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HomeMy WebLinkAbout08-07-15 (2) LAST W[LI. AND TESTAMENT OF CAROL F,. FOX I, CAROL E. FOX (also known as CAROL E. KLEIN and CAROL E. KLEIN-FOX), of CUMBERLAND Counry, Pennsylvania, revoke any piio� Wills and Codicils and declare this to be my Last Will and Testament. c o ^ m m ;= v � � o � �_ " c� c� a ARTICLE I �' " � � Family [nformation � � '� —� -�i 1 am married to ARTURO A. FOX and any reference to my Husband shall ba3o bim� �ly only child born before the date of my Will is I.AiJREN M. KLEIN. - ,� `' �i ARTICLEII Disposition of Remains I hereby request that MY HUSBAND and DAUGHTER have the authority and power to control the arza�gements fo� my fune�al and the disposition of my remains. This Article is intended to constitute "Cont�ary IntenP', as detined in 20 Pa.C.S. § 305(e), thut the perso�s named above, rather than the person authorized by 20 Pa. GS. § 305(c), determine the final disposition of my remains. ARTICLE III Tangible Personal Proper[y A. Memorandum of Wishes. I may leave a writing disposing of some or all of my tangible personal property. If I do so and the writing can be incorporated by reference into this Will or otherwise be legally binding, I direct that it be incorpotated o� followed and p�evail over the disposition below in this Article. If the w�iting is not lcgally binding, I requcst that my wishes, as expressed in that writing, be followed. This provision shal] apply whe[her [he writing is exeeuted before or after this Wi1L If no such writing is found by my Executor within thirty (30) days of the admission of my Will ro probate, i[ shall be conclusively pcesumed that no such writing exis[s. B. General Gift of Tangible Personal Properfy. I give all my tangible personal proper[y (othe� [ha� items effectively disposed of above) to my Residuary Fs[ate. C. Gift Includes Insuraoce. A gift of proper[y unde� this Article incfudes my rights under any insurance policies related to such proper[y or the proceeds of such policies. D. Payment of Packing, Shipping and Delivery Expeuses. The expense of packi�g shipping, insuring and delivering [angible personal properry to an individual unde� this Article at such individuaPs residence or place of business shall be paid by my Executor as an administcatio� expense. E. Survivorship. Except when I may have specifically provided otherwise, any gifr to an individual under this Arlicle shall take effect only if [he individual survives me, and no anti-lapse �ule shal] apply. ARTICLE IV Residue I give the rest, residue and remainder of my estate, rea] and personal ("my Residuary Estate"), to the theo serving Trustee of Revocable Deed of Trust of Carol E. Fox, which I am fully amending and restating on the samc date as the execution of this Will (sometimes referred to as "the TrusC' or "the Trust Agreement"), to be disposed of as provided in the Trust Ag�eemeny i�cluding any amendments to it signed before today, today or afrer today. If this gih is ineffective b�t the terms of the T�ust may be inco�porated iuto this Will or othecwise carried out undcr Ihis Will, then (i) I hereby appoint the Tmstee under the Trust Agreemeut to be Trustee undec this Will; (ii) [ ineorporate the provisions of tt�e Trust Agreement into this Will; (iii) I give my Residuary Estate to the Tmstee under this Will; and (iv) I dira;t that my Residuary Estate shall be disposed of in the manner provided in the "Pmst Agreement but with the trusts thereby set forth tcea[ed as tmsts under this Will. I dicect my Executor to follow any instructions contained i� the Trus[ Agreeme�t in making any tax elec[ion, i�cludiug, but not limited to, [he allocation of my Available GST Exemption (as defined io the Trust Agreement). I direct that aoy term or phrase refer�ed to in this Will but not defined herein be given the meaniug set forth in the Tr�s[ Agceemen[ for such term or phrase. I direct that the taxes imposed by reason of my death upon properry passing undec and outside this Will be appodioned and paid in the manner 2 provided i� the Tcust Agreement, a�d f incorpo�ate the tax apportionmen[ provisions of the Tmsl Agreement as pan of this Will. ARTICLE V Executor Appointments A. Appointment of Initial Executor. I appoint DAUGHTER, LAUREN M. KLEIN to serve as Executor hereunder. B. Co-Executors. A Co-Executor may be appointed by a then serving Executor (the "appointing Exeeuto�") at any time when only one Executor is serving. A Co-Executor so appoiuted hereunder shall serve while the appointing Cxecutor serves, and shall continue to serve if [he appointi�g Executor fails or ceases to serve only if no successor has bee� named o� identified by me or all successors named o� identified by me ace unable or unwilling to serve. Any appointme�t of a Co-Executor here�nder shall be made by an acknowledged instrument delivered to any and all other Execurocs who may then be secving a�d filed in the court or other judicial office in which this Will has been admitted ro o�iginal pcobate or, if this Witl has not yet been admitted to original probate, where it has been first offered foc original probate. Q Successor Executors. If a specific successor Exeeutor is named to succeed a par[iculaz Executo� named in this Article, such specific successor Exuutor shall serve as successor as appointed above. In all other cases, any Executoc (the "appointing Exeeutor") may appointsuccessor Executorsin aeeordanee with this pa�agraph: 1. Any Executor serving at any time may appoint a successoc Exccutor to serve when the appoiuting Executor fails or ceases to secve as Executor. 2. If an appointing Execu[or names a successor Executor, and if I have also named oc provided foc the appointment of one or more successor Executors herein, the nppointments I have made herein shall take priociry. 3. Any appointment of a successor Executo� shall be made by an acknowledged i�strument delivered to auy and all other Execulors who may then be serving and filed in the court or o[her judicia] office in whieh this Will has been admitted to original probate or, if this Will has not yet been admitted to original probate, where it has been first offered for original probate. 3 D. Executor Exclusions. No successor F,xecutor or CaExecutor appointed by a beneticiazy shall be a person or entity that is related or subordinate to such beneficiary within the meaning of Code Sec. 672(c) and the Regulatioos thereunder. E. Filliog Executor Vacancies. If there is neither an effectual appointment of a successor Executo� nor any effectual provision otherwise hereuuder for [he appoiutment of a sueeessor Exeeutor, my Ilusband, if living and capable of making the appointment oc, if not, a majority of my then livi�g descendants who are so capable shall have the right to appoint an individual, eorporation o� other entity with fiduciary powexs to replace the �emoved Executo� oc whenevec the office of Executor becomes vaeant. F. Compensation ot Exeeutora. An individual Executor may receive reasonable compensa[ion in accordance with the law of the Commonwealth of Pennsylvania in effec[ at the time of payment, unless the Exeeuto� waives compe�satioa A corporate Exeeutor shall be compensated by ag�eement with the individual Executor o�, in the absence of such agreement, in aeeordance with its fee schedule as in effeet at the time of payment. 1 authorize a corporate Executor to charge additional fees for services it provides hereunde� that aze not compcised within its duties as an Executor; for example, a fee charged by a mumal fund it administers in which my estate invests, a fee foc providing an appraisal or a fee fo� providing eorporate finanee o� investment banking services. I also �eeognize that a eorpocate Executor may c6arge separately for some services comprised within its duties as an Executor; for example, a separate fee for investing cash balances or preparing tax returns. Such separate charges shall not be treated as improper or excessive merely beeause they aze added on to a basic fee in calculating to[al compensation fo� service as a� Executor. The collection by my Executor of insurance proceeds aud retirement benefits payable [o my estate shall not be subject to F,xecutor's compensation. G. Bene£ciary. Foc purposes of this Article, the term "beueSciary" shall mean any pecson who is named as a recipient of a bequest under this Will or who is, or in the future may be, eligible to reeeive ineome or principal under this Will, or have [he cight to �se any property owned by any trust created hereunder. A person shall be considered a beneficiary for purposes of this ARiele even if his or her only in[erest is as a potential distributee or user of tcust pcoperty undec a dise�elionary power held by a Disi�[erested Trustee of any trust ereated heceunder, but shall not be considered a beneficiary for such purposcs if lus or her only ioterest hereunder is as a 4 potential appointee under any non-fiduciary power oF appointment held by another person, the exercise of which will take effect onty in the futuce, such as a testamentary power held by a living person. ARTICLE VI Fiduciary Provisions A. General Provisions Regarding Changes in Fiduciaries. l. To the exten[ not pcohibited by applicable law, any Executor may cesign at any time without coun approval, whether or not a successo� has been appointed, provided the resigning F.xecutor complies with any applicable state law governing the �esignation of the Exewtor [hat may nol be waived by a governing instrument. Such resignation shalf be by acknowledged instrument executed by the resigning Executor and delivered to any other fiduciary ( acting hereunder, or if mne, to my eldest living descenda�t, or if none, then to the guazdian of my eldest ]iving descendant, or, if such descendant is a minor and no guardian for such mino� has been appointed and is acting then to the pare�t of such descendant or other individual with whom such minor resides. B. Accountings and Other Procecdings. L I direct that my estate be subject to independent administration with as little court supervision as the applicable state law allows. My Executor shall not be requiced to �ende� to any court annual oc other periodic accounts, or any inve�tory, appraisal, or other remrns or reports, except as cequired by applieable state law. My Executor shall take such action foc the settleme�t or approval of accounts at such times and befo�e such courts or without couR proceedi�gs as my Exec�tor shall determine. My Executoc shall pay the costs and expenses of any such action or proceeding, including (but not limited to) the eompensation aod expe�ses of attorneys and guardians, out of the property of my estate. 2. I direct that in any proceeding relating to my estate, service upon any pecson under a legal disabiliry need not be made when another person not under a disabiliry is a pa�ty [o the proceeding and has the same interest as the person u�der the disability. The pe�son under the disabiliry shall nevertheless be bound by the results of the proceeding. The same rule shall apply to oon-judicial settleme�[s, releases, exonerations and indemuities. C. Additional General Provisions Regarding Fiduciaries. 5 1. Except to the extent, if any, specifically provided othecwise in this Will, refecences to my Executor shall, in theic application to my estate, refer to all those from time to time acting as Executor and, if two P,xecutors are eligible to act on any given matter, they shall act unanimously, and if more than two Executors aze eligible to act on a given matter, they shall act by majority. 2. No Executor shall be liable to anyone for anything done or not done by any other Executor or any beneficiary. 3. The fact that an Execumr is active in the investment business shall not be deemed a co�flict of interest, and purehases a�d sales of investme�ts may be made through a corporate Executor or tluough any firm of which a corporate or individual Executor is a partner, member, shareholder, prop�ieto�, associate, employee, owner, subsidiary, a�liate or the like. Property of my esta[e may be invested in individual securities, mutual funds, parinerships, private placements or other forms of imestment promoted, underwritten, managed or advised by an Executor or such a firm. 4. The fact that an Executor (or a firm of which an Executor is a member or with which an Executor is otherwise affiliated) rende�s legal or other professional services [o my estate shall not be deemed a conflict of interest, aod my Executor may pay fees for such sewices to such Exewtor or tirm without prior approval of any cour[ or any beneficiary, whether or not there is a Co-Executor to approve such payment. An attorney o� other Executor who also renders professional services shall receive full compcnsation for both services as an Executor and the professional services rende�ed, except as specifically limited by law. 5. No state law restraint on acts of self-dealing by a fiduciary shall apply to an Executor who is my H�sband or a descendan[ of mine, except to the exlent (bu[ only to [he extent) such restraint may not be waived undcr applicable local law by a governing instrument. Except whe� prohibited by another provision of this Will, such Executor may enter into trausactions on behalf of my estate i� which [hat Executor is personally intecested so long as the terms of sueh [cansaction are fair to my estate. For example, such Exeeutor may pucchase property from my estate at its the� fair mazket value without court approval. D. Waiver of Bond. No Executor shall be requiced to give bond or other security in any ju�isdictio� and, if despite this exoneration, a bond is nevertheless required, no sureties shall be required. 6 ARTICLE VII Fiduciary Powers My Executor may, without prioc authority from any couR, exercise al] powe�s co�ferred by this Wifl or the Trust Agreement or by common law or by any fiduciary powers act or other statute of the Commonwealth of Pennsylvania or any other jurisdiction w�hose law applies to this Will or [he Tr�st Agceement My Exeeutor shall have sole and absolute diseretion in exercising Ihese powers. Except as specifically limited by this WiII, these powers shall extend to all property held by my Executor until the actual distribution of the property. The powers of my F,xecutor shall also include the following powers: A. Distributioos to Minor Benefieiaries. My Execu[or may dis[ribute any of my estate to a bweficiary unde� twenTy-one (21) years of age by distribution to any appropriate person (who map be an Executor) chose� by my Executoc as custodian under any appropriate Uniform Transfers (or Gifts) to Mioocs Act, to be held for the maeim�m period of time allowed by law. My Executor may also sell any asse[ that eannot be held under this custodianship and invest the sales proceeds in assets that can be so held. B. Power to Sell. I grant to my Executor the powe� to sell, convey, or lease any real estate and to transfer or assign all personal property on such terms and conditions as my Executor shall deem advisable without the necessity of any appraisal, additional bond, or orde� or approval of Court. C. Reliance Upon Advice. My Executor may employ and rely upon advice given by accou�tants, attomeys, investment banke�s, and other expert advisors and employ agen[s, clerks and o[hec employees and pay reasonable compensation lo such advisors or employees in addition to fees o[herwise payable lo my Executor, notwithsta�ding any rule of law otherwise prohibiting such dual compensation. D. Executor as Agent. F.xecutors serving in any jurisdiction in which a corporate Executor is unable to serve as an Executor may use such eorpo�ate Exeeutoc as agent to perfo�m any [ask that map lawfully be pecformed by such an agent in that jurisdiction, and may pay to such corporate Executor such compensation for its se�vices as agent as shall be agreed upon by all Exewtors. E. Adjustments to Basis. I authorize my Executor, in the exercise of sole and absolute discretion, to make any adjustment to basis authorized by law, including but not limited 7 to increasing the basis of any property included in my esta[e, whethec or not passing under my will, by allocating any amount by which the basis of assets may be increased. My Executor shall be under no dury and shall not be required to allocate basis i�crease exclusively, primarily or at all to assets passing �ndec this instrument as opposed to other properry incWded in my estate. I waive any such duty that otherwise would exisc My Executor may elect, in the exercise of sole and absolute discretion arid without petmission of any court or othcr authority, to allocate basis inccease [o one or more of all assets that any Executor receives or in which the Executor has a pe�sonal inte�est to the partial or total exclusion of o[he� assets with respect to which the election eould be made. Any such allocation shall not cause my Executor ro be liable to any person or to be subject to removal or forfeituce of commissions oc other compensation. ARTICLE VIII Definitions and Miscellaneous Provisions The following definitions and miscellaneous provisions shal] apply under[his Will: A. Children and Descendants. References to "childred' and "descendants" shall include children and descendants whenever bom. B. Determining Desceodants. One's children and other descendanis shall be determined awoeding to applicable law, except to [he exten[ modified by this Article o� by other specific provisions of this Will. 1. A child adopted before he or she attains twenty-one (21) years of age (bui not afrec attaining that age) shall be treated under this Will as a child of his or her adopting parents and a descendant of the'v ancestors. 2. A biological child shall not be treated as a child or descendan[ of any biologieal parent of the child or as a descendant of the ancestors of such biological parent if the child has bee� s�rre�dered for adoptioo with the coosent of such biological pazent and the child's adoptive pazeut substiwtes for the consenting parent under applicable state law. 3. Adoptions and marriages [hat are cecog�ized under this Will shall not affect prior distributions or other interests that have p�eviously vested in possession, but they shall enable a persou [o receive distributions from or remainder or other interests in a trust still in existenee. The desee�dants of a person who is treated as a child or descendant undec this Ar[icle shall also be treated as descendants of such person's ancestors. The descendants of a person who 8 is t�eated es not being a child or descendant under this Article shall also be treated as not being descendants of such person's ancestors. G Minor and Adult. Whether an individual is a minor or an adul[ shall be determined undec the laws of the individual's domicile at the time in question. D. Tangible Personal Property. The term "tangible personal property" does not include personally held art, antiques, stamp and coin collections and other collectibles. Such term does not include propeRy primarily held for investmen[ purposes, nor does it includc any property held for use in a trade or business, ordinary currency and cash or bullion. E. Per Stirpes. Property that is to be divided among an individual's surviving or then-living descendants "per stirpes" or in "per stirpital shazcs" shall be divided into as many equal shares as there are children of the individual who ace then ]iving or who have died leaving surviving or then-living descendants. A share allocated to a deceased child of the individual shall be divided further among such deceased child's surviving or then-]iving descendants in the same manner. ARTICLE IX Savings Clause Should any of the piovisions or di�ectio�s of this Will fail oc be held ineffectual or invalid for a�y reason, it is my desire that no other pottion oe provision of this Will be TH[S SPACE IS INTENTIONALLY LEFT BLANK 9 invalidated, impaired or affected the�eby, but that this Will be constmed as if such imalid provision or di�ec[iou had not been containcd Ihe�ein. ARTICLE X Captions The caplions used in this Will are inserted only as a mattec of conveniencc and f'or refc�ence a�d in no way define, limit or describe the ecope of this Wi0 or the intent of any provision thecein. IN WITNESS WHEREOF, I have hereunto subscribed my name on !�/�! / �a/d � �a.�� �. �� CAROL E. FOX Signed, sealed, published and decla�ed by CAROL E. FOX (also know� as CAROL E. KLE[N and CAROL E. FOX-KLEIN), the Testatrix above named, as and for her Last Will and Testament, in ouc presence, aud we, in hec presence, d 'n the presence of each other, have hereunto subscribed our names as wimesses on / / . . �'�'�.:I�y�=-C�'��.�YL�-2-' Signatuce of Witness � + � �L,r � ��r; 111"7f��� am of Witness j \ .[� � c.Ye2t'i � i �nature of Witness SivJ��.s S� ✓isvs� Name of Witness 10 SELF-PROVING AFFIDAVIT (Contemporaneous) We, AROL E. PDX (also known as CAROL E. KLEIN and CAROL E. FOX-KLEIN), V�(�C��' ��!r ��" �L and �irr��. cS�2Visnh , the Testatrix and the wimesses, respectively, whose names are subscribed to the foregoing instrument, being first duly sworn, do heceby declare to the unde�signed authocity that CAROL E. FOX signed and executed the instrument as her Last Will and Testament and that she had signed willingly and that she execu[ed it as hec free and voluntary act foc the purposes theiein expressed, and that each of the witnesses, in the prese�ce and heazing of CAROL E. FOX, signed the Last Will and Testament as witness and that to the best of each such wifiess's knowledge CAROL E. PDX was at that time eighteen (18) or mo�e yea�s of age, of' sound mind, and under no constraint or undue influence. ���� � �� CAROL E. FOX � �ICf'K=i".1;1 � �lv�r t-, Signature of Witness ����G� � �'�'� � N�I{'(�-- Name of Witness . 7/ Si ature of Wimess S�at�.�rr /�! �S7�ev�sa�j Name of Witness Subscribed, swom to and acknowledged before me by CA[t0 E. Cv X, the Testatrix, and subscribed and swom to before me by ti�-lCt . ��V�i � �IQ-IZ and .Z�Jd� ' -��"e✓�s,.�, w�tnesses,this _ j'� �� j�. 1 � Not C��p��q(,�'H�FPE, SYLVANIA NOTAAIALSHAL �(¢reo A.Tn�ea�.Notary Public S0ver5pongs IawoslvP.CumberlandCamry My cammissiov expires Deccmher I9,20U