENT TO ESTATE SETTLEMENT AGREEMENT
William L. Russell, Jr. hereby consents to and joins in the Estate Settlement Agreement
relating to the Estate of James A. Russell, Jr.,deceased, a copy of which Estate Settlement Agree-
ment has been provided to me.
Date William L. Russell,Jr.
ACKNOWLEDGEMENT
STATE OF FLORIDA
ss
COUNTY OF ;_'k e-I ti S
On this day f 4`i t� t�2008, before me a not public, the undersigned
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officer,personally appeared William L.Russell,Jr. ,known to me(or satisfactorily proven)to be the
person whose name is subscribed to the within instrument, and acknowledged that he executed the
same for the purposes therein contained.
IN WITNESS WHEREOF,I hereunto set my hand and official seal.
flAWld—BROOD S
•' MY COMMISSION#D0747022 NOTARY PUBLIC
EXPIRES January o8,2012
4010153
FbfWsNotary&NVe com
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CONSENT TO ESTATE SETTLEMENT AGREEMENT
Hildegard M. Russell, hereby consents to and joins in the Estate Settlement Agreement
relating to the Estate of James A. Russell,Jr., deceased, a copy of which Estate Settlement Agree-
ment has been provided to me.
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Date H#degard M. Russell
ACKNOWLEDGEMENT
On this 2>-tk day of M)V. 2008, before me a notary public, the undersigned
officer,personally appeared Hildegard M.Russell,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 for the purposes therein contained.
IN WITNESS WHEREOF,I hereunto set my hand and official seal. A
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NOTARY
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NO ARY PUBLIC"` r
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MILITARY NOTARY
7TH JMTC OSJA
10 U.S.C. 1044a
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CONSENT TO ESTATE SETTLEMENT AGREEMENT
Joann C.Giehler hereby consents to and joins in the Estate Settlement Agreement relating
to the Estate of James A. Russell, Jr., deceased, a copy of which Estate Settlement Agreement has
been provided to me.
By: tg .
Date oann C. Giehler
ACKNOWLEDGEMENT
STATE OF PENNSYLVANIA
ss
COUNTY OF CUMBERLAND
On this =day of VO4"08, be f o re me a not ary p ublic the undersigned
officer,personally appeared Joann C.Giehler,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 for
the purposes therein contained.
IN WITNESS WHEREOF,I hereunto set my hand and official seal.
NOTARY IBLIC
COMMONWEA .H 0f PENNSYLVAISHA
NOTARIAL SEAL a Public
CHERYL R. GARMAN, ry
Camp Hill Borg, Cumberland County
MMy Comm+ss& Expires May 20, 2012
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CONSENT TO ESTATE SETTLEMENT AGREEMENT
George R.Boyer hereby consents to and joins in the Estate Settlement Agreement relating
to the Estate of James A. Russell, Jr., deceased, a copy of which Estate Settlement Agreement has
been provided to me.
1�10-2-/Og By:
Date George Boyer
ACKNOWLEDGEMENT
STATE OF NEW YORK
_ ss
COUNTY OF
On this °� day off- 2008, before me a notary public, the undersigned
officer,personally appeared George R.Boyer,known to me(or satisfactorily proven)to be the person
whose name is subscribed to the within instrument,and acknowledged that he executed the same for
the purposes therein contained.
IN WITNESS WHEREOF,I hereunto set my hand and official seal.
OTARY PUBLIC
SUSAN L. BESEMER
Notary Public, State of New York
No. 01 BE6027349
Qualified in Tompkins County
Commission Expires July 6, 20 < <
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EXHIBIT A
Accounting for distribution by the Estate of James A. Russell, Jr., Deceased
to be made in November 2008
Distributions to Pay-on-Death Beneficiaries
1. Martha Dean—Specific Bequest $25,000.00
2. William L. Russell, Jr. —Specific Bequest $25,000.00
3. Hildegard Russell—Specific Bequest $25,000.00
4. Joanne C. Giehler- 50%of Residual Estate (to be later distributed)
5. George R. Boyer- 50% of Residual Estate (to be later distributed)
TOTAL ASSETS TO BE DISTRIBUTED IN NOVEMBER 2008 7
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EXHIBIT A
ESTATE OF JAMES A. RUSSELL, JR., deceased
File No.: 2008-00451
ASSETS
1. Real Estate situate at 1418 Carlisle Road, Camp Hill, PA $152,492.00
2. 3,441 shares of Soverign Bankcorp, Inc. $30,590.49
3. 10 shares of Sovereign Bankcorp, Inc. $618.30
4. January, 1993 $50.00 Series EE US Savings Band $57.24
5. June, 1984 $200.00 Series EE US Savings Bod $356.56
6. George Washington Silver Dollars $150.00
7. Brenner Nissan refund $1,014.00
8. Commerce Bank 50+ Checking Account $6,158.01
9. Hartford Insurance-refund of unearned premium $115.00
10. Household furnishings-proceeds from sale of furniture $800.00
11. Pennsylvania American Water-refund $5.50
12. Pennsylvania Department of Revenue-refund $31.44
13. Pennsylvania State Bank CD# 9150003754 $63,719.54
14. Pennsylvania State Bank Savings Account $22,175.70
15. Scott's Lawn Service -refund $204.20
16. Sovereign Bank CD $41,826.48
17. Sovereign Bank Premier Checking Account $6,587.76
18. Sovereign Bank Savings Account $10,388.55
19. The Hartford-pro rate return of insurance $182.00
20. US Stimulus Check $600.00
21. Wachovia CD $195,973.49
22. Wachovia Crown Classic Bank Account $9,242.69
23. Wachovia Securities Account $44,966.86
24. 2008 Nissan $16,500.00
25. Classic Firearms—purchase of 2 hunting rifles, pistol and
WW II knife $410.00
26. Smith & Wesson TEF0499 $300.00
27. AIG Annuity $93,581.92
28. M & T Retirement Account $252,593.66
29. M & T Retirement Account $12,338.82
Total Assets:$963,980.20
Exhibit B
ESTATE OF JAMES A. RUSSELL,JR., deceased
File No.: 2008-00451
Total Debts and Costs Paid to Date
1. Myers-Harper Funeral Home, Inc. $2,417.00
2. Radisson Penn Harris—Fellowship luncheon following funeral $131.81
3. Pecht&Associates, PC $25,500.00
4. Register of Wills, Cumberland County $480.00
5. Register of Wills, Agent—Inheritance Tax $135,600.00
6. Register of Wills, Cumberland County $30.00
Filing Fees, Inheritance Tax Return and Inventory
7. Register of Wills, Cumberland County $20.00
Filing Fee,Family Estate Settlement Agreement
8. Cumberland Law Journal $75.00
9. The Patriot-New Co. $304.41
10. Dennis Boyer Mechanical Services
Plumbing Repairs to 1418 Carlisle Road $85.00
11. George Boyer—Reimbursement for travel expenses to and $1, 500.00
from New York for estate administration
12. Pennsylvania American Water $91.19
Water service at 1418 Carlisle Road
13. Terminix—Exterior General Pest Control $68.90
14. Zimmerman's Landscape and Lawn Care $667.80
1418 Carlisle Road
15. Commerce Bank—Safe Deposit Box Fee $75.00
16. Dish Network—Final bill for Cable Services $73.39
17. Full Service Network—Telephone Service $42.33
18. PPL—Electric Service— 1418 Carlisle Road $88.22
19. George R. Boyer, Personal Representative's Commission $25,000.00
Total Debts and Costs Paid to Date $192,250.10
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EXHIBIT C
ESTATE OF JAMES A. RUSSELL, JR., deceased
File No.: 2008-00451
Distributions to Beneficiaries
1. Martha Dean—Specific Bequest $25,000.00
2. William L. Russell, Jr., - Specific Bequest $25,000.00
3. Hildegard Russell—Specific Bequest $25,000.00
5. Joanne C. Giehler—Fifty Percent (50%) of Residual Estate $348,365.05
6. George R. Boyer—Fifty Percent (50%) of Residual Estate $348,365.05
Total Assets Distributed $771,730.10