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Home My WebLink About10-21-05 (2) - FAMILY SETTLEMENT AND FINAL RELEASE IN THE ESTATE OF LEAH M. NOVI ').. \ . ~ S ,'1 S I KNOW ALL MEN BY THESE PRESENTS, that WHEREAS, Leah M. Novi, late of Cumberland County, Pennsylvania, died testate on March 28,2005, having first made her last Will and Testament which was duly executed on May 20, 1997 and codicil dated February 15, 2000; and, WHEREAS, the said last Will and Testament named Mario N. Novi, Jr. and Michael E. Novi as Executors of her last Will and Testament; and, WHEREAS, Letters Testamentary on the estate of the said decedent were duly issued by the Register of Wills of Cumberland County, Pennsylvania to Mario N. Novi, Jr. and Michael E. Novi on April 14, 2005; and, WHEREAS, the Executors have gathered the assets of the estate of the said decedent and the assets consist of a bank account and investment accounts with Legg Mason, to a total value of $427,216.78, as set forth on the Pennsylvania Inheritance Tax Return which has been filed of record in this estate; and, WHEREAS, the debts and deductions of principal, including the payment of Pennsylvania Inheritance Tax in the said estate, have been made leaving a balance for distribution of $405, 1 06.36 as set forth in "Exhibit An attached hereto; and, WHEREAS, the balance for distribution has been reduced to cash and is the said decedent. available for distribution in accordance with the terms of the last will and testamen~f L.-) (~1 <:.._MI c') 2::); I',,) ~-:-~ I.:.') c:> ..:- pt - NOW, THEREFORE, KNOW YE, that we, being all of the beneficiaries of Leah M. Novi, do hereby each of us, acknowledge that we have this day agreed to receive from the aforesaid personal representative, in full satisfaction and payment of all sum or sums of money, legacies, bequests, and devises as are given, devised and bequeathed to each of us respectively by our mother, Leah M. Novi, due to us under her said Last Will and Testament, the sum of $202,553.18, which amounts we will receive when each heir has executed this document. AND, each of us does hereby stipulate that in order to avoid the expense and time involved in the filing of a formal account and schedule of distribution, we each agree that no account is necessary and we do hereby agree that we do consent to distribution being made without the filing of an account and schedule of distribution, the same to be with the same force and effect as if they had been filed and confirmed by the Orphans' Court Division of the Court of Common Pleas of Cumberland County; THEREFORE, we and each of us, do hereby remise, release, quitclaim and forever discharge the said personal representative, heirs, executors, and administrators and assigns of and from the said estate and from all actions, suits, payments, accounts, reckonings, claims and demands whatsoever for or by reason thereof, or for any other use, matter, cause or thing whatsoever, touching upon the estate of the said decedent, and each of us do further hereby covenant and agree that should any liability come due to the estate of the said decedent after the signing of this agreement, we and each of u~ do hereby covenant and agree with each other and the aforesaid personal representative, that we will contribute pro-rata, our share of the estate to satisfy any and - all claims, demands, suits, or causes of action which may be successfully prosecuted against the said estate or the aforesaid personal representative after the signing, sealing and delivery of this family settlement agreement and final release. IN WITNESS WHEREOF, we have hereunto set Our hands and seals the day and year below written opposite our respective names. '7r1~<tr "11. /1tff-'1' ~. Mario N. Novi, Jr. (SEAL) ~..~Ov..Q Cf\~ (SEAL) Michael E. Novi STATE OF PENNSYLVANIA COUNTY OF CUMBERLAND SS. On this, the J.Ob1dayof Octobe.r , 2005, before me, a Notary Public, the undersigned officer, personally appeared Mario N. Novi, Jr. (known to me or satisfactory proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. ~ ~ cfz.s0AJ COMMONWEALTH OF PENNSYLVANIA Notarial Seal Amanda L. Fisher. Notary Public Carlisle Boro. Cumberland County My Commission Expires Apr. 17, 2006 Member, Pennsylvania AssocIation of Notaries STATE OF PENNSYLVANIA COUNTY OF CUMBERLAND SS. On this, the dOtb day of Od-obif , 2005, before me, a Notary Public, the undersigned officer, personally appeared Michael E. Novi (known to me or satisfactory proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. ~~~ COMMONWEALTH OF PENNSYLVANIA Notarial Seal <"manda L. Fisher, Notary Public (ar"sle Boro, Cumberland County My Commission Exoires ApT. 17, 2006 Member, PennsylvanIa Association of Notaries - ASSETS: 1. 2. 3. 4. DEBTS: 1. 2. 3. - "EXHIBIT A" STATEMENT OF ACCOUNT IRS Refund Legg Mason Retail Account Legg Mason IRA Jointly Owned M & T Account $ 760.00 $341,666.68 $ 79,972.98 $ 4.817.12 $427,216.78 Funeral and Administration Debts of Decedent Pennsylvania Inheritance Tax $ 2,927.65 $ 93.99 $ 19.088.78 $ 22,110.42 $405,106.36 BALANCE FOR DISTRIBUTION - STATEMENT OF PROPOSED DISTRIBUTION Michael E. Novi $202,553.18 Mario N. Novi, Jr. $202,553.18