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HomeMy WebLinkAbout06-02-05 (2) F:\FILES\DA T AFILE\WILLS\8508-H2. WIL " " LAST WILL AND TESTAMENT I, CALVIN A. STETSON, of South Middleton Township, Cumberland County, Pennsylvania, being of sound and disposing mind and memory, do hereby make, publish and declare this to be my Last Will and Testament, hereby revoking any and all former Wills or Codicils by me made. ITEM ONE I direct that all my legally enforceable debts, funeral expenses, testamentary expenses and all inheritance taxes shall be paid to the extent possible from the assets held or passing under ITEM FOUR hereof as soon as practicable after my decease and as part of the administration of my estate. ITEM TWO In the event my wife, MARY S. STETSON, shall predecease or fail to survive me by thirty (30) days, then I give such items of personalty as are itemized in a certain list attached hereto to the persons named thereon, which list is signed and dated by me at the end thereof. ITEM THREE If my wife, MARY S. STETSON, survives me, in order to obtain the portion of the marital deduction allowed in my estate by the Federal tax laws that will eliminate all Federal estate taxes payable as a result of my death, my Executor shall divide my residuary estate into two portions known as the "Marital Fund" and the "Credit Trust." The Marital Fund, which shall not be reduced by any taxes payable by reason of my death, shall be that fractional proportion of the enti~e residuary estate determined as follows: The numerator of such fractional proportion of my residuary estate shall be the smallest amount which, if allowed as a marital deduction, would result in the least possible F eder:a.J estate tat:) .I .c' 'I being payable as a result of my death, after all~)\ving for the unified credit against F eder~t ~~tate ta){:H~ ...-...., and all available credits and deductions claimed. The numerator shall be reduced by the value of any! ,-. ""', other property which passes to my said spouse, which qualifies for the marital deduction artdreduced..,. by that amount, if any, which, when added to my taxable estate, will result "in Federal estat~ tax no', larger than the credit for State death taxes allowed in my estate without increasing any State death:-: (l& C.A.S. Page 1 of 8 Pages taxes payable as a result of my death. The denominator of this fraction shall be the value of the entire residuary estate. Values assigned to the property for the purposes of this computation shall be those values finally determined for Federal estate tax purposes. The Marital Fund shall be distributed outright to my spouse, as soon as practicable after my death. The Credit Trust shall be held and managed by my Trustee in accordance with ITEM FOUR of this my Last Will and Testament. My Executor shall have the power to distribute assets in cash or in kind to the Marital Fund and to the Credit Trust and to select specific property to be distributed to the Marital Fund or the Credit Trust without regard to the income tax basis on such property. In making these allocations, my Executor shall use the value of the assets as of the date or dates of distribution so that each distribution shares proportionately in the appreciation or depreciation of assets between the date of my death and the date or dates for distribution. However, no allocation of assets shall be made to the Marital Fund which does not qualify for the marital deduction. To the extent that other assets which qualify for the marital deduction are available, there shall not be allocated to the Marital Fund (a) assets with respect to which an estate tax credit for foreign taxes paid is allowable or (b) any payments under an employees trust or retirement annuity contract of the type described in Section 2039( c) of the Internal Revenue Code or subsequent provisions of similar import or (c) United States Treasury Bonds that are eligible for redemption at par value in payment of the Federal estate tax. In computing the marital deduction all generation-skipping transfers for which I am the "deemed transferor" shall be disregarded. If I am not survived by my spouse, I give, d~vise and bequeath all of the rest, residue and remainder of my estate, both real and personal property, unto my Trustee to be held or distributed by such Trustee under ITEM FOUR hereof. If my said spouse, survives me and disclaims any portion of the Marital Fund, such portion shall be added to the Credit Trust. For purposes of the Trust established under ITEM FOUR hereof, my said wife, MARY S. STETSON, shall not be deemed to have predeceased me by virtue of her ffji C.A.S. Page 2 of 8 Pages exercise of the right to disclaim set forth herein. If my said spouse, and I die simultaneously, or under circumstances which render it difficult to determine who died first, my said spouse shall be deemed to have survived me for all purposes of this my Last Will and Testament. ITEM FOUR CREDIT TRUST My Trustee shall hold the assets received under ITEM THREE hereof, if any, for the following purposes: (a) My Trustee shall pay the net income, at least quarter-annually, to my wife, MARY S. STETSON, for life. In addition, my Trustee in its sole discretion, may invade the principal of the Trust for the proper and adequate support of my wife, MARY S. STETSON. (b) My Trustee shall further pay to my wife, MARY S. STETSON, annually, such sum from the principal of the Trust as she may request in writing, provided, however, that said sum may not exceed the greater of Five Thousand Dollars ($5,000.00) or five percent (5%) of the aggregate value, at the time of said request, of the principal of the Trust hereunder. (c) Upon the death of my wife, MARY S. STETSON, my Trustee shall distribute the principal of the Trust to my children, LINDA S. AMAR, ROBERT W. STETSON and SUSAN S. REYNOLDS, in equal shares, absolutely, taking into account any disparities in values with respect to the distribution of personal property referred to in Item Two herein. (d) In the event that any of my said children shall fail to survive my wife, MARY S. STETSON, and me, but shall leave issue surviving, then such deceased child's share shall be held by my Trustee and the net income therefrom shall be used for the support, maintenance and education of the issue of such deceased child. My Trustee shall use as much of the principal as it shall deem desirable for said purposes. My Trustee shall distribute absolutely the principal of such share of such deceased child to the issue of such deceased child per stirpes as each shall attain the age of twenty-one (21) years. In the event that any of my children shall fail to survive my wife and me and not leave issue surviving, then such deceased child's share shall be added to the shares of my other children as if originally a part thereof. {]!Ii C.A.S. Page 3 of 8 Pages ITEM FIVE POWERS OF EXECUTOR AND TRUSTEE In addition to the powers conferred by case law, by statute, and by other provisions hereof, my Executor and Trustee and their successors, shall have the following discretionary powers applicable to all property held by them which powers shall be effective without order of any court and shall exist until final distribution. (a) To retain any property of any nature received by them for whatever period they shall deem advisable; (b) To invest and reinvest all or any part of said property in such stocks, bonds, securities or other property, real or personal, as in their discretion they shall deem proper, without regard to statutes limiting the property which a fiduciary may purchase; (c) To sell, transfer, exchange or otherwise dispose of, any part of said property, for cash or on terms, publicly or privately, or to lease, even for a term exceeding five (5) years or the duration of any trust herein, without liability on the purchasers or lessees to see to the application of the proceeds, and to give options for these purchases without the obligation to repudiate them in favor of a higher offer; (d) To execute and deliver any deeds, leases, assignments or other instruments as may be necessary to carry out the provisions of any trust hereunder; (e) To borrow money, including the right to borrow money from any bank and to mortgage or pledge any asset of the estate as security; (f) To assume continuance of the status of any beneficiary with regard to death, marriage, divorce, illness, incapacity and the like in the absence of information deemed reliable without liability for disbursements made on such asswnption; (g) To pay from the trust, or the income therefrom, all debts or claims against my estate, or any taxes or similar charges on my estate; (h) To make any distribution hereunder either in kind or in money, or partially in kind and partially in money. Distribution in kind shall be made at the market value of the property distributed, and my Trustee, in its absolute discretion, may cause the share distributed to any 0&1 C.A.S. Page 4 of 8 Pages distributee to be composed of property similar to or different from that distributed to any other distributee; (i) To exercise any subscription right in connection with any security held hereunder, to consent to or participate in any recapitalization, reorganization, consolidation or merger of any corporation, company or association, the securities of which may be held hereunder, to delegate authority with respect thereto, to deposit investments under agreements, to pay assessments, and generally to exercise all rights of investors; G) To invest in endowment, insurance or annuity policies on the lives of beneficiaries of any trust hereunder; (k) To continue in any partnership, joint venture, joint ownership or other business enterprise of which I am a part at the time of my death; (1) To compromise claims; (m) To continue for whatever period of time as they shall deem necessary any ownership as a tenant in common or as a partner, in real estate or other property and to act as I could have done had I been living; (n) To lend money to my estate or to any trust created hereunder or to purchase from the estate or from any trust created hereunder, at the market value thereof at the time of purchase, any securities or other property tendered to them by my estate or any trust created hereunder at any time and from time to time within a period of nine (9) months after my death; (0) In the event that any amounts are payable hereunder or under any trust created hereunder to a minor, or to a person otherwise under legal disability, or to a person not adjudicated to be an incapacitated person, but who, by reason of illness or mental or physical disability is, in the opinion of the fiduciary(ies) hereunder, unable to properly administer such amounts, such amounts may be paid by the fiduciary(ies) hereunder in: his, her or their sole discretion in any of the following ways as he, she or they may deem best: (1) Directly to such beneficiary; (2) To a legally appointed guardian of such beneficiary for the benefit of such beneficiary; L!IM C.A.S. Page 5 of 8 Pages (3) To a person having custody of such beneficiary for the benefit of such beneficiary; (4) By the fiduciary(ies) hereunder using such amounts directly to the benefit of such beneficiary. Evidence of the application of payment of an amount in such a manner shall be a full and complete discharge of the fiduciary(ies) hereunder to the extent of such payment or application. This paragraph shall be applicable to payments of income as well as principal. (P) To employ agents, attorneys and proxies and to delegate to them such power as my personal representative and Trustee considers desirable and to pay reasonable compensation for such services as may be rendered by such agents, attorneys and proxies; (q) To do all other acts in their judgment necessary or desirable for the proper management, investment and distribution of my Estate. ITEM SIX PROTECTIVE PROVISIONS All income or principal held for the use and benefit of the beneficiaries of any trust hereunder shall not be in any way or manner subject to anticipation, assignment, pledge, sale or transfer, nor shall any such interest, while in the possession of my Trustee, be liable for or subject to the debts, contracts, obligations, liabilities or torts of any beneficiary, or to attachments, executions or sequestrations under process of law. ITEM SEVEN APPOINTMENT OF EXECUTOR AND TRUSTEE I nominate, constitute and appoint FINANCIAL TRUST SERVICES COMPANY of Carlisle, Pennsylvania, as Executor of my estate. I hereby appoint FINANCIAL TRUST SERVICES COMPANY of Carlisle, Pennsylvania, as Trustee of any trust created hereunder. ITEM EIGHT WAIVER OF BOND I direct that neither my Executor nor my Trustee shall be required to file any bond in any fl&{ C.A.S. Page 6 of 8 Pages ~ " jurisdiction to secure the faithful performance of their duties, nor shall they be required to obtain any order or approval of any court for the exercise of any power or discretion set forth in this Will. IN WITNESS WHEREOF I have hereunto set my hand and seal this ~'1~ day of ~ ' 1998. ~;;~~ Calvin A. Stetson (SEAL) SIGNED, SEALED, PUBLISHED AND DECLARED by the above-named Testator, as and for his Last Will and Testament, in the presence of us, who at his request, have hereunto subscribed our names as witnesses thereto, in the presence of the said Testator and of each other. ~,.~w- " }~ -, //1 ' J \;";~ / I '" ~'.. \_("'-~~ if' (--,.:',. I'i; ('v',J "-- / ,) Page 7 of 8 Pages . . COMMONWEALTH OF PENNSYLVANIA ) : SSe COUNTY OF CUMBERLAND ) I, Calvin A. Stetson, Testator, whose name is signed to the attached or foregoing 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 willingly; and that I signed it as my free and voluntary act for the purposes therein expressed. ~Il~ Calvin A. Stetson +h. Sworn or affirmed to and acknowledged before me by Calvin A. Stetson, the Testator, this a..1 dayof ~ ,1998. C~d~ Notary Public Notarial Seal ) Corrine L. Myers, Notary Public Carlisle 8oro, Cumberland County : SSe My Commission Expires May 27,1999 ) We, lvo \J OTtc> ill ~ VY1AItC-IA y- tlJh1P'TONJ the witnesses whose names are signed to the attached or foregoing instrument, being duly qualified according to law, do depose and say that we were present and saw Calvin A. Stetson, the Testator, sign and execute the instrument as his Last Will; that the Testator signed willingly and that the Testator executed it as his free and voluntary act for the purposes therein expressed; that each of us, in the hearing and sight of the Testator, signed the Will as witnesses; and that to the best of our knowledge the Testator was at that time 18 or more years of age, of sound mind and under no constraint or undue influence. COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND Address ~~~ ~ ~~~/~cf"pt-r I 70/.3 Ad I -)' . I} / . , ~) '-I k i' ,1:1 '- \...-,; / (..?( . I . \, 11 I:) J (i '7/;,/ 17 . ) '- , '! ~ L~I ~ I', (I ) " Ij ,..-; v / I ' Sworn or affirmed to and subscribed before me this ~ 7.J4.\daY of ~ ' 1998. ~~~ Not ublic Notarial Seal Co.rrine L. Myers, Notary Public CarlIsle Boro, Cumberland County Page 8 of 8 Pages My Commission Expires May 27, 1999