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Home My WebLink About07-30-14 F]FILEWients\15333 Fagan\15233.1 family.settlemenl.ngreemenl.wpd ESTATE OF MARY K. FAGAN FILE No. 21-13-0661 FAMILY SETTLEMENT AGREEMENT t'�3 THIS AGREEMENT,made this day of 0 2014 � een JoSh O. �Z_-n -z Galvin, Executor of the Estate of Mary K. Fagan ("Executor"), and John O. Galffi James A.. Galvin(in their individual capacities) (collectively referred to hereinafter as the ` ficiari "). 'c WITNESSETH: WHEREAS, Mary K. Fagan ("Decedent") died on May 27, 2013; and WHEREAS, pursuant to the Will of the Decedent dated May 14, 2003, a copy of WWiich is T' attached hereto and marked Exhibit"A,"John O. Galvin was appointed Executor of the Decedent's Estate by the Cumberland County Register of Wills by appropriate action of the Register of Wills on June 12, 2013, and docketed at No: 21-13-0661; and WHEREAS, the Executor has truly and appropriately administered the Estate of the Decedent; and WHEREAS,the Executor has filed the appropriate Pennsylvania Inheritance Tax Return for the Estate and the Return has been audited with a determination being issued by the Pennsylvania Department of Revenue accepting the Return as filed; and WHEREAS, the Executor has filed the appropriate Pennsylvania and Federal Income Tax Returns for the Estate; and WHEREAS, the Executor has accomplished the payment of all obligations owing on the Decedent's Estate, except for any final income taxes and attorney's fees for which funds have been reserved; and WHEREAS, the Executor provided the opportunity to all Beneficiaries to examine all records of the Decedent in the possession of the Executor and to examine all records of the Estate; and WHEREAS, the Executor has made various partial distributions to the Beneficiaries; and WHEREAS, the Executor is prepared to achieve the final distribution of the Decedent's Estate subject to the reserve as set forth below; and WHEREAS, the Executor and all Beneficiaries desire that the administration of the Estate of the Decedent be terminated without the expense and delay of a court accounting and the Parties are willing to enter into this Estate Settlement Agreement in order to expedite the conclusion of the Estate; and -t- WHEREAS,the Executor desires to make a distribution to the Beneficiaries,pay attorney's fees owing, retain certain funds in order to finalize any tax returns and any other miscellaneous obligations that may accrue, with any retained funds to be distributed to the Beneficiaries at a later date. NOW,THEREFORE,the parties in consideration of their mutual covenants herein expressed and intending to be legally bound hereby, agree as follows: 1. The above-named Beneficiaries hereby waive the filing of a Formal Accounting and Schedule of Distribution in the Estate of the Decedent. 2. The parties acknowledge that they have been provided with an opportunity to examine all paperwork and accounting of all expenses and revenues from the Estate of the Decedent. 3. The parties acknowledge that should any liability come due to the Estate of the said Decedent after the signing of this Agreement, they hereby covenant and agree with the other heirs and with the aforesaid Executor that they will contribute pro rata their share of the Estate to satisfy any and all claims,demands,suits,or causes of action which may be successfully prosecuted against the said Estate or the aforesaid Executor after the signing, sealing and delivery of this Estate Settlement Agreement. 4. The parties agree that the Executor may distribute the remaining assets of the Estate equally between John O. Galvin and James A. Galvin subject to any retention of funds which the Executor feels is appropriate in order to pay any taxes or contingent bills. In the event any funds are retained and after payment of any bills, the Executor will split equally the balance remaining between John O. Galvin and James A. Galvin without any further action required by the parties. 5. The parties hereby forever release, compromise, settle and discharge any and all claims, demands, actions or causes of actions, legal or equitable, absolute or contingent which any of them may have against any other party hereto or against the Estate of Mary K.Fagan or its Executor,John O. Galvin, by reason of any matter or thing growing out of or relating to any property or assets of said Estate, or growing out of or relating to any act of the Executor in the administration of the -2- Estate. This Release shall release the Executor from all liabilities, whether due to his negligence or otherwise, which they may have by reason of their administration of the Estate. This Release, however, shall not release the Executor from any claims relating to fraud or claims relating to any willful action of the Executor in failing to disclose or account for assets of the Estate which the Executor may have received. Furthermore, this Release shall not be binding until signing of this Agreement by the Executor and all named Beneficiaries. 6. Each party acknowledges that he may present this Agreement to their own private attorney for legal advice if such parties desire such individual legal advice. 7. The parties agree that this Agreement shall be binding upon themselves, their successors, assigns and personal representatives. IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day and year first above written. WITNESS: ESTATE OF MARY K. FAGAN J hndS O. Galvin Executor WITNESS: �Q BENEFICIARIES- 1,014 e:9 J66n O. Galvin 2A � � Ja es A. Galvin -3- RECOtRDE'D t 7ME. OF REGIS"rZ.ri OF 1'1;[_15 LAST WILL AND TE$Tt IIWNT-dOF MARY K. FAGANK Or ORPHANS COU"11' CUMBERLAND CO., Pei I, MARY K. FAGAN, of Cumberland County, Pennsylvania, declare this to he my last will and revoke any will previously made by me. ITEM ONE: I direct that all my debts and funeral expenses,including my gravemarker shall he paid from my residuary estate as soon as practicable after my decease as a part of the expense of the administration of my estate. ITENI TWO: I give, devise and bequeath my entire estate to my nephews, .JOHN O. GALVIN and.TAMES A. GALVIN,share and share alike per stirpes. ITEM THREE: I appoint,IOIIN O.GALVIN,Executor of this my last will. Should he fail to qualify or cease to act as Executor,I appoint .JAMES A. GALVIN to act as Executor with the same rights,power; and duties. ITEM FOUR: All estate, inheritance, succession and other taxes, imposed or payable by reason of my death, and interest and penalties thereon, with respect to all property comprising my gross estate for tax purposes, whether or not such property passes under this will,shall be paid out of the principal of my residuary estate,without apportionment or right of reimbursement. ITEM FIVE: I direct that my personal representative or guardian shall not be required to give bond for the faithful performance of their duties in any jurisdiction. ITEM SIN: In addition to the rights and powers given to the fiduciaries by taw or elsewhere in this will, I give to my Executor during the full time necessary and for the administration of my estate the following rights and powers to he exercised in his sole discretion. A. To retain any real or personal property which may at any time form a part of my estate so long as he or she deems it advisable. H. To invest in any real or personal property without restrictions to legal investments. MARYN --�-- PAGE ONE OF THREE PAGES C. To repair,alter,improve or lease for any period of time any real or personal property and to give options for leases. D. To sell at public or private sale, for cash or credit, with or without security, to exchange or to partition real or personal property,and to give options for leases. E. To make distribution in kind. F. To compromise claims. IN WI, WHEREOF, I have hereunto set my hand this day of �c. .2003. 1 SIGNED MARY K.FA AN The preceding instrument,consisting of this and two other typewritten pages each identified by the signature of the Testatrix was on the day and date thereof signed, published and declared by the Testatrix therein named as and for her last will,in the presence of us,who at her request,in her presence and in the presence of each other have subscribed our names. A 01atE� COMMONWEALTH OF PENNSYLVANIA . : ss COUNTY OF CUMBERLAND We A. Ing X 6j, 4o and witnesses whosb names signed to the attached or foregoing instrument being duty qualified according to law,do depose and say that we were present and saw the Testatrix sign and execute the instrument as her last will; that she signed willingly and executed it as her free and voluntary act for the purposes therein expressed; that each of us in the hearing and sight of the Testarix signed the will as witnesses; and that to the best of our knowledge, the Testatrix was at the time I8 or more years of age,of sound mind and under no constraint or undue influence. PAGE TWO OF THREE PAGES Sworn and subscribed to bef'o're me this I�day of 2003. I No�arial Sad ta.� �-r Lam/�� Bridget Ann Corcoran, Notary public Nota0y Public MY Commsas% pj,a lu e�0°%`DUOS Member,PenASybryilgpg�gti�� COMMONWEALTH OF PENNSYLVANIA : ss COUNTY OF CUMBERLAND 1, Mary K. Fagan whose name is signed to the attached 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 as my free and voluntary act for the purposes therein expressed. MARY K, FAG N Sworn and affirmed to and acknowledged before me this (4t day of 2003. Notary P lie Notnrial Sal Hddget Ano Co=Mn, Notary Public Carlisle Bow. Cumberland County My ConvnWion &pira June 10, 2006 Member,PennSYtMla Association of Notadee PAGE THREE OF THREE PAGES