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Home My WebLink About03-14-14 Pa. O.C. Rule 6.12 STATUS REPORT REGISTER OF WILLS OFC COUNTY, PENNSYLVANIA Name of Decedent: C>' Date of Death: tA :r c NN t o 9n. \ 2 File Number: 2 n\ 2— Pursuant to Pa. O.C. Rule 6.12, I report the following with respect to completion of the administration of the above-captioned estate: 1. State whether administration of the estate is complete: . . . . . . . . . . . . . . . . . . . . eyes ❑No 2.- if the answer is No,-state when the personal representative reasonably believes that the administration will be complete: 3. If the answer to No. 1 is YES, state the following: a. Did the personal representative file a final account with the Court? . . . . . . . ❑Yes KNo b. The separate Orphans' Court No. (if any) for the personal representative's account is: c. Did the personal representative state an account informally to the parties in interest? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ErYes ❑No d. Copies of receipts, releases,joinders and approvals of formal or informal accounts may be filed` with the Clerk,of the Orphans' Court and may be attached to this report. <' •, Date `M f'k \ \') t signntut of Pers tZtiAg this Form CT �+- O <[ O y'`; t—•a- Capacity: Personal Representative ❑Counsel LLJ c� y 0O Name of Person Filing this Forvn LA CY1 C) ¢ b_m address %� O g tz r, t Telephone Fornt RTY-/0 rev. 10.13.06 IN RE: : IN THE COURT OF COMMON PLEAS : CUMBERLAND COUNTY, PENNSYLVANIA ESTATE OF ALAN H. HAKE, : ORPHANS' COURT DIVISION DECEASED: : FILE NO. 2012-00345 RECEIPT AND RELEASE AGREEMENT THIS AGREEMENT is executed by MARLENE M. HAKE, LISA M. HAKE and STEVEN HAKE on this 9"day of July, in the year Two Thousand Thirteen(2013). 1. Alan H. Hake(hereinafter the"Decedent") died on March 16, 2012. 2. On March 22, 2012, the Register of Wills for Cumberland County, Pennsylvania, admitted to probate the Decedent's Last Will and Testament dated March 30, 1990, and granted Letters Testamentary to Marlene M.Hake as Executor of the Decedent's Estate. A photocopy of the Decedent's Last Will and Testament is attached hereto as Exhibit"A" and incorporated herein by reference. 3. Article 2 of the Decedent's Last Will and Testament states as follows: "In the event my wife,MARLENE M.HAKE,survives me,I give,devise and bequeath my entire estate, real, personal and mixed, as follows: (a) I give and bequeath the sum of Five Thousand($5,000.00)Dollars to my step- daughter, STACY L. POWERS. (b) I give and bequeath the sum of Five Thousand($5,000.00)Dollars to my step- daughter, STEPHANIE L. POWERS. (c) I give and bequeath forty (40%) percent of the residue of my estate to my wife, MARLENE M. HAKE. (d) I give and bequeath thirty (30%) percent of the residue of my estate to my daughter, LISA M. HAKE. (e) I give and bequeath thirty(30%)percent of the residue ofmy estate to my son, STEVEN HAKE." COPY 4. The Executor has paid the distributions to Stacy L. Powers and Stephanie L. Powers pursuant to Paragraphs (a) and (b) of Article 2 of the Decedent's Last Will and Testament. 5. The Executorhas paid the Pennsylvania inheritance tax,the Executor's fee,the family exemption,and all known debts and expenses owed by the Decedent's Estate,except for final legal fees and the final federal and state fiduciary income tax returns for the Decedent's Estate. 6. All intangible assets of the Decedent's Estate have been liquidated, and the residue of the Decedent's Estate now consists of two hundred twenty-two thousand, fifty-eight and 501100 dollars ($222,058.50) in cash plus the Decedent's tangible personal property. 7. In exchange for the release and indemnification provided herein, the Executor proposes to distribute two hundred thousand and 00/100 dollars ($200,000.00) of cash plus the Decedent's tangible personal property as follows: (a) Eighty-six thousand and 00/100 dollars($86,000.00) to Marlene M. Hake. (b) Forty-nine thousand, five hundred and 00/100 dollars ($49,500.00) and the Decedent's 1968 Chevrolet Corvette, valued at fifteen thousand and 00/100 dollars ($15,000.00), to Lisa M. Hake. Steven Hake shall have the right of first refusal to purchase the Corvette before it is sold or gifted by Lisa M. Hake, or her estate, or anyone acting on behalf of her or her estate. In the case of a proposed sale, the purchase price to be paid by Steven Hake shall be the price offered by the proposed purchaser. In the case of a proposed gift, the purchase price to be paid by Steven Hake shall be the fair market value of the Corvette at that time, as determined by a qualified appraiser selected by mutual agreement of Steven Hake and Lisa M. Hake or her duly authorized representative. The right of first refusal shall become void, and the proposed sale or gift may be completed,if Steven Hake 2 does not pay the purchase price in full within thirty(30) days after he receives notice of the proposed sale or in the case of a proposed gift,within thirty(30)days after receiving the fair market value as determined by the appraiser. This right of first refusal shall be personal to Steven Hake and may not be assigned or transferred by him or his estate during his life or after his death. Until such time as the Corvette is sold or gifted in accordance with this paragraph, the motor vehicle title certificate shall be held by Lisa M. Hake or, upon her death,by the duly authorized personal representative of her estate. (c) Sixty-four thousand,five hundred and 00/100 dollars($64,500.00)to Steven Hake. (d) The remainder of the Decedent's tangible personal property shall be divided between Marlene M. Hake, Lisa M. Hake and Steven Hake by their mutual agreement. If there is any disagreement as to distribution of the tangible personal property,the decision of the Executor shall be binding. Any items not selected by Marlene M. Hake, Lisa M. Hake or Steven Hake may be sold,donated or discarded in the sole discretion of the Executor,and if sold,the net sale proceeds shall be added to the residue of Decedent's estate. (e) The cash balance remaining in Decedent's estate shall be held in reserve by the Executor for the payment of final debts, expenses and income taxes. If any of the reserved funds remain after all debts, expenses and income taxes have been paid, the Executor shall distribute the balance to Marlene M. Hake, Lisa M. Hake and Steven Hake according to their respective percentage shares under Article 2 of the Decedent's Last Will and Testament, without a separate receipt and release agreement. 3 6 S • ' NOW,THEREFORE, based on the facts recited above, and intending to be legally bound hereby, Marlene M. Hake, Lisa M. Hake and Steven Hake agree as follows: A. The recitals stated above are incorporated herein by reference. B. Marlene M.Hake, Lisa M.Hake and Steven Hake consent to all of the distributions proposed by the Executor, and they agree that the distributions shall be made without the formality of filing an accounting with the court having jurisdiction over the Decedent's Estate. C. In exchange for their respective distributions as stated above,Marlene M.Hake,Lisa M.Hake and Steven Hake release the Executor,and her heirs,personal representatives, successors, assigns, and attorneys, from all liability, claims and demands whatsoever arising specifically from the proposed distributions or arising generally from any acts or omissions by the Executor through the date of this Agreement;Marlene M.Hake,Lisa M.Hake and Steven Hake hereby waive the right to a formal accounting of the Executor's activities through the date of this Agreement; and Marlene M. Hake, Lisa M. Hake and Steven Hake agree to indemnify the Executor for their proportional shares of any additional liabilities that the Executor is required to pay for the Decedent's Estate to the extent that the funds being held in reserve are insufficient. D. Marlene M. Hake, Lisa M. Hake and Steven Hake acknowledge that they had the opportunity to request additional information from the Executor regarding the Decedent's Estate,and to consult with an attorney of their choosing before executing this Agreement. E. Marlene M.Hake,Lisa M.Hake and Steven Hake acknowledge that the Executor will rely upon this Agreement when making the proposed distributions and that the proposed distributions will not be made until they have each executed this Agreement. 4 F. This.Agreement is made on behalf of Marlene M. Hake, Lisa M. Hake and Steven Hake and their respective heirs, successors and assigns. In witness whereof,and intending to be legallybound hereby,MARLENE M.HAKE,LISA M. HAKE and STEVEN HAKE have signed this Agreement on date set forth above. �(a — WITNESS MAkLXNt M. WITNESS LISA M. HAKE WITNESS STEVEN HAKE COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND On this, the 9' day of July, 2013, before me, a Notary Public, the undersigned officer, personally appeared MARLENE M. HAKE, LISA M. HAKE and STEVEN HAKE, known to me(or satisfactorily proven)to be the persons whose names are subscribed to the within document, and acknowledged that they executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. Notary Public OOMMoN LTM OF PENNSYLVANIA Ted L.Sepkavic,NotaryPublk :•.. ✓ temoyr5e 8oro,CumberlaM county ? 1�,•' ••n!A;, •.•!y ', MY Wmmissbn Marcb 27 2016 �. .•.` MEMBER,pQNNSYLVAmp p550Q157[OX OF NOTNU6 - • 5