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ESTATE SETTLEMENT AGREEMENT AN@>RELE/�E � r�',-rn
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This Agreement entered into this �`'�day of ��+4ikc�.' �;�2�>13,�r an� ,;.�,
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between Joel A. Watts, Jessica L. Krist and Lillie J. Krist by and thro.ugh her p��rents
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Jessica L. Krist (f/k/a Jessica Watts) and Adam D. Krist, the ben;e�ficia�ie of the �state
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of Gladys M. Watts ("Estate"), individually and jointly also with ,�oel A. W�s in�iis�
capacity as Executor of the Estate.
WHEREAS Gladys M. Watts ("Decedent") died testate on June 24, 2011, a
resident of Hampden Township, Cumberland County, Pennsylvania and having a Last
Will and Testament dated September 4, 2009;
WHEREAS, DecedenYs Will and a Petition for Grant of Letters Testamentery
were filed with the Register of Wills of Dauphin County on and about July 5, 2011 and
Letters Testamentary were issued to Joel A. Watts;
WHEREAS, the undersigned are the sole remainder beneficiaries of the entire
Estate;
WHEREAS, the Executor has prepared and filed an Inventory and Appraisement
of Decedent's property and a Pennsylvania lnheritance Tax Return as well as paid the
appropriate taxes thereon;
WHEREAS, the Executor has paid all of the taxes, debts and expenses of the
estate and administration thereof known to him, and he has no knowledge of any
unpaid clams, absolute or contingent, which may be assert�d against the Estate nor
does he have any reason to believe that there are any such claims;
WHEREAS, all net assets of the Estate shall be distributed to the undersigned,
as beneficiaries of the estate in the shares and amounts as set forth herein;
WHEREAS, the Executor has prepared an Informal Accounting of all assets,
debts, taxes and expenses of the Estate, which accounting is attached hereto marked
as Exhibit "A", and incorporated herein by reference;
WHEREAS, the undersigned acknowledge and specifically agree that all Estate
assets, receipts, expenses, disbursements and distributions are summarized as set
forth cumulatively in the Pennsylvania lnheritance Tax Return, Inventory, and Informal
Accounting of Joel A. Watts, copies and a full and fair disclosure of which have been
provided to each of the undersigned and receipt thereof is hereby acknowledged
(hereinafter collectively the "Summary of Transactions"); and
WHEREAS, the undersigned desire that this Family Agreement and Release
make unnecessary the filing of any accounting in the Orphans' Court Division of the
Court of Common Pleas of Cumberland County and any further informal or other
accounting of the Executor.
NOW, THEREFORE, intending to be legally bound, the undersigned parties
agree and do hereby:
1. Incorporate herein by reference the foregoing recitals.
2. Waive the filing of any account of the administration of the Estate in any
court.
3. Declare that the undersigned have examined the Summary of
Transactions of the Executor, find it to be true and correct in all particulars, accept and
approve it in the same force and effect as if it had been prepared as and in the form of
a formal account and filed with, audited, adjudicated and confirmed absolutely by a
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court of competent jurisdiction and as if the balance of principal and income had been
awarded by the court in accordance with a statement or schedule of distribution.
4. Warrant and represent that they are the sole beneficiaries and remaining
parties of interest in the Estate and entitled to receive the entire distribution thereof.
5. Warrant and represent that they know of no outstanding unsatisfied
claims against the Estate.
6. Acknowledge and agree that the probate assets are being divided in
shares pursuant to the Last Will and Testament of Gladys M. Watts to provide an
equitable distribution of all probate and non-probate assets and therefore such
distributions from the estate are stated as set forth on the Schedule of Distribution,
attached hereto marked as Exhibit "B" and incorporated herein by reference, to
accomplish this purpose.
7. Acknowledge the receipt and approve the distribution of all assets of the
Estate, principal and income thereof, to the undersigned, in the shares and amounts as
set forth in Exhibit "B", which comprise all of the remaining assets of the estate.
8. Acknowledge and agree that Joel A. Watts shall be reimbursed by the
Trust Under the Will of Gladys A. Watts for Jessica L. Krist in the amount of $1,122.99
for the advance payment of inedical expenses to Holy Spirit Hospital for the benefit of
Jessica A. Krist and services received by her.
9. Absolutely and irrevocably release, remise, quit claim and forever
discharge the Executor, his heirs, personal representatives, successors and assigns of
and from any and all past, present and future actions, causes of action, liabilities,
claims, demands, obligations, damages, costs, expenses and attorney's fees of any
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nature, known or unknown, relating in any way to his administration and distribution of
the Estate all without a court accounting and adjudication.
10. Agree to contribute and pay in shares proportionate to the distribution of
assets respectively received the sum of any additional amounts determined to be due
and owing, if any, by reason of any inheritance, income, estate or other federal, state or
local tax or claim against the Estate.
11. Each of the parties enters into this Agreement freely, knowingly and
voluntarily and each recognizes the right to be represented by legal counsel of their
choice.
12. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the
same instrument.
IN WITNESS WHEREOF, the undersigned have set their hand and seal the date
above written:
WITNESS:
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essica L. Krist
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J ssica . rist, parent and guardian
A of Lillie"�1, Kris#/��� �
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Adam D. Kri , parent and guardian
of illie J. Krist
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Jo �I A. Watts, individually and as
E�Cecutor of the Estate of Gladys M.Watts
11213-001/206519
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COMMONWEALTH OF PENNSYLVANIA :
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COUNTY OF �c��U h-�'`L- �
Before me this �day of �`Ca�C�-Q-�✓ , 2013, before me a Notary
Public, the undersigned officer personally appeared Joel A. Watts, known to me or
satisfactorily proven to be the person whose name is subscribed to the within
instrument and acknowledge that he executed the same for the purposes herein
contained.
In witness whereof, I hereunder set my hand and official seal.
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Notary Pu ic
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My commission expires: /0 f �/
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COMMONWEALTH OF PENNSYLVANIA :
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COUNTY OF�����`t� �
Before me this o�o��day of ��-�� , 2013, before me a Notary
Public, the undersigned officer personally appeared Jessica L. Krist, known to me or
satisfactorily proven to be the person whose name is subscribed to the within
instrument and acknowledge that she executed the same for the purposes herein
contained.
In witness whereof, I hereunder set my hand and official seal.
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Notary Pu ic
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COMMONWEALTH OF PENNSYLVANIA :
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CO U NTY O F ����u-�1 �
�-`da of ���� 2013, before me a Notary
Before me this y ,
Public, the undersigned officer personally appeared Adam D. Krist, known to me or
satisfactorily proven to be the person whose name is subscribed to the within
instrument and acknowledge that he executed the same for the purposes herein
contained.
In witness whereof, I hereunder set my hand and official seal.
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EXHIBIT A
ESTATE OF GLADYS M. WATTS
ESTATE NO. 21-11-0730
INFORMAL ACCOUNT OF
JOEL A. WATTS, EXECUTOR
DATE OF DEATH: June 24, 2011
LETTERS OF ADMINISTRATION GRANTED: July 5, 2011
ACCOLJNT STATED TO: October 9, 2013
SUMMARY
Principal Receipts $570,119.00
Reduction in Principal ($9,360.00)
Principal Losses—Unrealized ($24,862.49)
Income/Gain Receipts $ 21,001.66
Total Receipts $556,898.35
Principal Disbursements ($156,770.59)
Net Distributable Estate $400.127.76
RECEIPTS OF PRINCIPAL
Assets listed in Inventorv:
(Valued as of date of death)
Cash Deposits and Accounts:
Cnl Income Properties, Inc. $ 45,000.00
Acct No. 300039392/9479
Inland Reit Western Retail Real $ 88,776.00
Estate Trust Acct No. 504062568
n/k/a Retail Properties of America, Inc.
Acct No. SEQ498292
Jackson National Variable Annuity Fund $115,153.00
Acct No. 9171173A
Resource Real Estate IV, Limited
Partnership $121,894.00
Acct No. 170221743
Resource Real Estate VII, Limited $122,218.00
Partnership
Acct No. 0107-00069
Washington National—Insurance Refund $ 859.00
Cash $ 710.00
Behringer Harvard Opportunity Reit, Inc.
Acct No. 31987/20082890 $ 3,166.00
Inland American Real Estate Investment $ 7,551.00
Trust, Inc.
Acct No. 117879/6000011566
Pro Equities Brokerage $ 64,292.00
Acct No. NPC075447/SEQ498292
Tangible Personal Propei-ty—In Kind:
Misc. Household Goods, Personal Effects, $ 500.00
Clothing
TOTAL RECEIPTS OF PRINCIPAL $570,119.00
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Reductions in Principal at Distribution
Reductions in Principal Basis—Resource
Real Estate IV and VII ($9,360.00)
Principal Reductions (Unrealized)
Behringer Harvard Opportunity Reit, Inc. ($1,686.51)
Acct No. 31987/20082890
Inland American Real Estate Investment ($827.65)
Trust, Inc.
Acct No. ll 7879
Cnl Income Properties, Inc. ($12,684.67)
Acct No. 300039392/9479
Retail Properties of America, Inc. 9 663.66
($24,862.49)
RECEIPTS OF INCOME AND PRINCIPAL GAINS
Cash Deposits and Accounts:
Resource Real Estate IV, Limited $5,180.00
Partnership Acct No. 170221743 —
Distribution to Pro Equities
Brokerage Account
Resource Real Estate VII, Limited $4,180.00
Partnership Acct No. 0107-00069—
Distribution to Pro Equities
Brokerage Account
Inland American Real Estate Investment $1,325.33
Trust, Inc. Acct No. 117879 Dividend—
Reinvested Distribution
Cnl Income Properties, Inc. $4,952.56
Acct No. 300039392/9479—
Distribution
Miscellaneous Dividends/Receipts— $1,363.95
Brokerage Account
Refund—Kern & Company, P.C. $4,000.00
TOTAL RECEIPTS OF 1NCOME AND PRINCIPAL GAINS $ 21,001.66
TOTAL RECEIPTS $556,898.35
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DISBURSEMENTS OF PRINCIPAL
Funeral Expenses:
Malpezzi Funeral Home $9,839.57
$9,839.57
Administrative Expenses:
Register of Wills, probate fees, $ 543.50
Short Certificates, filing fees
Register of Wills $ 15.00
Register of Wills, additional probate fee $ 150.00
Register of Wills Inventory $ 15.00
Kern& Company, P.C.
Asset Valuation Limited Partnership $29,842.75
Roy Wolf Appraisals $ 350.00
L,egal Notice $ 253.92
2011 PA Income Tax—PA. Dept. Rev. $ 121.00
Wagoner Frutiger& Daub, LLP—CPA $ 900.00
Brokerage Account—Check Reorder Fee $ 12.50
$32,203.67
Fees Commissions and Family Exemption:
Caldwell & Kearns—attorney fees $7,301.92 $7,301.92
Distributions to Beneficiaries - BeQUests:
Gregory Watts $20,000.00
Ida M. Sponsler $15,000.00
Lois A. May 15 000.00
$50,000.00
Inheritance Tax:
Register of Wills $51,810.35
2 615.08
$54,425.43
Reserves:
$3,000.00 $3,000.00
TOTAL PRINCIPAL DISBURSEMENTS $156,770.59
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EXHIBIT B
SCHEDULE OF DISTRIBUTION
Balance for Distribution as per Informal Account $400,127.76
DISTRIBUTION
TO: Joel A. Watts
75% of Residuary of Estate as follows:
Cash/Account:
Behringer Harvard Opportunity
Reit#20082890 $1,479.83
Inland American Reit#6000011566 $8,048.68
CNL Lifestyles Properties Reit
#300059749 $37,267.89
Retail Properties of America, Inc. $18,047.44
Resource Real Estate Ltd.
Partnership IV $116,714.00
Resource Real Estate Ltd.
Partnership VII $118,038.00
Tangible personal property $ 500.00
$300,095.84
TO: Trust Under Will for Jessica L. Krist
15% of Residuary of Estate as follows:
Cash/Account:
Pro Equities Brokerage Account
No. NPC75447/SEQ498292 $42,057.93
Retail Properties of America, Inc.
No. SEQ498292 $17,961.23
$ 60,019.16
TO: Trust Under Will for Lillie J. Krist
10% of Residuary of Estate as follows:
Cash/Account:
Pro Equities Brokerage Account
No. NPC075447/SEQ498292 $40,312.76
$40,012.76
TOTAL DISTRIBUTION $400,127.76