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HomeMy WebLinkAbout06-08-78 . . . . " .' LAST WILL AND TESTAMENT I, PAUL W. SNYDER, of the Borough of Carlisle, Cumberland County, Pennsylvania, being of sound and disposing mind and memory, do make, publish and declare this to be my Last Will and Testament, hereby revoking all Wills or Codicils by me at any time made. ITEM ONE PAYMENT OF TAXES I direct that all inheritance and estate taxes becoming due by reason of my death, whether such taxes may be payable by my estate or by any recipient of any property, shall be paid by my Executrix out of the property passing into ITEM FIVE, the Residuary Trust, of this Will, as an expense and cost of administration of my estate. My Executrix shall have no duty or obligation to obtain reimbursement for any such tax paid by her, even though on proceeds of insurance or other property not passing under this Will. In the absolute discre- tion of my Executrix, she may pay such taxes immediately or she may postpone the payment of taxes on future or remainder interests until the time possession thereof accrues to the beneficiaries. ITEM TWO DISTRIBUTION OF PERSONAL EFFECTS If I predecease my wife, MARIE M. Sr~DER, I give and bequeath to her, absolutely, all of my household furniture and furnishings, books, pictures, jewelry, silverware, auto- mobiles, wearing apparel and all other articles of household or personal use or adornment. If I do not predecease my wife, LAW OFFICES VILUAM F. MARTSON. P.C.! I make said bequest to my daughter, DONNA M. HOWELL, if she is living at the time of my death. jL~sn~e~7~ -1- 933 " .' ITEM THREE DISTRIBUTION OF ESTATE I give, devise and bequeath unto my TRUSTEE, my entire estate hereafter called the Trust Estate as follows: If I predecease my wife, MARIE M. SNYDER, the Trust Estate shall be divided into two (2) separate trusts to be designated as the "Marital Trust" and the "Residuary Trust". The Trustee shall transfer to the Marital Trust assets of the Trust Estate selected by it having a value which, when added to the value of all interests in property passing to my wife, MARIE M. SNYDER, either by my Will or apart from my Will, in a manner qualified for the marital deduction under the provisions of the United States Internal Revenue Code in effect at the time of my death, will equal the lesser of: (1) the maximum marital deduction allowable to my estate under the provisions of the said Code; or (2) the minimum amount (if any, and if there is no such minimum amount, then (1) shall be deemed the lesser of (1) and (2)) which, after taking into account all credits and deductions (except the marital deduction) available to my estate under the provisions of the said Code, will result in no federal estate tax due from my estate, The Trustee shall satisfy the foregoing division by transferring to the Marital Trust only cash or other assets which are capable of qualifying for said marital deduction. The Trustee shall determine all values of assets for the purposes of this Section in accordance with the federal estate tax values finally determined in my estate except that assets transferred to the Marital Trust in satis- faction of the amount called for shall be valued at the date of transfer to the Marital Trust. In no event shall the assets transferred to the Marital Trust be liable for the payment of LAW OFFICES ILUAM F. MARTS ON. P.C. pel~nYd~ ~ ~. -2- 934 I, " " inheritance, estate or other similar taxes of the United States of America, or of any state or territory thereof, or of any foreign country or territory, imposed against my estate, or the recipients thereof, whether passing by my Will or otherwise. The Residuary Trust shall be comprised of the remaining assets of the Trust Estate, or the entire Trust Estate, if my wife does not survive me. ITEM FOUR MARITAL TRUST The Trustee shall pay the net income from the Marital Trust to my wife, MARIE M. SNYDER, at least quarter-annually, or upon request, monthly, and shall pay to my wife, MARIE M. SNYDER, such sums from the principal of the Marital Trust as will permit her to maintain a standard of living comparable to that enjoyed by her during my lifetime, including medical care. Upon the death of my wife, MARIE M. SNYDER, the Trustee shall pay the principal to such person or persons, including her estate, in such proportions, in such manner and for such estates as she shall appoint by her Last Will and Testament. In default of such appointment, either in whole or in part, the Trustee shall payout of the unappointed principal of the Marital Trust any increase in the federal estate tax on the estate of my wife, MARIE M. SNYDER, resulting from her posses- sion of the power of appointment over the principal of the Marital Trust and shall add the balance of the Marital Trust to the Residuary Trust. ITEM FIVE RES IDUARY TRUST My Trustee shall set aside all other assets payable at my death, or at any other time, as the Residuary Trust, and LAW OFFICES my Trustee shall hold said assets for the following purposes: 'ILUAM F. MARTS ON. P.C. g~ uJ d;~ Pau W. Snyder -3- 935 \, " " (a) To pay the net income, at least quarter-annually, to my wife, MARIE M. StiYDER, for her life. In addition, the Trustee, in its sole discretion, may at any time after the principal of the Marital Trust has been exhausted, invade the principal of the Residuary Trust to provide for the proper and adequate support of my wife. (b) Upon the death of my wife, MARIE M. SNYDER, my Trustee shall distribute the principal of the Residuary Trust to my daughter, DONNA M. HOWELL, absolutely. (c) In the event that my daughter, DONNA M. HOWELL, shall fail to survive my wife, then the principal of the Residuary Trust shall be held by my Trustee and the net income therefrom , shall be used for the support, maintenance and education of my grandsons, JAMES P. HOWELL, MARK E. HOWELL and RICHARD K. HOWELL. 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 the Residuary Trust in equal shares to my grandsons, JAMES P. HOWELL, MARK E. HOWELL and RICHARD K. HOWELL. 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 the Residuary Trust in equal shares to my grandsons, JAMES P. HOWELL, MARK E. HOWELL and RICHARD K. HOWELL upon the youngest grandson attaining the age of thirty-five (35) years. (d) In the event that any said grandson shall die before final distribution, then his share shall be held for the benefit of his issue and shall be distributed equally to his issue upon the youngest attaining the age of thirty-five (35) years, but in no event shall said share be distributed to said issue later than twenty (20) years after the death of LAW OFFICES 'ILLIAM F. MARTSON. P.C. ;0 Cl--<-<--L uJ ~.z;z: t?-~~ Paul W. Snyder I -4- 936 , " my wife, MARIE M. SNYDER. In the event that any said grandson shall die before final distribution without issue, then his share shall be added equally to the shares of the other grand- sons as if originally a part thereof. ITEM SIX POWERS OF EXECUTRIX AND TRUSTEE In addition to the powers conferred by case law, by statute, and by other provisions hereof, my Executrix and my 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, provided, however, that no investment shall be made in the securities issued by regulated investment companies or mutual funds; (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 LAW OFFICES ILLIAM F. MARTSON. P.C. or other instruments as may be necessary to carry out the provisions of any trust hereunder; P~uJ Paul W. Snyder /7 rY~~ - 937 -5- \ " .~ (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 assumption; (g) To pay from the Residuary Trust, or the income there- from, 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 distributee to be composed of property similar to or different from that distri- buted 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; (j) 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; LAW OFFICES 'VILL.1AM F. MARTS ON, P.C. p~ uJ Paul W. Sny er hrt-t./ <>ia,~ I -6- 938 r .' '", '. :' (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 do all other acts in their judgment necessary or desirable for the proper management, investment and distribution of my Estate. ITEM SEVEN PROTECTIVE PROVISION 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. If any beneficiary of either Trust shall, in the sole opinion of my Trustee, be or become mentally or physically incapacitated, by reason of illness, accident, minority or otherwise, my Trustee may apply either income or principal for the support and welfare of such beneficiary directly or to the person who has the care and control of such beneficiary, without the intervention of any guardian and without obligation to supervise application of said amounts in any way. ITEM EIGHT COMMON DISASTER PRESUMPTION If any beneficiary (except my wife, MARIE M. SNYDER) and I shall die under circumstances that it cannot be determined who survived the other, it shall be conclusively presumed that I survived. However, if my wife, MARIE M. SNYDE~ and I shall LAW OFFICES 'LUAM F. MARTSON, p,c, die under such circumstances that it cannot be determined who ~~~ Pau W. Snyder ~~ 939 - 7 - ; -... '., survived the other, it shall be conclusively presumed that my wife, MARIE M. SNYDER, survived me. ITEM NINE APPOINTMENT OF EXECUTRIX AND TRUSTEE I hereby appoint my wife, MARIE M. SNYDER, as Executrix of my estate. In the event that my said wife shall predecease me or fail to act as Executrix, then I appoint my daughter, DONNA M. HOWELL, as Executrix of my estate. I hereby appoint DONNA M. HOWELL as Trustee of any trust created hereunder. In the event that DONNA M. HOWELL shall fail to act as Trustee, then I appoint DAUPHIN DEPOSIT BANK AND TRUST COMPANY as Trustee of any trust created hereunder. ITEM TEN WAIVER OF BOND I direct that neither my Executrix nor my Trustee shall be required to file any bond in any 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 8th day of June , 1978. f~. cd -4; cL.,2--(SEAL) Paul W. Snyder 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 said Testator and of each other. W.QL~ 11I!rl::. LAW OFFICES IILUAM F. MARTS ON, P.C. (LJ/Ou~..1 n(: ~ -8- 940 . ' \ .. "10 '. . . , , COMlofOlNEALTH OF PENNSYLVA1.~IA ) 55 COUNTY OF CUMBERLMiD . . . . ) l. PAUL W. SNYDER 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. Sworn or affirmed to Paul W. Snyder of June J 1978. Fw..L 0~~. and acknowledged befo e me by J the Testator J this 8th day COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUl4BERLAND . . . . u~u~~ yI4J MARY LEA SHENK. Notaty NlIlc ) .farliale Cumb8r1and Co., PA S'My ea:/IIlIIIM bpiNI Feb. %1, 1982 ) We, William F. Martson and Corrine L. Myers 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 Paul W. Snyder J Testator , sign and execute the instrument as his Last Will; that Paul W. Snyder signed willingly and that Paul W. Snyder executed it as his free and voluntary act for the purposes therein expressed; that each of us in the hearing and sight of Paul W. Snyder , 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 und~ kJifluen e J-- (j)i~ /:J..- Address 10 East High Street Carlisle. PA 17013 t~R/~~)~ ~~ Address R. D. 9 Carlisle, PA 17013 Sworn or affirmed to and subscribed before me, by William F. Martson and Corrine L. Myers 8th day of June , 1978. this LAW OFFICES WILLIAM F. MARTSON. P.C. ~~~~ MARY LEA SHENK, Notary PublIc Carlisle, Cumberland Co., PA My Cornn.Isslon expires Feb. %1, 1982 '" J'; 1 '..' . '^*'