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HomeMy WebLinkAbout01-19-06 .' " ~ e = , Register of Wills of Cumberland County Estate of Don A. Schwab also known as PETITION FOR PROBATE and GRANT OF LETTERS No. ,:})- 0 (p '0 5" 7 To: , Deceased. Register of Wills for the County of Cumberland in the Commonwealth of Pennsy Ivania Social Security No. 344-28-9911 The petition of the undersigned respectfully represents that: Your petitioner(s), who is/are 18 years of age or older, and the execut~ named in the last will of the above decedent, dated December 11 , 20 1997 and codicil(s) dated none (state relevant circumstances, e.g. renunciation, death of executor, etc.) Decedent was domiciled at death in Cumberland Pennsylvania, with h~ last family or principal residence at 51 Derbyshire Drive, South Middleton Township (list street, number and municipality) County , Decedent, then ~ years of age, died January 12 , 20~, at Penn State Hershey Medical Center Except as follows, decedent did not marry, was not divorced and did not have a child born or adopted after execution of the will offered for probate; was not the victim of a killing and was never adjudicated incompetent: n/a Decedent at death owned property with estimated values as follows: (If domiciled in Pa.) All personal property (Ifnot domiciled in Pa.) Personal property in Pennsylvania (If not domiciled in Pa.) Personal property in County Value of real estate in Pennsylvania situated as follows: $ 900,000.00 $ $ $ WHEREFORE, petitioner(s) respectfully request(s) the probate of the last will and codicil(s) presented herewith and the grant of letters testamentary (testamentary; administration c.t.a.; administration d.b.n.c.t.a.) Residence( s) of Petitioner( s) 51 Derbyshire Drive, Carlisle, PA 17013 is , _._1 Olf' 1(.1 ! ~ j t-:' 1 :J .;! iL "..I'.,jJ:' .,_; Register of Wills of Cumberland County OATH OF PERSONAL REPRESENTATIVE } COUNTY OF CUMBERLAND COMMONWEALTH OF PENNSYLVANIA The petitioner(s) above-named swear(s) or affirm(s) that the statements in the foregoing petition are true and correct to the best of the knowledge and belief of petitioner( s) and that as personal representative( s) of the above docedent petit;ono<(s) wHl won and truly adm;n;st" tho "tate acco,d;ng to law. Ill. /IJ Sworn to or ~ffirmed an~ s~bscribeL CjTz... {i (!d4 tLL,~- Befi~ . ethls ~. . k _ day of ( ~ ~~~ ,20 t~ ( SS: [/J ~. ~ 2 .., ~ ~ ~tfff:A S~ ~'\ /'\...- /4fegl . J No. :l/~{) b-- 57 Estate of Don A. Schwab , Deceased DECREE OF PROBATE AND GRANT OF LETTERS AND NOW January 19, 20~, in consideration of the petition on the reverse side hereof, satisfactory ,roofhaving been presented before me, IT IS DECREED that the instrument(s), dated December 11, 199 , described therein be admitted to probate filed of record as the last will of Don A. Schwab ; and Letters are hereby granted to Elizabeth M. Schwab FEES Probate, Letters, Etc. ............. Will ................................. Renunciation..... . . . . . . ...... . . .... Short Certificates ( 6 .. . . . . . . . . . . JCP................................ .. Automation Fee................... Bond...................r... .L..l.'.... Total ~I Filed January 19, 20 ~ $ $ $ $ $ $ $ $ &10. , 5. 0;) 2-1. V J 10.00 S'.OV ~tXu ~~hvj,~C tXA~ V I Register of Wills Stephen L. Bloom. Esqu'", 498~ ~ ~ Attorney (Sup. Ct. I.D. No.) 2100 Longs Gap Road Carlisle, PA 17013 Address 717 -249-7717 Phone !}L~ :;::. .'! F:\FILESIDA TAFlLEI WILLS\906S-H. WIL ') (~OiP-/)l LAST WILL AND TESTAMENT I, DON A. SCHW AD, of 51 Derbyshire Drive, Carlisle, 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 just debts, funeral expenses, testamentary expenses and all inheritance taxes shall be paid to the extent possible from those 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 I give all of my personal and household effects, automobiles, boats and collections, if any, and any insurance policies thereon, unto my wife, ELIZABETH M. SCHWAB, if she survives me by thirty (30) days; otherwise to my son, MICHAEL 1. SCHWAB. ITEM THREE If my said wife, ELIZABETH M. SCHWAB, 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 entire 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 Federal estate tax being payable as a result of my death, after allowing for the unified credit against Federal estate tax and all available credits and deductions claimed. The numerator shall be reduced by the value of any other property which passes to my said wife which qualifies for the marital deduction and reduced i , ,,; ....'...J J~ D.i\..S. Page 1 of 8 Pages by that amount, if any, which, when added to my taxable estate, will result in Federal estate tax no larger than the credit for State death taxes allowed in my estate without increasing any State death 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 said wife, ELIZABETH M. SCHWAB, 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 Executrix 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 Executrix 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 203 9( 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 said wife, ELIZABETH M. SCHWAB, I give, devise 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. ~~,4 D.A.S. Page 2 of 8 Pages If my said wife, ELIZABETH M. SCHWAB, survives me and disclaims any portion of the Marital Fund, such portion shall be added to the Credit Trust. If my said wife, ELIZABETH M. SCHWAB, and I die simultaneously, or under circumstances which render it difficult to determine who died first, my said wife 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. To pay the net income, at least quarter-annually, to my wife, ELIZABETH M. SCHWAB, for life. In addition, my Trustee, in his or her sole discretion, may invade the principal of the trust to provide for the proper and adequate support of my said wife. B. The Trustee shall pay to my said wife, ELIZABETH M. SCHWAB, annually, such sum from the principal of the trust as my said wife 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 said wife, ELIZABETH M. SCHWAB, my Trustee shall distribute the principal of the trust to my son, MICHAEL J. SCHWAB, absolutely. D. In the event that my said son shall fail to survive my wife and me, but shall leave issue surviving, then my deceased son's share shall be held by my Trustee and the net income therefrom shall be used, in equal shares, for the support, maintenance and education of the issue of my deceased son. 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 my deceased son to the issue of my deceased son per stirpes as each shall attain the age of twenty-one (21) years. E. Notwithstanding any other provisions to the contrary, in no event shall any share be distributed to any beneficiary later than twenty (20) years after the later of the death of my wife or me. j~~ D.A.S. Page 3 of 8 Pages ITEM FNE POWERS OF EXECUTOR AND TRUSTEE In addition to the powers conferred by case law, by statute, and by other provisions hereof, my Executrix 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, common trust funds, securities, accounts, certificates of deposit (including, but not limited to, stocks, bonds, common trust funds, securities, accounts or certificates of deposit of the Trustee) 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 assumption; 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 ~M D.A.S. Page 4 of 8 Pages and partially in money. Distribution in kind shall be made at the market value of the property distributed, and my Trustee, in his or her absolute discretion, may cause the share distributed to any distributee to be composed of property similar to or different from that distributed to any other distributee; 1. 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; L. 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; O. 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 incapacitated, but who, by reason of illness or mental or physical disability is, in the opinion of 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; ))~ D.A.S. Page 5 of 8 Pages .' 2. To a legally appointed guardian of such beneficiary for the benefit of such beneficiary; 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. P. To employ agents, attorneys and proxies and to delegate to them such power as my personal representatives and Trustees consider desirable and to pay reasonable compensation for such services as may be rendered by such agents, attorneys and proxies; Q. To conduct an inventory of any safe deposit box necessary to the administration of my estate. R. 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 oflaw. ITEM SEVEN APPOINTMENT OF EXECUTOR AND TRUSTEE I nominate, constitute and appoint my wife, ELIZABETH M. SCHWAB, as Executrix of my estate. In the event that my said wife shall predecease me or fail to act as Executor, then my said son, MICHAEL J. SCHWAB, shall serve as Executor of my estate. I nominate, constitute and appoint my wife, ELIZABETH M. SCHWAB, as Trustee of any trust created hereunder. In the event that my said wife shall fail or be unwilling to continue to act ~ Page 6 of 8 Pages '. as Trustee, then I appoint my said son, MICHAEL J, SCHWAB, to act as Trustee of any trust created hereunder. ITEM EIGHT WAIVER OF BOND I direct that neither my Executrix or Executor 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 II-t..L day of .),;'~"18~ , 199'7 . ~~ ~4~+ Don A. Schwab (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. ~~ ~ ~~J.~~ Page 7 of 8 Pages ~ COMMONWEALTHOFPENNSYLVANIA ) : SS. COUNTY OF CUMBERLAND ) I, Don A. Schwab, 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. ~ /n;V ~~kk Don A. Schwab I .(1., Sworn or affirmed to and acknowledged before me by Don A. Schwab, the Testator, this II dayof ,])~ ,1997. (lphA.. ~rK ~/, <I I Notary Public COMMONWEALTH OF PENNSYL VANIA ) : SS. ) r-' ~. ~ ~.; ;::; ~ I r i (, ~ COUNTY OF CUMBERLAND , i We, 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 Don A. Schwab, 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. ~~ Address ""Ten ~~5~ 1-J,'1 h ~er C~<,i:.>Ir fJA j70/3 . ?4~C;~~ Ad -ess 'J ~: ~dp~ Sworn or affirmed to and subscribed before me this I J ~day of ~ ~or:~"",J Notary Public .'C' ',I ~ ~ ;.'~' Page 8 of 8 Pages / ,/00 7 , 1991. L ,j-