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ESTATE SETTLEMENT AGREEMENT AND RELEASE
THIS AGREEMENT by and between Cathie C. MacArthur, as Testate Residuary
Beneficiary and Executrix of the Estate of Samuel Irvin Conrad, deceased, of Middlesex
Township, Cumberland County, PA (hereinafter referred to as "the estate") and Mr.
Lawrence I. Conrad, Ms. Elizabeth A. Payne, Mr. Mark Conrad, Ms. Lisa Conrad, Mr.
Robert Lawrence Beers and Ms. Andrea Beers Ferrante, as Testate Residuary
Beneficiaries of the said estate(collectively referred to as the"testate beneficiaries").
In accordance with their desire that the administration of the Estate be terminated
without the expense and delay of a court accounting,the parties hereto, in consideration
of the mutual covenants herein expressed, and intending to be legally bound hereby,
agreed that:
1. Mr. Samuel Irvin Conrad died on April 27, 2012 and the Estate of Samuel
Irvin Conrad is now in the process of administration, Letters Testamentary
having been duly granted to the Executrix by the Register of Wills of
Cumberland County on June 19, 2012.
2. Pursuant to Article 3 of the Last Will and Testament of Samuel�Irvin Cor�d �
distribution of the residuary estate is as follows: � � � rr, �'
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r`� �� � c- p
Lawrence I. Conrad, son one-fourth _-: ra G� �� �
Cathie C. MacArthur, formerly � ':M ; ^� �-.`; r�i
Cathie L. Beers, daughter one-fourth " `' `��7 � "� °
� , � � CJ CJ
Elizabeth A. Payne, daughter one-fourth , ` ; �:� 3 "� �
Mr. Mark Conrad, grandson one-sixteenth' : ; � �
Ms. Lisa Conrad, granddaughter one-sixtaenth 5 � r-`�-' r'y'
Mr. Robert Lawrence Beers, grandson one-sixteent,�iy o �" -° �
Ms. Andrea Beers Ferrante, granddaughter one-sixteenth
3. The parties acknowledge that the Executrix has received the assets set forth in
the Inventory as filed on or about January 25, 2013, a copy of which is
attached hereto as Exhibit"A"and made a part hereof, and the parties approve
the said Inventory. The parties acknowledge that the Executrix also filed an
Inheritance Tax Return on or about January 25, 2013 and said return was
accepted as filed by the Pennsylvania Department of Revenue on March 25,
2013.
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4. The parties acknowledge that the Executrix has received various monies and
made various payments for the benefit of the estate. The parties approve of
said receipts and payments without formal listing of the same and without
formal accounting for said receipts and payments.
5. A summary of the transactions, occurring during the administration of the
estate is attached hereto as Exhibit"B." Included in the Summary of
Transactions (Exhibit"B") are interim distributions to beneficiaries. The
parties hereto approve of said interim distributions.
If the beneficiaries herein desire a formal accounting of the receipts and
disbursements from the estate they should not sign this agreement and instead
should request a formal accounting by the Executrix which the Executrix shall
have prepared.
6. The parties hereto agree that the remaining balance of the estate assets shall be
distributed as set forth in the Proposed Schedule of Distributions, a copy of
which is attached hereto as Exhibit"C" and made a part hereof. Without
intending to limit the rights or remedies of the Executrix, the parties further
agree to indemnify the Executrix and save the Executrix harmless against
liability, loss and expense(including,but not limited to, costs and counsel
fees) which the Executrix may incur, whether due to the Executrix's
negligence or otherwise, as a result of her service as Executrix of the Estate of
Samuel Irvin Conrad, Deceased or making the above-described distributions.
7. The beneficiaries authorize and approve of a payment of$ 12,000.00 to the
Executrix representing an Executrix fee, said payment to be paid from the
monies currently held in the estate account, as indicated in Exhibit"C". The
parties also authorize and approve of the Executrix setting aside a reserve, in
the amount of Three Thousand Seven Hundred Forty Seven and 67/100
Dollars ($ 3,747.67), pursuant to the Proposed Schedule of Distributions (See
Exhibit"C"). Said reserve shall be held to pay for any legal andlor accounting
fees due for the preparation of estate fiduciary tax returns and for the
documents necessary to complete the administration of the estate. Upon
completion of the estate administration the Executrix shall then distribute to
the beneficiaries any and all remaining monies held in reserve, in the
proportion of their interests as set forth below:
Lawrence I. Conrad, son one-fourth
Cathie C. MacArthur, formerly
Cathie L. Beers, daughter one-fourth
Elizabeth A. Payne, daughter one-fourth
Mr. Mark Conrad, grandson one-sixteenth
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Ms. Lisa Conrad, granddaughter one-sixteenth
Mr. Robert Lawrence Beers, grandson one-sixteenth
Ms. Andrea Beers Ferrante, granddaughter one-sixteenth
Said distributions of the balance then remaining, which shall include any
additional interest and/or dividends earned on the custodial estate accounts,
less any additional expenditures deemed proper by the Executrix, shall be
made without further accounting.
8. The parties, and each of them,hereby forever fully release, compromise, settle
and discharge any and all claims, demands, actions or causes of action, legal
or equitable, absolute or contingent, vested or hereafter to accrue, which any
of them may have against any other party hereto or against the Estate of
Samuel Irvin Conrad, Deceased or the Executrix thereof or Gary L.
Rothschild, Esquire(counsel to the Executrix),by reason of any matter, cause
or thing growing out of or relating to any property or assets of the said estate,
or growing out of or relating to any act of the Executrix in her administration
of the said estate, even if attributable to negligence, and agree that any period
for the limitation of actions for the collection of any erroneous distribution or
distributions shall commence only at such time as the Executrix shall have
obtained actual knowledge of such erroneous distribution or distributions and
that in no event shall the period for collection of any erroneous distribution or
distributions be less than two (2) years after the actual discovery thereof by
the Executrix. The parties do hereby covenant, promise and agree to
indemnify and save harmless the Estate, the Executrix and Counsel from all
loss or damage, and from the payment of any and all sums of money to any
person(s), for or by any reason of the proposed distributions; and will refund
and repay to the Estate, upon demand by the Executrix or her Counsel, their
pro rata share of the monies distributed through this Settlement Agreement
that are later determined by the Executrix or her Counsel to have been
improperly or imprudently paid.
9. THIS PARAGRAPH IS INTENTIONALLY LEFT BLANK.
10. This Agreement may be executed in multiple counterparts and, when so
executed, shall be binding upon all the parties, and their respective heirs,
successors, next-of-kin, administrators,personal representatives and assigns.
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11. This Agreement shall be governed by the laws of the Commonwealth of
Pennsylvania.
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals
this�_ day of , 2014.
itness:
. -�� ,
�.'--�cC •- - �
CATHIE C. MACA THUR, Beneficiary and
Executrix of the Estate o amuel Irvin
Conrad, Deceased
LAWRENCE I. CONRAD, Beneficiary of
the Estate of Samuel Irvin Conrad, Deceased
ELIZABETH A. PAYNE, Beneficiary of the
Estate of Samuel Irvin Conrad, Deceased
MARK CONRAD, Beneficiary of the Estate
of Samuel Irvin Conrad, Deceased
LISA CONRAD, Beneficiary of the Estate
of Samuel Irvin Conrad, Deceased
ROBERT LAWRENCE BEERS, Beneficiary
of the Estate of Samuel Irvin Conrad, Deceased
ANDREA BEERS FERRANTE, Beneficiary
of the Estate of Samuel Irvin Conrad, Deceased
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11. This Agreement shall be governed by the laws of the Commonwealth of
Pennsylvania.
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals
this� day of �vGu�f , 2014.
Witness:
CATHIE C. MACA HUR, Beneficiary and
Executrix of the ta e Sam rv'
Conrad, Dece ecJ.�`�
�..
LAWRENCE I. CO , eneficiary of
the Estate of Samuel Irvin Conrad, Deceased
ELIZABETH A. PAYNE, Beneficiary of the
Estate of Samuel Irvin Conrad, Deceased
MARK CONRAD, Beneficiary of the Estate
of Samuel Irvin Conrad, Deceased
LISA CONRAD, Beneficiary of the Estate
of Samuel Irvin Conrad, Deceased
ROBERT LAWRENCE BEERS, Beneficiary
of the Estate of Samuel Irvin Conrad, Deceased
ANDREA BEERS FERRANTE, Beneficiary
of the Estate of Samuel Irvin Conrad, Deceased
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11. This Agreement sha11 be governed by the laws of the Commonwealth of
Pennsylvania.
IN WITNESS WHEREOF,the parties have hereunto set their hands and seals
�-
this Z.5 day of T��y ,2014.
Witness:
CATHIE C. MACARTHLJR,Beneficiary and
Executrix of the Estate of Samuel Irvin
Conrad, Deceased
LAWRENCE I. CONRAD, Beneficiary of
the Estate of Samuel Irvin Conrad,Deceased
�
I ETH . AYNE, Beneficiary of the
Esta.te of Samuel Irvin Conrad,Deceased
MARI�CONRAD,Beneficiary of the Esta.te
of Samuel Irvin Conrad, Deceased
LISA CONRAD, Beneficiary of the Estate
of Samuel Irvin Conrad, Deceased
ROBERT LAWRENCE BEERS, Beneficiary
of the Estate of Samuel Irvin Conrad, Deceased
ANDREA BEERS FERRANTE, Beneficiary
of the Estate of Samuel Irvin Conrad, Deceased
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, �
11. This Agreement shall be governed by the laws of the Commonwealth of
Pennsylvania.
IN WITNESS WHEREOF,the parties have hereunto set their hands and seals
, -µ
this �� day of � v � , 2014.
Witness: �✓t .�-I)L_�}+C`� �u�1 C-1�-I (
CATHIE C. MACARTHUR, Beneficiary and
Executrix of the Estate of Samuel Irvin
Conrad, Deceased
LAWRENCE L CONRAD, Beneficiary of
the Estate of Samuel Irvin Conrad, Deceased
ELIZABETH A. PAYNE, Beneficiary of the
Estate of Samuel Irvin Conrad, Deceased
- Mt�/� C or.,rzA7
MARK CONRAD, Beneficiary of the Estate
of Samuel Irvin Conrad, Deceased
LISA CONRAD, Beneficiary of the Estate
of Samuel Irvin Conrad, Deceased
ROBERT LAWRENCE BEERS, Beneficiary
of the Estate of Samuel Irvin Conrad, Deceased
ANDREA BEERS FERRANTE, Beneficiary
of the Estate of Samuel Irvin Conrad, Deceased
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{ 11.Tlus AgreEmeut shall be governed by the laws of the Commonweatth af
Pennsyl�ania.
IN WITNESS V�F�REOF,tiie parties have hereunta set their hands and seals
this '� day of���r U l ,2014.
'Witne : A�MA �L'��1Uv`� �
CA"THIE C.MACARTHUR,Beneficiary and'
Executrix of the Estate af Samuel'Irvin
Conrad,Deceased
LAWRENCE I.�ONRAD,Beneficiary of
the Estate of Samuel Irvin Conrad,Deceased
ELIZABETH A.PAYNE,Beneficiary of the
Estate of Samuel Irvin Conrad,Deceasecl
MiARK CONRAD,Beneficiary of the Estate
c�f S�muel Irvin Conrad,Deceased
_._.._ L-!5� �et� t2a.�
L1S�t CONRAD,Beneficiary of the Estate
of Samuel Irvin Conrad,Deceased
ROBERT LAWRENCE BEERS,Beneficisry
of the Estate of Samuel Trvin Conrad,Deeeased
ANDREA BEERS FERRANTE,Beneficiary
of the Estate of Sarnuel Irvin Conrad,Deccased
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F�,....--..W..�..w.... .� ._......�
_.._..
11. This Agreement shall be governed by the laws of the Commonwealth of
Pennsylvania.
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals
this � � �� day of � � � , 2014.
Witness:
CATHIE C. MACARTHUR, Beneficiary and
Executrix of the Estate of Samuel Irvin
Conrad, Deceased
LAWRENCE L CONRAD, Beneficiary of
the Estate of Samuel Irvin Conrad, Deceased
ELIZABETH A. PAYNE, Beneficiary of the
Estate of Samuel Irvin Conrad, Deceased
MARK CONRAD, Beneficiary of the Estate
of Samuel Irvin Conrad, Deceased
LISA CONRAD, Beneficiary of the Estate
of Samuel Irvin Conrad, Deceased
����.-.��.v� .- '�'
( ROBERT LAWRENCE BEERS, Beneficiary
of the Estate of Samuel Irvin Conrad, Deceased
ANDREA BEERS FERRANTE, Beneficiary
of the Estate of Samuel Irvin Conrad, Deceased
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11. This Agreement shall be governed by the laws of the Commonwealth of
Pennsylvania.
IN WITNESS WHEREOF,the parties have hereunto set their hands and seals
this�_ day of 2014.
Wimess:
CATHIE C.MACARTHUR, Beneficiary and
Executrix of the Estate of Samuel Irvin
Conrad, Deceased
LAWRENCE L CONRAD,Beneficiary of the
Estate of Samuel Irvin Conrad,Deceased
ELIZABETH A.PAYNE, Beneficiary of the
Estate of Samuel Irvin Conrad,Deceased
MARK CONRAD,Beneficiary of the Estate
of Samuel Irvin Conrad,Deceased
LISA CONRAD, Beneficiary of the Estate
of Samuel Irvin Conrad,Deceased
ROBERT LAWRENCE BEERS,Beneficiary of
the Estate of Samuel Irvin Conrad,Deceased
ANDREA BEERS FERRANTE,Beneficiary
of the Estate of Samuel Irvin Conrad,Deceased
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SUMMARY OF TRANSACTIONS
Invento a iled co attached hereto : $
349,699.79
Receipts:
ING Life Insuran Proceeds $ 5 ,860.28
Prudential IRA 16,653.
Pension and social secur received after death 4,960.46
Dividends 2,959.44
TaY refund 2,041.00
Verizon refund 849.00
Proceeds from sales of stock $ 55 9.61
Less: Value as per Inventory - 5 56.7
Net Gain on Sale of Stoc 3,272.83
Proceeds from sale of furn., c. $ 2,854.16
Less: Value as per Invent - 2.630.47
Net Gain on S of Furn. 223.69
Interest Accrued o oan to Larry
0 O1/13-12/Ol/13 $2,038.28
12/O1/13-03/15/14 608.79
03/15/14-06/30/14 398.79 3,045.86
Less: A crued interest reflected in Inventory -537.06
Misc laneous income 400.45 84,729.6
Subtotal 434,429.46
Disbur ments:
Register of Wills-probate fees $ 478.50
Register of Wills-Inheritance Taxes 15,628.38
Attorney's fees to date 8,458.17
EXHIBIT "A"
INVENTORY
REGISTER OF WILLS OF CUMBERLAND COUNTY, PENNSYLVANIA
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF Cumberland SS
} �� File Number 21 -12-00690
Cathie C. MacArthur (=-�lr ,�f/�, 2 0�z-oo�yGi
Personal Representative(s)of the Estate of Conrad, SamUel Irvllt
deceased,depose(s)and say(s)that the items appearing in the following inventory include all of the personal assets wherever situate
and all of the real estate in the Commonwealth of Pennsylvania of said Decedent,that the valuation placed opposite each item of said
inventory represents its fair value as of the date of the decedenYs death,and that Decedent owned no real estate outside of the
Commonwealth of Pennsylvania except that which appears in emora dum at the end of this inventory.
; ���
I verify that the statements made in this Inven- �(
tory are true and correct. I understand that false state-} Cathie C. MaCA ur
ments herein are made subject to the penalties of _._.
18 Pa.C.S.§4904 relating to unswom falsification to }
authorities.
Attomey- (Name) Gary L Rothschild (Supreme Courtl.D. No.) 62041
(Firm) The Law Offices of Gary L. Rothschild
2215 Forest Hills Drive
(Address) Suite 35
Harrisburg, PA 17112
(Te/ephone) 717/540-3510
DATE OF DEATH LAST RESIDENCE 12 Moore Circle DECEDENTS SOC.SEC.N0.
4/27/2012 Carlisle, PA 17015-7607 205-18-2454
FIGURES MUST BE TOTALED
Personal Propertv
ATT common stock(716 shares) 23,341.60
Teradata common stock(24.646 shares) � c� �`' �-�r► �,735.45
W � =.n � '�
Comcast common stock(180 shares) � m � N � ;;�,429.70
ri � � � .;�:¢ K�
Frontier common stock(120 shares) ' U` � � �`�489.00
� � �.,, '�C7 -t-� -e-3
c.� U _,f„f � •-wy
NCR common stock(24.6 shares) „`�' �:� -
, � �, � r�,.'j 574.29
Verizon common stock 506 shares � � �' �
� ) � 2�.386.74
(Attach additional sheets if necessary) Total Personal Property and Real Estate $349,699.79
INVENTORY
(continued)
REGISTER OF WILLS OF CUMBERLAND COUNTY, PENNSYLVANIA
COMMONWEALTH OF PENNSYLVANIA } SS
COUNTY OF Cumberland } File Number 21 -12-00690
DATE OF DEATH LAST RESIDENCE 12 Moore Ci rcle DECEDENT'S SOC.SEC.NO.
4/27/2012 Carlisle, PA 17015-7607 205-18-2454
Loan Receivable from Larry Conrad(son). 169,150.00
Accrued interest on loan to son,as of date of death (February$ 135.32, March $ 537.06
211.44,April$211.44 x 27/30=$ 190.30)
Loan Receivable from Elizabeth A. Payne(daughter). Interest free. 13,500.00
Belco Community Credit Union-savings account balance and accrued interest( 1.548.27
Statement from BELCO attached as Exhibit 2)
Belco Community Credit Union-checking account balance and accrued interest 28.502.79
(Statement from BELCO attached as Exhibit 2)
Belco Community Credit Union-Sapphire money market account balance and 36.579.42
accrued interest(Statement from BELCO attached as Exhibit 2)
2010 Subaru Forester 2.5XT-25,000 miles, Keiley Blue Book value in very good 22.000.00
condition is$20,500(See attached Exhibit 3). Sold for$22,000.00.
2001 Chevrolet Corvette-31,000 miles, Kelley Blue Blue Book value in good 21,295.00
condition (See attached Exhibit 4).
Personal property(furniture,jewelry, clothing,guns and miscellaneous items) 4,630.47
distributed to heirs or sold at auction.
Total Personal Property 349,699.79
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EXHIBIT "B"
SUMMARY OF TRANSACTIONS
Inventory as filed (copy attached hereto� $ 349,699.79
Receipts:
ING Life Insurance Proceeds $ 50,860.28
Prudential IRA 16,653.72
Pension and social security received after death 4,960.46
Dividends 2,959.44
Tax refund 2,041.00
Verizon refund 849.00
Proceeds from sales of stock $ 55,229.61
Less: Value as per Inventory - 51.956.78
Net Gain on Sale of Stock 3,272.83
Proceeds from sale of furn., etc. $ 2,854.16
Less: Value as per Inventory - 2,630.47
Net Gain on Sale of Furn. 223.69
Interest Accrued on loan to Larry
02/O1/13-12/O1/13 $ 2,038.28
12/O1/13-03/15/14 608.79
03/15/14-06/30/14 398.79 3,045.86
Less: Accrued interest reflected in Inventory -537.06
Miscellaneous income 400.45 84,729.67
Subtotal 434,429.46
Disbursements:
Register of Wills-probate fees $ 478.50
Register of Wills-Inheritance Taxes 15,628.38
Attorney's fees to date 8 458.17
CPA's fees to date 2,350.00
PA income tax balance due 202.00
Funeral expense 174.59
Philipsburg Cemetery 1 025.00
Cumberland Crossing-residential fees 3,662.00
Reimbursement of portion of pension
and social security 4,312.46
Utilities and telephone 655.38
Medical expenses 176.09
VISA balance due 257.39
Miscellaneous 46.25
Distributions of personal property to beneficiaries 2,000.00
Payment to Larry for personal property of his sold
at auction 255.58
Distribution of cash to Robert 2,000.00
Distribution of cash to Andrea 6,000.00
Distribution of corvette to Cathie 21,295.00 68,976.79
Net Estate Value $ 365.452.67
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EXHIBIT "C"
PROPOSED SCHEDULE OF DISTRIBUTIONS AND RELATED
INFORMATION
Breakdown of Net Estate Value:
Bank accounts $ 257,756.81
Loan due from Larry 91,150.00
Interest due on Larry's loan 3,045.86
Loan due from Elizabeth 13.500.00
Total Net Estate $ 365,452.67
Total to be Distributed, including Interim Distributions:
Total Net Estate $ 365,452.67
Payment of Executrix Fee - 12,000.00
Distributions to date + 31,295.00
Reserve for legal fees and accounting
fees to complete administration - 3.747.67
Total to be Distributed $ 381,000.00
Calculations of Cash to be Distributed:
Estate funds held in bank accounts $ 257,756.81
Proposed payment of Execuh-ix Fee - 12,000.00
Reserve for legal fees and accounting
fees to complete administration - 3,747.67
Amount to be distributed: $ 242,009.14
Breakdown of Proqosed Distribution of Cash•
Total � Cathie Elizabeth Robert Andrea Mark Lisa
381,000 95,250 95,250 95,250 23,812 23,812 23,813 23,813
Loans - 104,650 - 91,150 - 13,500
Interest - 3,046 - 3,046
Distrib. - 10,000 - 600 - 600 - 200 -2,300 - 6,300
Distrib. - 21,295 - 21,295
Net 242,009 454 73,355 81,550 21,512 17 512 23,813 23.813
Notes:
The following receipts have not been separately stated in the Summary of Transactions as
they were reflected in the Inventory and ending cash balances:
12/07/2013 Loan payment from Larry $ 30,000.00
03/20/2014 Loan payment from Larry $ 48,000.00
Sale of Subaru $ 22,000.00
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I, Cathie C. MacArthur, Executrix under the Last Will and Testament of
SAMUEL IRVIN CONRAD, deceased,hereby declare under oath and penalties of
perjury that I have fully and faithfully discharged the duties of her office; that the
forgoing Informal Accounting is true and correct; that all known monies owed to or
received on behalf of the estate are included in said balance; that all known claims
against the estate have been paid in full,that,to my knowledge,there are no claims now
outstanding against the Estate, and that all taxes presently due from the Estate have been
paid.
., ��` �� '
Date: *`� � �� �c��� �
CATHIE C. CARTHUR
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