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HomeMy WebLinkAbout06-17-05 (2) ..... ~ast mill &: westament of Iva C. Kramer I, Iva C. Kramer, residing and domiciled at 135 Easterly Drive, Mechanicsburg, County of Cumberland, Commonwealth of Pennsylvania, revoke all my prior wills and declare this to be my last, valid. and only will. .,. '" '" <D 0; <D ~ A. I direct my executor to pay the costs of my funeral and administration ~ expenses of my estate from the residue of my estate. vi w u Li: LL o ~ .J I . Taxes and Expenses B. PROBATE ASSETS: All death taxes, whether state or Federal, including any interest or penalty thereon, on probate assets includable in my gross estate, except as :> ~ otherwise provided in this will, shall be paid from and charged against the principal of o my residuary estate without apportionment C. NON-PROBATE ASSETS: All death taxes, whether state or Federal, including any interest or penalty thereon, on any non-testamentary or non-probate assets subject to taxation by reason of my death, except as otherwise provided in this will, shall be paid from and charged against the principal of said non-testamentary or non-probate assets. If a beneficiary of a non-probate asset is also a residuary legatee under my will, my executor is authorized, in his sole discretion, but not required, to deduct the beneficiary's share of death taxes on the non-probate asset from the residuary legacy payable to that beneficiary. ,JCJ( LC.K. Will of lJua Q!. iKramer Page 1 of 16 ~ D. JOINT ASSETS: Any death taxes due on any property which I own jointly with another person or persons shall be paid by the surviving joint tenant or tenants. II. Distribution of Personal Property I give all my personal effect, clothing, furniture, furnishings, jewelry, automobiles, and other tangible personal property of every kind, along with all insurance thereon, to my executor to distribute as he sees fit. However, property that was not distributed or property that my executor considers unsuitable for distribution may be sold and the proceeds added to my residuary estate. My executor is also authorized, in his sole discretion, to dispose of any items that he deems to be worthless; any costs of clean-up or disposal shall be paid from the residue of my estate. " 0\ 0\ lD 0; lD ~ I bequeath the amount of Five Hundred ($500.00) Dollars to my daughter, I ~ Deborah E. Kramer. In the event that my daughter, Deborah E. Kramer, should 1 predecease me, this bequest shall lapse and be distributed as part of the residue of my u: ~ estate. ~ .J >= Z ~ o III. Specific Bequest IV. Disposition of Residue A. I give, devise, and bequeath the rest, residue and remainder of my estate to my daughter, Colleen M. Nudge. B. In the event that any of my daughter, Colleen M. Nudge, should predecease me, I give, devise, and bequeath the rest, residue and remainder of my estate as follows: stirpes; 1. One-third (1/3) to my granddaughter, Sarah E. Nudge, IN TRUST, per stirpes; and 2. One-third (1/3) to my grandson, Geoffery A. Nudge, IN TRUST, per (-, '\_1--l,1 I.C.K. Will of lJuu Qt. iKrumer Page 2 of 16 stirpes. 3. One-third (1/3) to my grandson, Gregory C. Nudge, IN TRUST, per V. Trust for Persons Under 25 or Incapacitated Persons A. In the event that any person who inherits under my will is, in my trustee's opinion, incapacitated and unable to care or manage for themselves, or is under the age of twenty-five (25), I give their share in trust subject to the provisions of this Paragraph. If there is more than one beneficiary, there shall be separate trusts for each beneficiary. B. These trusts, if created, shall become irrevocable upon my death. C. INCOME: My trustee is authorized to pay to or to apply for the benefit of fB such beneficiaries such amounts of trust income, or all thereof, at such times and in c:i '" such manners as my trustee in its sole discretion may decide is appropriate for the I ~ health, support, education, maintenance, and emergency needs of such beneficiaries. vi ~ Any income not so paid or applied shall be periodically added to and commingled with ~ the trust principal. I especially desire that income from the trust be used for the ~ ~ education of such beneficiaries, including, but not limited to, private school, college, ~ graduate school, or other educational institution and the ancillary costs thereof including books and living expenses as well as tuition. Income may also be used to assist any beneficiary in the purchase of a home or in entering a profession or business considered to be a good risk in the sole discretion of my trustee. D. PRINCIPAL: In the event that the income from the trust is insufficient for the needs of the beneficiaries, my trustee is authorized to pay to or to apply for the benefit of such beneficiary such amounts of trust principal, or all thereof, at such times and in such manners as my trustee in its sole discretion may decide is appropriate for the health, support, education, maintenance, and emergency needs of such beneficiaries. I especially desire that the principal of the trust, if necessary, be used for the education of the beneficiaries, including, but not limited to, private school, college, graduate school, or other educational institution and the ancillary costs thereof including books ! .') t). i: 1. c. K. mill nf lIua Qr, 1!(ramcr Page 3 of 16 and living expenses as well as tuition. Principal may also be used to assist any beneficiary in the purchase of a home or in entering a profession or business considered to be a good risk in the sole discretion of my trustee. E. DURATION OF TRUST: The principal, plus any accumulated and undistributed income, shall be distributed to each beneficiary at age twenty-five (25). In the event the beneficiary is incapacitated, the trust shall continue until such time as said incapacity no longer exists in the opinion of a physician or psychologist, licensed to practice in the Commonwealth of Pennsylvania, selected by the trustee. G. ACCOUNTING: At least annually, my trustee shall send the beneficiaries who receive income currently, or their legal representatives, statements showing the transactions in their trusts. No accounting shall be required routinely by a court, but my trustee and any beneficiary shall be entitled at any time to seek a judicial settlement of ~ a trust account in any court of competent jurisdiction selected by my trustee. o F. PROTECTIVE PROVISIONS: No interest or income or principal shall be assignable by a beneficiary or available to anyone having a claim against a beneficiary before actual payment to the beneficiary; provided, however, any beneficiary may " assign any part or all of the beneficiary's interest in my estate to anyone or more of my <J> ~ descendants or to anyone or more of the beneficiary's descendants. '" ci '" I U c: vi t!J U Ii: u. o ~ .J H. OUT OF COURT SETTLEMENT: My trustee may at any time settle any account or question concerning the administration of a trust by agreement with all the then legally competent beneficiaries who are eligible to receive income and, if there are any, either (i) with all their then legally competent living descendants, or (ii) with all the legally competent persons whom my trustee determines would be entitled to receive a share of the principal if all the beneficiaries who are eligible to receive income had died immediately prior to the date of the agreement. 1. EFFECT: Any settlement under the above paragraph shall bind all persons who may ever be interested in the trust, and shall effectively release and discharge my trustee. " ) ../: /<\ LC.K. 1IIill of lJua or. iKramer Page 4 of 16 J. IRAs, QUALIFIED PLANS OR OTHER PENSION OR TAX-DEFERRED ASSETS: In the event that any funds from an Individual Retirement Account (IRA), Qualified Plan or other pension or tax-deferred asset shall become payable to any trust created in this will, my Trustee shall have the power to exercise any rights available under the Internal Revenue Code and United States Treasury Regulations concerning my IRAs and Qualified Plans. K. PAYMENT OF TRUSTEE(S): My trustee(s) shall be paid according to the standards of the industry in effect at the time each payment is to be made for services rendered on behalf of the Trust. Said standards shall be similar to those charged by bank and financial institution trust departments in effect at the aforementioned times. VI. Powers of Fiduciaries My executor or trustee as named herein shall have all of the powers conferred by "' law upon fiduciaries in every jurisdiction in which they may act. In addition, the ~ following powers are conferred upon both my executor and trustee, exercisable in the a; ~ absolute discretion of my executor and trustee, as the case may be: Ii: u. o ~ A. To manage the trust assets under the principles embodied in the Prudent ~ Investor Rule, as described in 20 Pa. C.S.A. S7203, et. seq., enacted December 25, o 1999 by the legislature of the Commonwealth of Pennsylvania, or as such Rule may hereafter be modified, expanded, or limited by the Commonwealth of Pennsylvania. B. To render liquid my estate or any trust estate in whole or in part, at any time and from time to time, and to hold cash or readily marketable securities of little or no yield for such periods as my executor or trustee shall deem advisable. C. To purchase, sell, manage, maintain, alter, improve, partition, insure, lease for any term (whether or not extending beyond the term of any trust created hereunder), mortgage, grant a security interest in, or otherwise dispose of or deal with any real or personal property as my executor or trustee shall deem advisable. . i r!/; j jl( Il/ '1':/, I \ LC.K. .ill of lIua Qr. iKramer Page 5 of 16 D. To foreclose mortgages and bid for property under foreclosure or take title by conveyance in lieu of foreclosure; to continue investments after maturity; to modify, renew or extend any note, bond, mortgages, security agreement or similar instrument, or any provision thereof, upon such terms and conditions as my executor or trustee shall deem advisable; to release obligors or guarantors or refrain from instituting suits or action for deficiencies; and to expend any sums or use any property as my executor or trustee shall deem advisable for the protection of any property or interest therein. E. To abandon any property which my executor or trustee shall deem worthless or not of sufficient value to warrant keeping or protecting; to abstain from the payment of taxes, assessment, repairs, maintenance or other upkeep therefor; to permit any property to be lost by tax sale or other proceedings or to convey any such property for no or a nominal consideration. F. To enter into, modify or terminate agreements with any person governing voting rights, management, operation, retention or disposition of interest in u corporations, partnerships, joint ventures, association or other businesses of my estate a; ~ or any trust, regardless of whether any agreement is in effect when that business u ~ interest is received by my executor or trustee; to continue to operate, or permit the ~ operation of, any business, incorporated or unincorporated, on the terms which ~ governed when received by my executor or trustee or on different terms; to invest o additional sums in any business, even to the extent that my estate or any trust may be invested largely or entirely in any such business, without liability for any loss resulting from lack of diversification; to act as, or to select other person (including any beneficiary) to act as, directors, officer or employees of any business, with compensation without regard to their being a fiduciary or beneficiary hereunder and, in the case of my fiduciaries, without regard to the commission allowed by law; to make such other arrangements in respect thereof as my executor or trustee shall deem proper; to discontinue any business and dispose of any interest therein to any person, on such terms and conditions as my executor or trustee shall deem advisable, without liability for loss due to depreciation in value. G. To exercise or dispose of any or all options, privileges or rights; to vote, in person or by general or limited proxy or otherwise, any shares of stock or other . ! ^ , , I) . 'j \_~ ('1\ I. c.K. .ill of lIua Qt. iKramer Page 6 of 16 securities; to exercise any subscription or conversion right or right of any other nature; and to become a party to, or deposit securities or other property under, or accept securities issued under any voting trust or similar agreement. H. To assent to or participate in any reorganization, readjustment, recapitalization, consolidation, merger, dissolution, sale or purchase of assets, lease, mortgage, contract or other action or proceeding by any corporation; to deposit securities or other property under, or become a party to, any agreement or plan for any such action or proceeding or for the protection of holders of securities; to subscribe to new securities issued pursuant to any such action of proceeding; to exchange any property for any other property in connection with any of the foregoing; to delegate discretionary power to any reorganization, protective or similar committee; and to pay any assessment or other expenses in connection with any of the foregoing. J. To exercise, at such times and in such manner as my executor or trustee shall deem advisable, any right of election or other rights which from time to time may be ~ available under the Internal Revenue Code of 1986, as amended, or any other tax law, o regardless of whether the decision may be advantageous for my estate or any other person interested therein; and to make such decisions as my executor or trustee may deem appropriate with respect to expenses or deductions for estate or income tax purposes, or with respect to filing any joint or other income tax returns, or the principal of any tax or the collection of any refund. 1. To adjust, compromise and settle or refer to arbitration any claim in favor of or against my estate or any trust and to institute, prosecute or defend such legal u proceedings as my executor or trustee shall deem advisable. 0.: vi W U [L u.. o ~ ...J K. To employ and pay the compensation of such accountants, custodians, experts, attorneys, investment counsels, agents and other persons providing services or advise, irrespective of whether my executor or trustee may be associated therewith, as my executor and trustee may deem advisable. ;" ,1 ,: . /1 f / I/-i )\ I.c.K. _ill of lJua <!r. iKramer Page 7 af16 L. To pay any and all expenses, costs, fees, taxes, penalties or other charges, and, except as expressly provided in Article I hereof or elsewhere herein, to charge the same against the income or principal, or party against each, of my estate or any trust. M. To pay any legacy or make any division, distribution or partition of property in kind or otherwise, and to allot any property, including undivided interest therein, to any trust, part, fund or share, whether or not different kinds of property are allotted to other trusts, parts, funds or shares. N. To remove assets from the Commonwealth of Pennsylvania, and to keep assets in any other jurisdiction which is advisable or convenient, for any period, without bond or other surety. ~ O. With regard to any business enterprise which I own or have an interest in at '" ~ the time of my death, whether incorporated, unincorporated, or operated as a sole ~ proprietorship or partnership: to retain and continue to operate the business; to sell, '" ~ recapitalize or reorganize the business; to invest additional sums of money in the 0: lD business; to control, manage or direct the business; to select, discharge, hire and u ~ compensate employees, directors and officers of the business; and to retain and ~ compensate experts to advise my executor or trustee concerning the management or ~ disposition of the business. I exonerate my executor and trustee from any loss resulting o from the retention and/or operation of any business unless such loss shall result from the gross negligence or willful misconduct of my executor or trustee. P. To act or refrain from acting in all respects as if financially uninvolved, regardless of the existence of any conflict of interest between any fiduciary hereunder and my estate or any trust, and regardless of any connection or investment which any fiduciary may have with any business or other asset of my estate or any trust. No executor or trustee shall be disqualified or barred from exercising any power or discretion conferred by law or under this will because such fiduciary may be a shareholder, officer, director, member, partner or person in any way interested in a corporation, partnership or other person or entity affected by the exercise of such power or discretion. My executor or trustee may contract, in any manner that my f j \J.r7 /o! I.C.K. - I "_ mill of lIun err. i!(rnmer Page 8 of 16 executor or trustee shall deem advisable, with any such corporation, partnership, person or entity. Q. Generally to exercise all such right and powers, to do all such acts and enter into all such agreements as persons owning similar property in their own right might lawfully exercise, do or enter into. No fiduciary shall be liable for acts or omissions in administering my estate or any trust created under this will, except for that fiduciary's own actual fraud, gross negligence or willful misconduct. If any fiduciary becomes liable as fiduciary to any other person who is not a beneficiary in connection with any matter not within the fiduciary's control and not due to the fiduciary's actual fraud, gross negligence or willful misconduct, such fiduciary shall be fully indemnified and held harmless by my estate or by the trust created hereunder giving rise to such liability, as the case may be, from and against any liability, claim, loss, damage or expense, including reasonable ci attorneys' fees, that such fiduciary may sustain. <0 I U ~ No person who deals with any fiduciary hereunder shall be bound to see to the UJ [ application of any asset delivered to such fiduciary, or to inquire into the authority for, o ~ or propriety of, any action taken or not taken by such fiduciary. --' >= Z <l: o VII. Administrative Provisions A. My executor or trustee may determine, when there is reasonable doubt or uncertainty as to the applicable law or the relevant facts, which receipts of money or other assets should be credited to income or principal, and which disbursements, commission, assessments, fees, taxes (except as provided in Article I hereof), and other expenses should be debited to income or principal. B. Dividends, right to subscribe to securities or rights other than cash declared or issued by corporations shall normally be dealt with as principal, but my executor or trustee may allocate the whole or any part of such dividends or rights to income if in I} /Ii ;,j 1I,,-t l. \ I.C.K. , Will nf lIun ctr. iKrnmer Page 9 of 16 the opinion of my executor or trustee such dividends or rights should be considered as a distribution of current earnings of the corporation. C. The proceeds from the sale, redemption or other disposition, whether at a profit or loss, and regardless of the tax treatment thereof, of any property constituting principal, including mortgages and real estate acquired through foreclosure or others, shall normally be dealt with as principal, but my executor or trustee may allocate a portion of any such proceeds to income if the property disposed of produced no income or substantially less than the current rate or substantially less than the current rate of return on trust investments, or if my executor or trustee shall deem such action advisable for any other reason. D. The preceding provisions of this Article shall not be deemed to authorize any " act by my executor or trustee, which may be a violation of any law prohibiting the Ol f1l accumulation of income. Oi <D ci <D ~ E. I direct that no individual executor or trustee acting hereunder shall be ~ required to file or furnish any bond or other security for the faithful performance of the u ~ duties of my executor or trustee as such, notwithstanding any provision of the law to ~ the contrary. ): z <! o F. Any executor or any trustee may, at any time, subject to judicial or non- judicial settlement of his account, resign by instrument in writing, signed and acknowledged in duplicate, one counterpart of which shall be delivered to the court in which this will is admitted to probate and the other counterpart which shall be delivered to the successor executor or the successor trustee, as the case may be. G. REMOVAL OF CORPORATE TRUSTEE (if applicable): A majority of all income beneficiaries of any trust created hereunder may remove any corporate trustee then acting for reasonable cause and substitute another corporate trustee. When the removed corporate trustee has received written notice of its removal and has been notified in writing by its successor of the latter's acceptance, the removed corporate trustee shall surrender all books, records and assets in its possession comprising a portion of the trust or relating thereto. \.) /) ~/ I.C.K. Will uf llua or. l!(ram.er Page 10 of 16 However, such removed corporate trustee shall not be relieved of liability until its successor has qualified and such trustee's accounting has been settled. As used in this paragraph, the term "reasonable cause" includes, but is not limited to: (i) inability of the corporate trustee and the beneficiaries to agree upon reasonable compensation for the corporate trustee; (ii) unreasonably poor investment performance; (iii) the removal of all current income beneficiaries from the state wherein the corporate trustee is licensed to conduct business as a corporate trustee; (iv) unreasonable inattention to the reasonable needs of the beneficiaries; (v) unreasonable lack of communication between the trustee and the beneficiaries; (vi) unreasonably inaccurate or unclear transaction statements or statements of account; (vii) unreasonable conflicts between the corporate trustee and the beneficiaries; (viii) merger, acquisition or a deteriorating financial condition of the corporate trustee; or (ix) unreasonable high turnover of account officers assigned to any trust hereunder. H. PROTECTION OF SUCCESSOR TRUSTEES: All successor trustees shall o be relieved of any and all liability for any acts or omissions of the predecessor trustees ~ in respect to the administration of any trust created hereunder and may, without u ~ liability, accept without examination or review the accounts rendered and the property w ~ delivered by any predecessor trustee. o ~ ..J :;: Z <( o VIII. Miscellaneous Provisions A. The determination of the trustee as to the amount or advisability of any discretionary payment of income or principal from any trust hereunder shall be final and conclusive on all persons, whether or not then in being, having or claiming any interest in such trust. Upon making any such payment, the trustee shall be released fully from all further liability therefor. B. No disposition, charge or encumbrance on any income or principal of any trust hereunder by any beneficiary thereof shall be valid or binding upon the trustee. No beneficiary shall have the right to assign, transfer, encumber or otherwise dispose of any such income or principal until the same shall be paid to such beneficiary by the f /) t/' \.-~, /'( I.C.K. Dlill of lJua Qt. iKram.er Page 11 of 16 trustee. No such income or principal shall be subject in any manner to any claim of any creditor of any beneficiary. C. If any beneficiary under this will shall contest, obstruct or otherwise resist the probate hereof, or start or join in any proceeding tending to avoid or set aside any provision of this will, such beneficiary thereby shall forfeit all rights conferred upon him hereunder, and this will shall be given effect in all respects as if such beneficiary had predeceased me. D. The right of any beneficiary to any income or principal hereunder shall be subject to all charges or deductions, which my executor or trustee may make under law or any provision of this will. " E. No trust created under this will shall continue beyond the date which is '" Pd twenty years and eleven months after the death of the last survivor of that class of cr; ~ persons consisting of my issue who are living at the time of my death. Upon such date, u; ~ each trust then in existence shall terminate and the principal thereof and accumulated a: :j income thereof, if any, shall be distributed outright and free of trust to the person or u ~ persons who, on such date, are entitled under the terms of such trust, to the income of ~ such trust. ..J ): z <! o F. The term "Death Taxes" shall include Pennsylvania Inheritance Tax, Pennsylvania Estate Tax, Federal Estate Tax, any inheritance or estate tax imposed at death by any state of the United States or any foreign jurisdiction, and any excise tax imposed on any excess accumulation in any qualified plan or IRA. Such term shall also include Federal Generation-Skipping Transfer Tax imposed as a result of my death. G. The term "executor" wherever used herein shall mean the executors, executor, executrix, executrices or administrator or administratrix in office from time to time. The term "trustee" wherever used herein shall mean the trustee or trustees in office from time to time. Each executor and trustee shall have the same rights, powers, duties, authority and privileges, whether or not discretionary, as if originally appointed hereunder. " d) // Ie K ,>, \, ... .ill of lJua Qt. 1Kramcr Page 12 of 16 H. The terms "child," "children," and "issue" wherever used in this Will, shall include not only the biological children of the person designated, but also the legally adopted children of such person. 1. Wherever used in this will and the context so requires, the masculine shall include the feminine and the singular shall include the plural, and vice versa. J. No fiduciary who is also a beneficiary of a trust under this will shall participate in the exercise of discretion in deciding whether or not to what extent principal or income shall be distributed to or used for his or her own benefit or for the benefit of a person to whom the fiduciary owes a duty of support. All such decisions shall be made solely by the other fiduciaries or fiduciary. If no other fiduciary is then serving, an additional fiduciary shall be appointed for the purpose of exercising such discretion. K. For purpose of this will and any trust established hereunder, "education" shall u mean primary, secondary, college, post-graduate, professional, occupational, career a: :iJ training, or other education. u Ii: u. o ~ -J ): Z <l: o IX. Appointment of Fiduciaries A. Executor 1. I appoint my daughter, Colleen M. Nudge, to be my executrix. 2. If my daughter, Colleen M. Nudge, is unable or unwilling to serve, or shall fail to qualifY as my executrix, then I appoint my grandchildren, Sarah E. Nudge, Geoffery A. Nudge and Gregory C. Nudge, to be my executors. )ItlJiU of lIua C!I:. iKramcr Page 13 of 16 I j ;'" I.C.K. B. Trustee I appoint my friend, Joann Myers, to serve as trustee of any trusts created in my Will. th 11n witness wIrerenf, I have signed this Will the 11 day of D.ec€xYI~r ,2003. I r; !r~ \A(\l~' 1... \11,1".)(1.<.. Iva C. Kramer Signed, sealed, published and declared by the aforesaid Testatrix, as and for her ~ will, in the presence of us, who at her request and in her presence, and in the presence tD ~ of each other, have subscribed our names as witnesses hereto. o tD I U a: vi w u u: u. o ~ -' ): z <( o :.b Residing at 1664 Jonathan Lane Township of Upper Saucon Bethlehem, Pennsylvania 18015 4/lntc ~vrUa<€ Norma J. Hade Residing at 834 Fernhill Lane Township of Whitehall Whitehall, Pennsylvania 18062 Will of 1Jua C!r. 1Kramer Page 14 of 16 J)J! 1. c.K. PENNSYL VANIA SELF-PROVED WILL AFFIDAVIT C!tnmmnnmealt4 nf Jennsyluania ) ) 55.: C!tnunty nf Nnrt4amptnn ) We, Iva C. Kramer, Kevin Prank Danyi, JD and Norma J. Hadeed, the Testatrix and witnesses, respectively, whose names are signed to the attached or foregoing instrument, being first duly sworn, do hereby declare to the undersigned authority that we personally saw the Testatrix sign and execute it as her free and voluntary act for the purposes therein expressed, and that each of the witnesses, in the presence and hearing of the Testatrix signed the will as witnesses and that to the best of their knowledge, the " Testatrix was at the time eighteen (18) years of age or older, of sound mind and under OJ f!J no constraint or undue influence. Oi <D o <D I U a: vi w u Ii: u. o ~ ...J ): Z <( o J Q ..~~) \-../.( '. 7 jrl 0/, ) I e-t Iva C. Kramer DlJill of lJua Qt. iKramcr Page 15 of 16 } ~"- I.C=.IC. Subscribed, sworn to, and acknowledged before me by Iva C. Kramer, the Testatrix, and subscribed and sworn to before me by Kevin Frank Danyi, JD and Norma J. Hadeed, witnesses, on D€f.erY'lber 11 ,2003. <r en en \D c;; \D c:i u; I U n: vi w u u: u. o ~ .J '> Z <( o Courtne Notarial Seal City Of ~ Fenstermaker, NoIary Public My~' NorthamPton County M8rntlIr.. ~ Apr, 7,2007 '~~OfNoailriM lItIIiU of llua or. iKramer Page 16 of 16 \ I\.-)?t/ ,- I. C. K.