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HomeMy WebLinkAbout8-17-06 J- ,.. IN THE MATTER OF THE ESTATE OF ALEXANDER WALSEN, DECEASED REGISTER OF WILLS IN AND FOR CUMBERLAND COUNTY, PENNSYLVANIA File No. 21-05-00741 F AMIL Y SETTLEMENT AGREEMENT THIS AGREEMENT, made this (q-t/ll day of July 2006, WIT N E SSE T H: THE CIRCUMSTANCES leading up to the execution of this Agreement are as follows: 1. Alexander Walsen (the "Decedent"), died testate on January 25,2005, and Paul J. Walsen, Esq. duly qualified with the Register of Wills of Cumberland County, Pennsylvania, as Executor (the "Executor") of his probate Estate (the "Estate"). 2. Articles One and Two of the Will provide as follows: "I direct my Executor hereinafter named, to pay all of my funeral expenses, the administration expenses of my estate, including inheritance, estate and succession taxes, state or federal; and all other proper and just debts and charges against my estate." "All the rest, residue and remainder of my estate, both real and personal, of whatever kind or character and wheresoever situated which I may own at my death, or to which I may be entitled at my death, I give, devise and bequeath to my son Paul J. Walsen to be his exclusively, absolutely and forever." 3. Paul J. Walsen, Esq. (the "Beneficiary") desires the Executor to settle the Estate informally in order to avoid the expense and delay involved with the formal adjudication of a First and Final Account by the Orphans' Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania (the "Court"). 3. The Beneficiary desires to forever settle and compromise any and all claims and rights which he may possess, now or hereafter, in the Estate and to confirm his acceptance of the Informal Account (the "Account") and the Schedule of Distribution (the "Schedule") which are attached hereto as Exhibits "A" and "B," and incorporated herein by this reference. The Beneficiary desires that the terms of the Schedule be in full satisfaction of his rights in the Estate. 4. The Beneficiary wishes to release the Executor and to indemnify him against any and all claims that may be asserted against the Estate or the Executor after the date hereof. 5. The Executor is willing to settle the Estate informally in consideration of the indemnifications hereinafter provided by the Beneficiary. NOW, THEREFORE, in consideration of the foregoing and intending to be legally bound, jointly and severally, the Beneficiary, for himself, his heirs, personal representatives, successors and assigns: 1. Represents and warrants that he has read and understands this Agreement and confirms that the facts set forth above are true and correct, to the best of his knowledge, information, and belief. 2. Acknowledges receipt of a copy of the Account and a copy of the Sched- ule. 3. Declares that he has had the opportunity to review the Account and based upon an examination (or on his decision not to make such an examination), he is satisfied that he has sufficient information to make an informed waiver of his rights to a formal accounting with the Court, and do hereby waives the filing and auditing ofthe same. 4. Accepts the Account, examined or not, as if the same had been duly filed with and audited, adjudicated, and confirmed absolutely by the Court. 5 . Acknowledges that the distributive share or amount received shall be in full satisfaction of his respective entitlements under the Will, and acknowledges that he has received his respective shares. -2- 6. Releases, remises, quitclaims and forever discharges the Executor, his heirs, personal representatives, successors and assigns, from and against all claims that he, as residuary legatee and heir had, now have, or may in the future have, in connection with the Estate. 7. Agrees to refund on demand, all or any part of any aforesaid distribution, which has been determined by the Executor, or by the Court, or by any court of competent jurisdiction to have been improperly made. 8. Agrees to indemnify and hold harmless the Executor, his heirs, personal representatives, successors and assigns, from and against any and all claims, loss, liability or damage (whether or not related to the negligence of the Executor) that may hereafter be asserted against the Estate or against the Executor. 9. Consents to the Court exercising personal jurisdiction over him in any suit or action arising out of the enforcement of this Agreement. IN WITNESS WHEREOF, and intending to be legally bound, the Beneficiary has caused the attached Consent to this Estate Settlement Agreement, to be formally and appropriately executed. -3- CONSENT TO ESTATE SETTLEMENT AGREEMENT I, PAUL J. W ALSEN, ESQ. hereby consent to and join in the Estate Settlement Agree- ment relating to the Estate of Alexander Walsen, deceased, a copy of which Estate Settlement Agreement has been provided to me. STATE OF ILLINOIS COUNTY OF Coo t:::. SS. On this, the I '7 7h day of..;;;Jlt '- V I personally appeared PAUL J. W ALSEN, ESQ., known to me (or satisfactorily proven) to be the 2006, before me, the undersigned officer, person whose name is subscribed to the within instrument, and acknowledged that he executed the same in the capacities and for the purposes therein contained. IN WITNESS WHEREOF, I hereunder set my hand and official seal. . ~ .I:-~ Notary Public 1 ~- J~ ~ ~ PclbIc . ... 01 a.......-- ---. __.A-. -lUll ~ 22. 2OD7 -4- EXHIBIT A Accountinl! for the Estate of Alexander Walsen. Deceased Assets in Inventory (Valued as of Date of Death) Fulton Bank (Account #3622-24430 and #3622-24360) Total Inventory (Date of Death Value) Assets in Inventory (Current Value) Fulton Bank (Account #3622-24430) Total Inventory (Current Value) Estate Expenses Administrative Expenses Funeral and related expenses (paid) Attorney Fees (Pecht & Associates, PC) Probate Fees and Expenses (paid) Federal and State Taxes Pennsylvania Department of Revenue Inheritance Tax (paid) Debts of Decedent Andorra Radiology Associates (paid) Lancaster HMA Physician Management (paid) Earthlink (paid) Sprint (paid) Apex Asset Management (paid) Total Estate Expenses Net Value Available for Distribution to Beneficiary $16,141.27 $16.141.27 $14,962.27 $14.962.27 $182.50 767.77 476.90 $593.63 33.00 110.00 23.95 49.72 110.00 $2.347.47 $12.614.80 EXHIBIT "B" SCHEDULE OF DISTRIBUTION 1. Paul J. Walsen $12,614.80 TOTAL ASSETS DISTRIBUTED $12.614.80 .. AFFIDA VIT Paul J. Walsen, Esq., Executor under the Will of Alexander Walsen, Deceased, hereby declares under oath that he has fully and faithfully discharged the duties of his office; that the foregoing First and Final Account is true and correct, and fully discloses all significant transactions occurring during the accounting period; that all known claims against the Estate have been paid in full; that the first complete advertisement of the grant ofletters was more than four months from the date the account was filed; that, to his knowledge, there are no claims now outstanding against the Estate; and that all taxes presently due from the Estate have been paid. ~ Paul J. Walsen Sworn to or affirmed ~d subscribed -ELore me this /9 rn day of ,-1/ ,2006 I . ~,~ Notary Public 1- MY COMMISSION EXPIRES: +;2.::<-07 -- - l ~- J~ '**-v~.... 01-' -ConuI.~....... 22.1G07 - -