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HomeMy WebLinkAbout09-13-13 C7 C © W rn SAMUEL C. STRETTON, ESQUIRE c� .o ° -=-3 301 S . HIGH STREET P.O. BOX 3231 WEST CHESTER, PA 19381 31 `o (610) 696-4243 ATTORNEY I .D. NO. 18491 IN RE: IN THE ORPHANS COURT ESTATE OF CLARENCE K. STRETTON CUMBERLAND COUNTY, PA PA FILE NO. 21-12-0779 SOCIAL SEC. # 201-05-7662 ESTATE SETTLEMENT AGREEMENT This Agreement is made this day of 2013, by and among the beneficiaries of the Estate of Clarence K. Stretton, Deceased. In accordance with the desire of the beneficiaries that the administration of the Estate be terminated without the expense and delay of court accounting, the parties hereto, in consideration of the mutual covenants herein expressed and intending to be legally bound, agree as follows : 1 . The Estate of Clarence Keller Stretton, who died on January 24, 2012, is now in the process of administration, Letters Testamentary having been duly granted to the Executor, Samuel C. Stretton, by the Register of Wills of Cumberland County. ho 2 . Clarence Keller Stretton died with a Will on January 24, 2012 . Attached and marked as Exhibit "A" is a copy of the decedent' s Will . 3 . Under the provisions of the decedent ' s Will, the residuary estate is to be divided equally among the four children. 4 . Samuel C. Stretton, Esquire, is the Executor and attorney for the Estate. S . The beneficiaries are the decedent' s children: Allen Stretton, Hazel E. Pierce, John A. Stretton and Samuel C. Stretton. 6. The parties acknowledge that they have been provided with a full and complete accounting of the assets of the Estate by the Executor. The total assets are $16, 013 . 68 . But, after paying the accountant, Gerry Donchez, the monthly bank fees, Register of Wills filing fees and the inheritance tax, the balance in the Estate Checking account is $15, 417 . 81 . 7 . The beneficiaries, Allen Stretton, Hazel E. Pierce, John A. Stretton and Samuel C. Stretton, acknowledge they are aware of the value of the assets and have had these documents 2 fully explained, had the opportunity to seek additional advice from an independent legal counsel, and an opportunity to ask any questions . 8 . All parties acknowledge $500 . 00 is being withheld to pay all taxes . Further, $2, 000 . 00 will paid to Allen Stretton for his services in handling the trust funds when the decedent was alive 9 . The assets of the estate total $16, 013 . 68 . But, after paying the accountant, Gerry Donchez, the monthly bank fees, Register of Wills filing fees and the Inheritance Tax, the balance in the Estate Checking account is $15, 417 . 81 . 10 . The proposed distribution would be as follows : a. ) Withhold $500 . 00 to be sure all taxes are paid; b. ) $2, 000 . 00 to Allen Stretton for services as trustee. c. ) The balance of $12, 917 . 81 will be divided into four equal shares in the amount of $3, 229. 45 to John Stretton, Allen Stretton, Sam Stretton and Hazel Pierce. 11 . All parties are aware that the inheritance taxes have to be paid. 3 12 . All parties have had the opportunity to question Samuel C. Stretton, Esquire. 13 .. All parties agree with the distribution as set forth above. 14 . The parties agree to leave the balance of $500 . 00 pending final decision of the Inheritance Tax Division as to whether or not any additional taxes are due. 15 . All beneficiaries agree to be bound to pay any additional taxes due by the Estate if it is determined more monies are due. 16. All parties state they are satisfied with this distribution. 17 . All parties to this Family Settlement Agreement acknowledge they have had an opportunity to seek independent counsel if they wish. 4 AND NOW, this day of 2013, all parties have set their hand in "seal acknowledging their agreement. (Seal) Allen L. Stretton, Beneficiary (Seal) Samuel C. Str t Executor of the Estat (Seal) Hazel E. Pierce, Beneficiary (Seal) John A. Stretton, Beneficiary. 5 AND NOW, this day of 2013, all parties have set their hand in seal acknowledging their agreement. Seal Allen L. Stretton, Beneficiary (Seal) Samuel C. Str t Executor of the Estat (Seal) Hazel E. Pierce, Beneficiary (Seal) John A. Stretton, Beneficiary 5 AND NOW, this day of 2013, all parties have set their hand in seal acknowledging their agreement . (Seal) Allen L. Stretton, Beneficiary (Seal) Samuel C. Str to Executor of the Estat (Seal) Hazel E. Pierce, Beneficiary (Seal) John A. Stretton,. Beneficiary 5 AND NO this day of 2013 all parties have set their hand in seal acknowledging their agreement. (Seal) Allen L. Stretton, Beneficiary (Seal) Samuel C. "Str ' t Executor of the Estat (Seal) Hazel E. Pierce, Beneficiary t, (Seal) ohn A. ret on, Beneficiary 5 LAST WILL AND TESTAMENT OF CLARENCE R. STRETTON I , Clarence K. Stretton, being of sound mind and under- standing , hereby make my -last Will , revoking till previous Wills and Codicils . FIRST I direct my Executrix to pay my debts (not including mortgages on real estate ) and funeral and other expenses. Further, I direct that no extraordinary medical efforts i be utilized to prolong my life , but that I be allowed the i opportunity to die with grace and dignity if with reasonable medical certainty there is no chance of my recovery. i SECOND I give , devise and bequeath all the rest , residue and remainder of my estate wherever situate, to my wife , Edith Moore Stretton , if she survives me . i THIRD If my wife , Edith Moore Stretton, does not survive me, then all the said residuary estate shall be divided into four ( 4 ) equal shares and these shares shall be distributed as follows : A) One share to my son, Samuel C . Stretton, if he survives me. If he does not survive me, then one share to his issue . B ) One share to my daughter , Hazel E . Pierce, if she survives me. If she does not survive me, then one share to her issue . �� i+ C) One share to my son, John A. Stretton , if he survives me. If he does not survive me, then one share to his issue. y D) One share to my son, Allen L . Stretton, if he survives me. If he does not survive me, then one share to his issue. E ) If any person named in any one or more of clauses A through .D inclusive in this paragraph shall not survive me, the share given in such clause or clauses shall be added to the other share or shares equally if more than one . For the purpose of this paragraph, the definition of "person named" shall include the term "issue" . FOURTH a) Where in this Will any gift is made to issue of a person , those children and more remote descendants of such person shall take who would have taken the personal property of such person if he had died at the time said gift becomes possessory, unmarried, intestate, domiciled in Pennsylvania under the laws of Pennsylvania in force at such time and the shares and proportions shall be determined by said laws. b) For the purposes of this Will a person shall not be considered to survive another if he shall die within thirty ( 30) days of the death of such other. C) My Executrix shall pay out of my residuary estate as an expense of administration all estate taxes, inheritance taxes and other death taxes of any nature with respect to t all property passing under this Will or any Codicil thereto. II� I 2 of 6 dl) The interest of the beneficiaries hereunder shall be free from the control or interference of any creditor of a beneficiary or of a spouse of a married beneficiary and shall not be subject to attachment or susceptible or antici- pation or voluntary or involuntary alienation. FIFTH a) I appoint my wife, Edith Moore Stretton, to be the Executrix of this my Will . I direct that my Executrix shall not be required to give a bond or furnish sureties in any jurisdiction . b) If the aforesaid Edith Moore Stretton predeceases me , or is unable or unwilling to serve as Executrix , I appoint my son, Samuel C. Stretton , Executor in her place . I direct that my Executor shall not be required to give a bond or furnish sureties in any jurisdiction. IN WITNESS WHEREOF I , the said Clarence K. Stretton here- with set my hand to this my last Will , typewritten on six (6 ) sheets of paper ( including the attestation clause, signature of witnesses and self proving clauses) this 2 o� 1_ day of sdde ,fir ---. , A.D. One thousand nine hundred and eighty five ( 1985 ) . Clarence K. Stretton 3 of 6 1 � ON THE `-- `day of JLP �`^-� , A.D. 1985 , Clarence K. Stretton declared to us , the undersigned , that the foregoing instrument was his last Will and he requested us to act as witnesses to the same and to his signature thereon. He thereupon signed said Will in our presence , we being present at the same time. And we now at his request , in his presence , and in the presence of each other, do hereunto subscribe our names as witnesses. And we and each of us declare that we believe this Testator to be of sound mind and memory. 4 of 6 COMMONWEALTH OF PENNSYLVANIA . SS COUNTY OF I , Clarence K. Stretton , the testator, whose name is signed to the attached or foregoing instrument, having been duly qualified according to law, do hereby acknowledge that I signed and executed the instrument as my last Will.-; that I signed it willingly; and that I signed it as my free and voluntary act for the purposes therein expressed. �-lam Clarence K . Stretton Sworn to and acknowledged before me, by Clce K. Stretton the testator, this day of m � 1985 . o y ublic o� My Co m'/ ion Exp' es : 5 of 6 COMMONWEALTH OF PENNSYLVANIA SS COUNTY OF We, and the witnesses whose names are signed to the attached or foregoing instrument, being duly qualified according to law, do depose and say that all the witnesses were present and saw Clarence K. Stretton sign and execute the instrument as hislast Will; that he signed willingly and executed it as his free and voluntary act for the purposes therein expressed; that each of the witnesses in the hearing and sight of the testator signed the Will as witnesses; and that to the best of our knowledge the testator was at that time 18 or more years of age, of sound mind and under no constraint or undue influence. L / Sworn or affirmed to and subscribed to before me by witness, this -day of , 198 ' No a Ic My Co m ' s ion Expir�p.� 6of6 4