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Home My WebLink About07-14-06 IN THE MATTER OF THE ESTATE OF LUCY CASTERLINE, DECEASED REGISTER OF WILLS IN AND FOR CUMBERLAND COUNTY, PENNSYLVANIA File No. 21-0600095 F AMIL Y SETTLEMENT AGREEMENT '" c:> C::,:::, 0"" c_ c:: ,- THIS AGREEMENT, made this 22nd day of May 2006, --0 WITNESSETH: L'1 CP THE CIRCUMSTANCES leading up to the execution of this Agreement are as follows: 1. Lucy Casterline (the "Decedent"), a widow, died testate on April 30, 2005, and Mary Louise Pierce McLain duly qualified with the Register of Wills of Cumberland County, Pennsylvania, as Executor (the "Executor") of her probate Estate (the "Estate"). 2. Paragraph 2 of the Will provides as follows: "All the rest, residue and remainder of my Estate, real and personal, I give, devise and bequeath to my husband, Marvin E. Casterline, his heirs and assigns, conditioned, however, that in the event of his death in my lifetime, or in the event of his death within the period of sixty days after my death, the said devise and bequest of residue shall lapse or be divested, and in either event, I give, devise and bequeath the said residue of my Estate to my three (3) children, namely: William J. Casterline, of Plainfield, New Jersey Mary Louise Pierce, of Mechanicsburg, Pennsylvania; and Marvin E. Casterline, Jr. of Woodbridge, Virginia, their heirs and assigns, share and share alike. . . " 3. William J. Casterline of Plainfield, New Jersey, died on April 27, 2002. 4. Mary Lou Pierce McLain and Marvin E. Casterline, Jr. (the Beneficiaries") desire the Executor to settle the Estate informally in order to avoid the expense and delay involved with \.?' - :D f-f-l C"') g C) , .: t ~I C"J :'C) ;"'i --j-" -rl :() m 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 Beneficiaries desire to forever settle and compromise any and all claims and rights which they may possess, now or hereafter, in the Estate and to confirm their acceptance of the Informal Account (the "Account") which is attached hereto as Exhibit "A" and incorporated herein by this reference. The Beneficiaries desire that the terms of the Account be in full satisfaction of their rights in the Estate. 4. The Beneficiaries wish to release the Executor and to indemnify her 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 Beneficiaries. NOW, THEREFORE, in consideration of the foregoing and intending to be legally bound, jointly and severally, the Beneficiaries, for themselves, their heirs, personal representa- tives, successors and assigns: 1. Represent and warrant that they have read and understand this Agreement and confirm that the facts set forth above are true and correct, to the best of their knowledge, information, and belief. 2. Acknowledge receipt of a copy of the Account. 3. Declare that they have had the opportunity to review the Account and based upon an examination (or on their decision not to make such an examination), they are satisfied that they have sufficient information to make an informed waiver of their right to a formal accounting with the Court, and do hereby waive the filing and auditing of the same. 4. Accept the Account, examined or not, as ifthe same had been duly filed with and audited, adjudicated, and confirmed absolutely by the Court. 5. Acknowledge that the distributive share or amount received shall be in full satisfaction of their respective entitlements under the Will, and ac- knowledge that they have each received their respective shares. 6. Release, remise, quitclaim and forever discharge the Exeutor, her heirs, personal representatives, successors and assigns, from and against all claims that they, as residuary legatees and heirs had, now have, or may in the future have, in connection with the Estate. 7. Agree 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. Agree to indemnify and hold harmless the Executor, her 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. Consent to the Court exercising personal jurisdiction over them in any suit or action arising out of the enforcement of this Agreement. IN WITNESS WHEREOF, and intending to be legally bound, the Beneficiaries have placed their hands and seals on the attached Consents to this Estate Settlement Agreement. -3- CONSENT TO ESTATE SETTLEMENT AGREEMENT I, MARY LOUISE PIERCE MCLAIN, hereby consent to and join in the Estate Settle- ment Agreement relating to the Estate of Lucy Casterline, deceased, a copy of which Estate Settlement Agreement has been provided to me. /~ <, - /:?/~ ~/ /' ~ \~0 LOUISE PIERCE MCLAIN COMMONWEALTH OF PENNSYLVANIA SS. COUNTY OF CUMBERLAND On this, the eR~ day of {'Y)o...'t personally appeared MARY LOUISE PIERCE MCLAIN, known to me (or satisfactorily proven) 2006, before me, the undersigned officer, to be the 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. ~ol~ Notary Public COMMONWEALTH OF PENNSYLVANIA Notarial Seal Barbara L. Eaton, Notary Public Lower Allen Twp., Cumbefland County My Commission Expires May 21 , 2010 -Member, Pennsylvania Association of Notaries -4- CONSENT TO ESTATE SETTLEMENT AGREEMENT I, MARVIN E. CASTERLINE, JR., hereby consent to and join in the Estate Settlement Agreement relating to the Estate of Lucy Casterline, deceased, a copy of which Estate Settlement Agreement has been provided to me. 1n~ ~~Y5Ji1JL MARVIN E. CASTERLINE, . COMMONWEAL TH OF PENNSYLVANIA SS. COUNTY OF CUMBERLAND On this, the Q)a>4\:. day of ~~ personally appeared MARVIN E. CASTERLINE, JR., known to me (or satisfactorily proven) to 2006, before me, the undersigned officer, be the 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. ~4~ Notary Public COMMONWEALTH OF PENNSYLVANJA Notarial Seal Barbara L. Eaton, Notary Public Lower Allen Twp., Cumberland County My Commission Expires May 21, 2010 Member, Pennsylvania Association of Notaries -5- EXHIBIT A Accounting for the Estate of Lucy Casterline, Deceased Assets in Inventory (Valued as of Date of Death) Certificate of Deposit (Sovereign Bank #l68521l748) $39,867.0l (Joint ownership wi right of survivorship - Mary Louise Pierce-McLain) Certificate of Deposit (Sovereign Bank #1685211763) 39,867.0l (Marvin Casterline - Pay-on-death Beneficiary) Certificate of Deposit (Sovereign Bank #16852l1755) 39,867.01 (Mary Louise Pierce-McLain - Pay-on-death Beneficiary) Certificate of Deposit (PNC Bank #31700244358) 12,098.60 (Joint ownership wlright of survivorship - Mary Louise Pierce-McLain) Checking Account (Citizens Bank Acct. 610070-454-8) 1,988.97 (Joint ownership wlright of survivorship - Mary Louise Pierce-McLain) Pre-paid Funeral Insurance 10,050.00 Unclaimed Property (P A Treasury Dept. Claim (#99594018) 881.64 Total Inventory (Date of Death Value) Assets in Inventory (Current Value) Certificate of Deposit (Sovereign Bank #168521l748) Certificate of Deposit (Sovereign Bank #1685211763) Certificate of Deposit (Sovereign Bank #16852l1755) Certificate of Deposit (PNC Bank #31700244358) Checking Account (Citizens Bank Acct. 610070-454-8) Unclaimed Property (P A Treasury Dept. Claim (#99594018) Total Inventory (Current Value) $40,532.36 40,532.36 40,597.93 12,6l5.52 2,249.81 881.64 $144.620.24 $136.527.98 Estate Expenses Administrative Expenses Funeral and related expenses (Hugh B. Hughes & Son) Attorney Fees (Pecht & Associates, PC) Federal and State Taxes Pennsylvania Department of Revenue Inheritance Tax Total Estate Expenses $9,194.30 750.00 $5,904.05 Distributions to Joint Property Owners To: Mary Louise Pierce-McLain (joint ownership) Certificate of Deposit (PNC Bank #31700244358) $12,615.52 Citizens Checking Account 2,249.81 Total Principal Distributions to Joint Property Owners Distributions to Pav-on-Death Beneficiaries 1. Mary Louise Pierce McLain 2. Marvin E. Casterline, Jr. TOTAL ASSETS DISTRIBUTED $64,893.59 $40,973.18 $15.795.88 $14.865.33 $1 05.866.77