HomeMy WebLinkAbout08-04-14 r _
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IN RE : ESTATE OF BETTY J. KRESS, DECEASED
Date of Death: September 8, 2012 Will No. 0998 of 2012
FAMILY SETTLEMENT AGREEMENT/RECEIPT AND RELEASE
The circumstances leading up to the execution of this Instrument are as follows:
I. Betty J. Kress died on September 8, 2012. Letters Testamentary were granted to
Anthony Kress, son of the decedent, and Peggy Baker, daughter of the
decedent, on September 13, 2012 based on decedent's Last Will and Testament
dated March 8, 2012.
2. Under the decedent's Will, the following persons are entitled to a 115 share of the
estate:
Peggy Baker, 17 Summer Drive, Gettysburg, PA 17325;
Edward Kress, Jr., 2444 Purdue Circle, N. W., North Canton; OH 44720; A,
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Beverly Collett, 398 Aurora Drive, Millersville, MD 21108; zo
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Anthony Kress, 23225 Murdock Ridge Way, Clarksburg, MD 20871 ? c� c
Thomas Kress, 108 Nolan Drive, Gurley, AL 35748. r :r.,°
3. An informal Accounting of the Administration of the Estate has been y w o
prepared by the Executors, and Is attached hereto as Schedule"A."
4. In consideration of the foregoing and intending to be legally bound hereby, Peggy
Baker, Edward Kress, Jr., Beverly Collett, Anthony Kress and Thomas Kress:
A. Do hereby waive an audit of an account of the administration of the Estate of
Betty J. Kress, deceased, by the Orphans' Court Division of the Court of
Common Pleas of Cumberland County, Pennsylvania;
B. . Do hereby declare that they examined the attached informal account of the
Estate of Betty J. Kress, deceased, that they find it to be true and correct in
all particulars; that they accept and approve it with the same force and effect
as if it had been prepared and duly filed with, audited, adjudicated and
confirmed absolutely by the Orphans'Court Division of the Court of Common
Pleas of Cumberland County, Pennsylvania;
C. Do hereby acknowledge that Anthony Kress and Peggy Baker, Executors,
distributed the assets of the Estate equitably to all of the beneficiaries named
_ in the Will;
D. Do hereby absolutely and irrevocably remise, release, quitclaim and forever
discharge Anthony Kress and Peggy Baker, Executors, their heirs, executors,
administrators and assigns, of and from any and all action, reckonings,
liabilities, claims and demands relating in any way to their administration of
the Estate of Betty J. Kress, deceased;
E. Do hereby indemnify and hold harmless Anthony Kress and Peggy Baker,
Executors, their heirs, executors, administrators and assigns, from and
against any and all claims, losses, liabilities and damage which they may
suffer or to which they may be subjected by reason of their administration of
the Estate of Betty J. Kress, and the distribution of the estate without an
account or the approval of the Orphans' Court Division of the Court of
Common Pleas of Cumberland County, Pennsylvania, including but not
limited to, any liability for any federal estate tax, Pennsylvania inheritance tax
or any other death taxes,together with interest and costs incidental thereto,
relating in any way to the estate; and
F. Do hereby declare it to be there intention that this instrument shall be legally
binding upon them and upon their heirs, executors, administrators and
assigns.
Witness:
Date: July ! , 2014 Pe y er
Date: July 2014 Edward Kress, Jr.
Date: July 2014 Anthony Kress
Date; July 2014 Beverly Collett
Date: July 2014 Thomas Kress
D. Do hereby absolutely and irrevocably remise, release, quitclaim and forever
discharge Anthony Kress and Peggy Baker, Executors, their heirs, executors,
administrators and assigns, of and from any and all action, reckonings,
liabilities, claims and demands relating in any way to their administration of
the Estate of Betty J. Kress, deceased;
E. Do hereby indemnify and hold harmless Anthony Kress and Peggy Baker,
Executors, their heirs, executors, administrators and assigns, from and
against any and all claims, losses, liabilities and damage which they may
suffer or to which they may be subjected by reason of their administration of
the Estate of Betty J. Kress, and the distribution of the estate without an
account or the approval of the Orphans' Court Division of the Court of
Common Pleas of Cumberland County, Pennsylvania, including but not
limited to, any liability for any federal estate tax, Pennsylvania inheritance tax
or any other death taxes, together with interest and costs incidental thereto,
relating in any way to the estate; and
F. Do hereby declare it to be there intention that this instrument shall be legally
binding upon them and upon their heirs, executors, administrators and
assigns.
Witness:
Date: July 2014 Peggy Baker
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Date: July 9L? , 2014 Edward Kress, Jr.
Date: July 2014 Anthony Kress
Date: July 2014 Beverly Collett
Date: July 2014 Thomas Kress
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D. Do hereby absolutely and irrevocably remise, release, quitclaim and forever
discharge Anthony Kress and Peggy Baker, Executors, their heirs, executors,
administrators and assigns, of and from any and all action, reckonings,
liabilities, claims and demands relating in any way to their administration of
the Estate of Betty J. Kress, deceased;
E. Do hereby indemnify and hold harmless Anthony Kress and Peggy Baker,
Executors, their heirs, executors, administrators and assigns, from and
against any and all claims, losses, liabilities and damage which they may
suffer or to which they may be subjected by reason of their administration of
the Estate of Betty J.Kress, and the distribution of the estate without an
account or the approval of the Orphans' Court Division of the Court of
Common Pleas of Cumberland County, Pennsylvania, including but not
limited to, any liability for any federal estate tax, Pennsylvania inheritance tax
or any other death taxes, together with interest and costs incidental thereto,
relating in any way to the estate; and
F. Do hereby declare it to be there intention that this instrument shall be legally
binding upon them and upon their heirs, executors, administrators and
assigns.
Witness:
Date: July 2014 Peggy Baker
Dater ly , 2014 Edward Kress, Jr.
Date: July eJ6, 2014 Anthony Date: July July 2014 Beverly Collett
Date: July 2014 Thomas Kress
D. Do hereby absolutely and irrevocably remise, release, quitclaim and forever
discharge Anthony Kress and Peggy Baker, Executors, their heirs, executors,
administrators and assigns, of and from any and all action, reckonings,
liabilities, claims and demands retating in any way to their administration of
the Estate of Betty J. Kress, deceased;
E. Do hereby indemnify and hold harmless Anthony Kress and Peggy Baker,
Executors, their heirs, executors, administrators and assigns,from and
against any and all claims, losses, liabilities and damage which they may
suffer or to which they may be subjected by reason of their administration of
the Estate of Betty J. Kress, and the distribution of the estate without an
account or the approval of the Orphans' Court Division of the Court of
Common Pleas of Cumberland County, Pennsylvania, including but not
limited to, any liability for any federal estate tax, Pennsylvania inheritance tax
or any other death taxes,together with interest and costs incidental thereto,
relating in any way to the estate; and
F. Do hereby declare it to be there intention that this instrument shall be legally
binding upon them and upon their heirs, executors, administrators and
assigns.
Witness:
Date: July 2014 Peggy Baker
Date: July 2014 Edward Kress, Jr.
Daig July _� Anthony Kress
Date: July.2 Y , 2014 Beverly Collett Ln
Date: July 2014 Thomas Kress
D. Do hereby absolutely and irrevocably remise, release, quitclaim and forever
discharge Anthony Kress and Peggy Baker, Executors,their heirs, executors,
administrators and assigns, of and from any and all action, reckonings,
liabilities, claims and demands relating in any way to their administration of
the Estate of Betty J. Kress, deceased;
E. Do hereby indemnify and hold harmless Anthony Kress and Peggy Baker,
Executors, their heirs,executors,administrators and assigns,from and
against any and all claims, losses, liabilities and damage which they may
suffer or to which they may be subjected by reason of their administration of
the Estate of Betty J. Kress, and the distribution of the estate without an
account or the approval of the Orphans' Court Division of the Court of
Common Pleas of Cumberiand County, Pennsylvania, including but not
limited to, any liability for any federal estate tax, Pennsylvania inheritance tax
or any other death taxes,together with interest and costs incidental thereto,
relating in any way to the estate; and
F. Do hereby declare it to be there intention that this instrument shall be legally
binding upon them and upon their heirs, executors, administrators and
assigns.
Witness:
Date: July 2014 Peggy Baker
Date: July 2014 Edward Kress, Jr.
Date: July 2014 Anthony Kress
Date: July ��, 2014 Beverly Collett
Date: July as 2014 Thomas Kress
ESTATE OF BETTY J. KRESS, DECEASED
ASSETS
Real Estate $155,000.00
Stocks and Bonds 16,671.59
Cash, Bank Deposits 58,354.74
Total Assets $230,026.33
DISBURSEMENTS
Funeral expenses and Administrative costs 34,698.75
Debts of the decedent 10,055.98
Inheritance tax 8,337.22
TOTAL $53,091.95
NET ASSETS/EXPECTED DISTRIBUTION
RESIDUARY ESTATE $176,934.38
EXPECTED DISTRIBUTION PER RESIDUARY BENEFICIARY
$35,387.86