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HomeMy WebLinkAbout08-14-06 . . . , AL VIN A. ADAMS, JOYCE U. ADAMS, HIS WIFE, AND LARRY E. ADAMS, THEIR SON, WITH DAUPHIN DEPOSIT BANK AND TRUST COMPANY IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY COMMONWEAL TH OF PENNSYLVANIA INRE: FOR THE BENEFIT OF LARRY ADAMS DATED 25 FEBRUARY 1972 ORPHANS' COURT DIVISION NO. 21 - 06 - 0395 r') !""~,.", , :) - .J :'-') PETITION FOR APPROVAL OF REVOCATION AND DISSOLUTION"' l OF TRUST AND TO RELEASE FORMER CORPORATE TRUSTEE,; AND TO AUTHORIZE AND DIRECT THE TRANSFER ASSIGNMENT AND SETTING OVER OF ALL TRUST ASSETS - ....l ,"; CO) '. :-,j C') rn l~...') ('"-) ---~~ '~l TO THE HONORABLE JUDGES OF THE SAID COURT: AND NOW COMES PNC BANK, NATIONAL ASSOCIATION, EXECUTOR OF THE ESTATE OF JOYCE U. ADAMS, deceased, by and through its counsel, Charles E. Shields III, Esq., of 6 Clouser Road, Mechanicsburg, Cumberland County, Pennsylvania 17055 and also NOW COMES, AS JOINT PETITIONER, LARRY E. ADAMS, by and through his counsel, Andrew C. Sheely, Esq., of 127 South Market Street, PO Box 95, Mechanicsburg, Cumberland County, Pennsylvania 17055. JURISDICTION 1. Jurisdiction, venue, power and authority lies in this Court per PEF Code Sections 711 (1), (3), and (12); 722: and 724. BACKGROUND 1. Petitioner, PNC BANK, NATIONAL ASSOCIATION, is a corporate fiduciary duly authorized to act as a fiduciary within the Commonwealth of Pennsylvania. Its current local business address for the purposes of this petition is c/o LINDA 1. LUNDBERG, Assistant Vice President, PNC Bank, N.A., 4242 Carlisle Pike, P.O. Box 308, Camp Hill, Cumberland County, Pennsylvania 17011. 2. Petitioner, LARRY E. ADAMS is an adult individual and the now primary beneficiary of the Trust referred to more fully herein below. His current address is 205 Schuylkill Avenue, Camp Hill, Cumberland County, Pennsylvania 17011. . . 3. On the 25th day of February 1992, Alvin A. Adams, Joyce U. Adams, his wife, and Larry E. Adams, a.k.a. Larry Adams, their son, and co-Petitioner herein, all then of Camp Hill, Cumberland County, Pennsylvania, referred to as Settlors, and Dauphin Deposit Bank and Trust Company, referred to as Trustee, entered into a "Funded Revocable Trust Agreement. . . For the Benefit of Larry Adams." (A true and correct copy of the said Trust is attached hereto as "Exhibit A.") 4. The said Dauphin Deposit Bank and Trust Company is now succeeded by various mergers, absorptions, takeovers, and the like, by Manufacturers and Traders Trust Company, also known as M & T Bank. 5. The said Alvin A. Adams departed this earthly life on the 25th day of July 2003. Based on the nature of his assets and the type of ownership interest therein no estate was raised nor administered. 6. The said Joyce U. Adams departed this earthly life on the 5th day of November 2005. An estate was raised and is currently being administered by petitioner, PNC BANK, NATIONAL ASSOCIATION, and co-petitioner LARRY E. ADAMS, as co-Executors. The estate is docketed to No. 21-05-1023 in the office of the Register of Wills in and for Cumberland County, Pennsylvania. 7. The said Larry E. Adams has survived and continues to survive his said parents, is their only issue, and is compos mentis. 8. On the 3rd day of May 2006, the said Manufacturers and Traders Trust Company, successor to Dauphin Deposit Bank and Trust Company, acting as Trustee, filed its first and final account, covering an administrative period from March 25, 1992 to April 25, 2006. The said account, by design, did not provide a proposed schedule of distribution. Hence, this Petition. CURRENT CIRCUMSTANCES 9. The said Trust Agreement provides in Item TENTH: "Settlors reserve to themselves the right, by the unanimous consent of those who may then be living, by an instrument in writing intended to take effect during the lifetimes of Settlors or the Survivors of them, signed by all the Settlors then living or their guardians or attorneys-in-fact should they then be incapacitated and delivered to the Trustee to revoke or amend this Agreement in whole or in part. Provided that the duties, powers and liabilities of Trustee shall not be substantially changed without his written consent. " 2 10. After the death of Alvin A. Adams, diverse, sundry, and serious changes in the circumstances of the health, needs, intentions, estate plan, last will and testament, appointment of agents, trustees, and the like, occurred which directly affected the lives and fortunes of Joyce U. Adams, then surviving and now deceased, and of Larry E. Adams, the co-Petitioner herein, still survivmg. 11. Joyce U. Adams, after extensive, serious, and reflective consultations during her lifetime with her counsels, Charles E. Shields, Esq., and Jered L. Hock, Esq., of Metzger Wickersham, had determined that it was in her best interests and in those of her son, Larry E. Adams, to amend, revoke, and dissolve the said Trust. 12. Larry E. Adams, after consultation with his counsel, Andrew C. Sheely, Esq., determined independently that it was in his own best interests, to amend, revoke, and dissolve the said Trust. 13. It was also determined by both Joyce U. Adams and Larry E. Adams to establish a new and basically similar Trust in which the Adamses would be the Settlors and PNC BANK, NATIONAL ASSOCIATION would be the Trustee. RECENT AND FINAL ACTIONS TOWARD DISSOLUTION 14. As related above, in paragraph 8, the current Trustee, Manufacturers and Traders Trust Company, on the 3rd day of May 2006, filed its first and final account without a proposed schedule of distribution. 15. Your Honorable Court confirmed the said first and final account on the 20th day of June 2006. 16. By agreement of the co-Petitioners herein with the said current Trustee, upon your Honorable Courts' approval of this Petition, current Trustee will make an updated final report of assets, income and expenses incurred and accrued from the last accounted for date of April 25, 2006. 17. By the said Agreement, the then remaining balance of principal and any income accrued or accumulated thereon are to be assigned, transferred and set over to PNC BANK, NATIONAL ASSOCIATION, acting as Trustee for Larry E. Adams, the surviving original Settlor of the said Trust. 18. Further, by the Agreement of the co-Petitioners and current Trustee, such transaction may be accomplished by transfer in kind, in cash after the liquidation of securities, or by a combination of the same in the mode and manner as finally reasonably requested by PNC BANK, NATIONAL ASSOCIATION in its capacity as Trustee. The said PNC acting in such 3 capacity and Larry E. Adams in his own right shall provide the usual and customary final receipt and release to the current Trustee. 19. It was further agreed that upon the completion of said assignment, transfer, and set over, as approved by your Honorable Court, the said Trust is to be deemed and considered and shall be officially, formally, and finally revoked and dissolved and current Trustee shall be relieved and released from any further duties, liabilities and responsibilities, except that current Trustee shall reasonably, promptly, and attentively cooperate if requested to provide any additional information or documentation in connection with tax preparation or for other similar reasonable causes and purposes. NEW TRUST 20. Larry E. Adams, as Settlor, and PNC BANK, NATIONAL ASSOCIATION, as Trustee, have entered into a new, although similar, FUNDED REVOCABLE TRUST AGREEMENT which shall effectively replace the current Trust referred to herein. WHEREFORE, your co-Petitioners respectfully pray this Honorable Court to enter the following proposed ORDER: (a.) The said Petition's prayer in relation to the above-captioned Trust of February 25, 1992 is granted in general and this Court makes the hereinbelow specific further orders: (b.) Trustee, Manufacturers and Traders Trust Company, its first and final accounting filed May 3,2006, having been confirmed by this Court on June 20, 2006, shall make an updated final report of assets, income, and expenses incurred and accrued from the last accounted for date of April 25, 2006. (c.) The remaining balance of principal and income accrued or accumulated thereon are to be promptly and effectively assigned, transferred, and set over to PNC BANK, NATIONAL ASSOCIATION, acting as Trustee for Larry E. Adams. ( d.) The assignment, transfer, and set over may be accomplished by transfer in kind, in cash after the liquidation of securities, or by a combination of the same in the mode and manner as finally reasonably requested by PNC BANK, NATIONAL ASSOCIATION, in its capacity as Trustee. PNC, acting in said capacity and Larry E. Adams, in his own right, shall provide the usual and customary final receipt and release to Manufacturers and Traders Trust Company, Trustee. 4 (e.) Upon the completion of items (b), (c), and (d) above, the said Trust of February 25, 1992, will be officially, formally, and finally revoked and dissolved and current Trustee, Manufacturers and Traders Trust Company, will be relieved and released from any further duties, liabilities and responsibilities, excepting that it shall reasonably, promptly, and attentively cooperate if requested to provide any additional information or documentation in connection with tax preparation or for other similar reasonable causes and purposes. (f.) PNC BANK, NATIONAL ASSOCIATION, and Larry E. Adams, in consultation with their respective counsels shall be free to determine the proportions of the Trust assets to be given to PNC BANK, NATIONAL ASSOCIATION to be administered by it 8.8 .~.{gBllt af as Trustee and the proportion, if any there be, to be given directly to Larry E. Adams, as an individual in his own right. Respectfully submitted by, ~!:~:zr Charles E. Shields, III, Esquire 6 Clouser Road Mechanicsburg, P A 17055 (717) 766-0209 PA S. Ct. ID No. 38513 ~f!S 127 South Market Street PO Box 95 Mechanicsburg, P A 17055 (717) 697-7050 PAS. Ct. ID No. 62469 5 INRE: ALVIN A. ADAMS, JOYCE U. ADAMS, HIS WIFE, AND LARRY E. ADAMS, THEIR SON, WITH DAUPHIN DEPOSIT BANK AND TRUST COMPANY FOR THE BENEFIT OF LARRY ADAMS : DATED 25 FEBRUARY 1972 IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY COMMONWEAL TH OF PENNSYLVANIA ORPHANS' COURT DIVISION NO. 21 - 06 - 0395 VERIFICA TION I, LINDA J. LUNDBERG, ofPNC BANK, NATIONAL ASSOCIATION, acting as Trustee for Larry E. Adams, Petitioner in the attached PETITION FOR APPROV AL OF REVOCATION AND DISSOLUTION OF TRUST AND TO RELEASE FORMER CORPORATE TRUSTEE AND TO AUTHORIZE AND DIRECT THE TRANSFER ASSIGNMENT AND SETTING OVER OF ALL TRUST ASSETS as co-Trustee, hereby verify that the facts recited are true and correct to the best of my knowledge, information and belief. I make this verification subject to penalty for unsworn falsification to authorities (18 Pa. C.S.A. Section 4904). By: INRE: IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY COMMONWEAL TH OF PENNSYLVANIA AL VIN A. ADAMS, JOYCE U. ADAMS, HIS WIFE, AND LARRY E. ADAMS, THEIR SON, WITH DAUPHIN DEPOSIT BANK AND TRUST COMPANY FOR THE BENEFIT OF LARRY ADAMS : DATED 25 FEBRUARY 1972 ORPHANS' COURT DIVISION NO. 21 - 06 - 0395 VERIFICATION I, LARRY E. ADAMS, Petitioner in the attached PETITION FOR APPROVAL OF REVOCATION AND DISSOLUTION OF TRUST AND TO RELEASE FORMER CORPORATE TRUSTEE AND TO AUTHORIZE AND DIRECT THE TRANSFER ASSIGNMENT AND SETTING OVER OF ALL TRUST ASSETS as co-Trustee and in my individual capacity, hereby verify that the facts recited are true and correct to the best of my knowledge, information and belief. I make this verification subject to penalty for unsworn falsification to authorities (18 Pa. C.S.A. Section 4904). ~ce:Ji? Witness ~ ~E~ LARR E. ADAMS '!J ''';j" y d' , ....,.... (~ ...:.... ,~, FUNDED REVOCABLE TRUST AGREEMENT BY ALVIN A. ADAMS. JOYCE U. ADAMS. HIS WIFE. AND LARRY E. ADAMS. THEIR SON. WITH DAUPHIN DEPOSIT BANK AND TRUST COMPANY FOR THE BENEAT OF LARRY ADAMS THIS AGREEMENT OF TRUST executed in duplicate thisdday of ~ . 1992, between ALVIN A. ADAMS, JOYCE U. ADAMS, his wife, LARRY E. ADAMS, their son, of Camp Hill, Cumberland County, Pennsylvania (hereinafter called Settlors) and DAUPHIN DEPOSIT BANK AND TRUST COMPANY (hereinafter called Trustee). WITNESSETH: FIRST: Settlors grant, assign, and set over to Trustee and its successors all the property described in Schedule A annexed hereto and said property, together with all other property, real or personal, that may be added to the trust (such property and additions being hereinafter called principal), shall be held by Trustee, IN TRUST, upon the following terms: SECOND: Trustee shall manage all property comprising the principal of this trust and shall collect the income therefrom and accretions thereto and shall pay the net income and hold and distribute the principal of said trust in the manner and form provided for below and shall have the following duties and responsibilities by way of itemization which is not meant to be nor should it be considered to be a restriction of any kind on those inherent and customary duties and responsibilities of trustees: A. Trustee shall pay monthly bills for Larry Adams for: electricity, telephone, water, sewer and refuse, cable TV, fuel, insurance and other like things as they come due for Larry's residential premises. B. Trustee shall pay other recurring bills for Larry Adams from time to time as they also come due, for example, personal and property taxes and the like; and Trustee shall further hereby be enabled to invade principal as is needed to maintain the residential premises. C. Additionally, any income over and above that required for the above-mentioned periodic payments and the like, as well as so much of the principal as is needed according to the discretion of the Trustee, may be used and expended for any additional costs of comfort, support and maintenance for Larry Adams, including medical, surgical and hospital care, and any form of further education or vocational-technical training or the like which would enhance 1 --~-_.~.._-_._-_._----_._--,..--..,..__..----......,.._._-~....- Larry's capacity to take care of himself or possibly lead to a higher paying job or position. D. Additionally, should it be necessary, in the discretion of the Trustee, Trustee may invade principal for any of the above-mentioned purposes and the like. THIRD: Should Larry Adams have predeceased either or both of his parents, then they, or the survivor of them, shall be considered the beneficiaries of this trust for and during their natural lives, and the Trustee shall continue to manage all the property comprising this trust and shall collect the income therefrom and accretions thereto and shall pay the net income to Larry's parents, or the survivor of them, for and during their natural lives in such periodic installments as Trustee shall find convenient, but at least as often as quarter-annually. Upon the death of the survivor of Larry's parents, the balance remaining in the trust shall be distributed as is provided for below. FOURTH: lIpon the death of Larry, or the survivor of his parents, whichever comes last, Trustee shall distribute the remaining principal and any accumulated or undistributed income, as follows: A. One-third (1/3) thereof to the Grace United Methodist Church, 313 Herman A venue, Lemoyne, Pennsylvania. This gift to be strictly for the use of its building fund and for general maintenance of the buildings and grounds. B. One-third (1/3) thereof to the Lincoln Chapel, Laurelton, PA 17835-9998, strictly for the use of its building fund and for general maintenance of the buildings and grounds. C. One-third (1/3) thereof to Temple Beth Shalom of West Shore Jewish Community. 913 Allendale Road, Mechanicsburg, Pennsylvania, strictly for the use of its building fund and for general maintenance of the buildings and grounds. FIFfH: The principal and income of this trust shall be free from anticipation, assignment, pledge or obligation of Seniors and shall not be subject to any execution or attachment or to voluntary or involuntary alienation. SIXTH: Trustee shall have the following powers in addition to those vested in it by law and by other provisions of this trust, applicable to all property, whether principal or income, exercisable without court approval, and effective until actual distribution of all property: A. To retain any or all of the assets of this trust, real or personal. including stock of Trustee, without regard to any principle of diversification or risk. 2 B. To invest in all forms of property, including stock, common trust funds and mortgage investment funds, without restriction to investments authorized for Pennsylvania fiduciaries, as it deems proper, without regard to any principle of diversification or risk. C. To sell at public or private sale, to exchange, or to lease for any period of time, any real or personal property and to give options for sales, exchanges or leases, for such prices and upon such terms or conditions as it deems proper. D. To allocate receipts and expenses to principal or income or partly to each as Trustee from time to time thinks proper in its sole discretion. E. To hold property in the name of Settlor, or in his name without designation of any fiduciary capacity, or in the name of a nominee or unregistered. .... SEVENTH: Subject to the approval of Trustee, anyone may add property, real or personal, to the principal of this trust by deed, will or otherwise. EIOlITH: Trustee may receive reasonable compensation at prevailing rates for fiduciaries. Such payments shall be made from time to time during the period over which its services are performed. NINfH: If at anytime hereafter, a proceeding is initiated in any jurisdiction to have a guardian appointed for Larry Adams, it is the express intention of the Settlors herein, that the court making such a determination, appoint Dauphin Deposit Bank and Trust Company, or its successor, as the guardian of the estate of Larry Adams. TENTH: Settlors reserve to themselves the right, by the unanimous consent of those who may then be living, by an instrument in writing intended to take effect during the lifetimes of Settlors or the survivors of them, signed by all the Settlors then living or their guardians or attorneys-in-fact should they be then incapacitated, and delivered to Trustee to revoke or amend this Agreement in whole or in part. Provided that the duties, powers and liabilities of Trustee shall not be substantially changed without his written consent. ELEVENfH: The situs of this trust for administrative and accounting purposes shall be in the County of Cumberland and Commonwealth of Pennsylvania, and all questions pertaining to the construction or validity of the provisions of this instrument shall be governed by the laws of that Commonwealth. 3 IN WITNESS WHEREOF, Settlors and Trustee have hereunto set their hands the day and year first above written. Witness: ~ (SEAL) roJ#ldw r.~ S tk:Jfi;a1f ~,-,~. U..~ - r JOYCE U. ADAMS, Settlor (SEAL) ~ !S~ LARRY E. ADAMS, Settlor (SEAL) ~t/~a~ DAUPHIN DEPOSIT BANK AND TRUST COMPANY ~ ft .:Jft-~' BY Trustee Senior VicePresfdent ana Trust on:teJ' (SEAL) COlv1M:ONWEAL TH OF PENNSYLVANIA: : SS. COUNTY OF CUMBERLAND On this .qS ~ day of ~ ,A.D. 1992, personally appeared before me, a Notary Public in and for said County and tate, ALVIN A. ADAMS and JOYCE U. ADAMS, his wife, Settlors, known to me (or satisfactorily proven) to be the persons whose names are subscribed to the within FUNDED REVOCABLE TRUST AGREEMENT, and acknowledged that they executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. ~) t4M)2ij;: Notary Public Notouial Seal , , Charles E, Sh,e:d~ HI, Notar) pv~",:; M6Ch,,;i !:.:.D~;d!9 BorG, CL'mr.:; ; ,,','.' ~~.~.~:':'.,;::~~::::~2;:l~-=.:J~;~':~~:. '.. ' tv1emberl P81~nsY!V~,I;:ci .:',;,,'>-..:';~,;.,',;; .'1 '-_.~ I \ ,,_J 4 I . . I , . ""'~~~J/ol.l:"'~~ ...-___.-......M.,P _.--______ -.....----..........--.--..-"'.....---- .--- COMMONWEALTH OF PENNSYLVANIA: : SS. COUNTY OF CUMBERLAND On this ~~;t, day of ~ ~ ,A.D. 1992, personally appeared before me, a Notary Public in and for said County and ate, LA~Y E. ~DAMS, Se~tl~r, known to me (or satisfactorily proven) to be the person whose name IS subscnbed to the wlthm FUNDED REVOCABLE LIVING TRUST AGREEMENT, and acknowledged that he executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. ~AJ. c;~bJ1!r Notary Public ~._-_._--- Nc,!a:ld 3,;3.1 ....:-.... b-:- ~ .:="........ ~ II: ... ,. Vii.... ",,' ~. ',"u'Jds II' NGt'1,~,..1 ,..... r.';~~,~; .,' w~r(\ C\;,,~; ~;:,:'_'~ ~ IvL30;b~:~, P~,-"..;.i~~::_:-:;..~-..-~~ :1': .._._J COMMONWEALTH OF PENNSYLVANIA: : SS. COUNTY OPeBM-BBRbA~Df,V,tJffI.U : On this c::;}xd day Of~/; , Notary Public in and for said County ~nd State, acknowledged himself to be the ,dJ.... P tJ- '7 '7 ~ . jJ~_ of DA:UP l. EPOSITJ3 '. AND TRUST COM~ANY ~. ,orporation; that he, as such \4/, L!/bf!.. Wi:::~" 'GdL , bemg authonzed to do so, executed the ore~olng FUNDED REV.6tABLE LIVING TRUST fOrlii~UfJlO.$~lJJre~~;z . slgrung the name of the Corporation, by himself, as _ ~ 'I''<li.-/ )f:t! /' :WL01! / IN WITNESS WHEREOF, I hereunto set my hand and official seal. d Wptft/Y ~~~ / Notary Public Notarial Seal Mal}' Al:tn Anden;on. ~ Public My Ha~rg, Dauphin CoUnty CommIssIOn Expires Oct. 30, 1994 Member; Pelirls)i!vlilli;g ARG""."" f . 'NI" ...n 0 0 8 5 " Dated: .' . . . . 'r,1 rr ___....---."._.__.______,_c.____..~.."_,._._____,,_.~__._".,__.~____- FUNDED REVOCABLE TRUST AGREEMENT BY ALVIN A. ADAMS. JOYCE U. ADAMS. HIS WIFE. AND LARRY E. ADAMS. THEIR SON. WITH DAUPHIN DEPOSIT BANK AND TRUST C01v1PANY FOR THE BENEAT OF LARRY E. ADAMS SCHEDULE A {CJ:; ~ ZvS'". / , 1992 ITEMS: 1) A lump sMm deposit of One Hundred Thousand ($100,000.00) Dollars.