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Home My WebLink About08-18-06 HOSKINSON & WENGER 147 EAST WASHINUTON STREET OHAMBERSBUHO, PA 17201 PHONE: (717) 263-81S31S PAX: (717) 263-6026 v FAMILY SETTLEMENT AND FINAL RELEASE IN THE ESTATE OF ELAINE R. MAYO a/kla ELAINE RUTH MAYO, DECEASED C~r( 4. c THIS AGREEMENT, is executed as of this / day of, tg v'FT , 2006, by and between, JOHN S. MAYO, hereby designated as Exe~utor, hereinafter referred to as "Personal Representative", of the Estate of Elaine R. Mayo a/kla Elaine Ruth Mayo, hereinafter referred to as "Decedent", and JOHN S. MAYO and E. CONSTANCE MORGAN, hereinafter referred to as "Beneficiaries". f....~ WITNESSETH: WHEREAS, Decedent died testate on October 5,2005, leaving a Last VYill and) Testament dated July 16,1999 and a Codicil dated April 17, 2000, wherein D~cedent named Personal Representative as Executor, which Will was duly probated in Cumberland County, Pennsylvania and now remains of record in Cumb~rland Oounty . .~" File No. 2005-00942 and Letters Testamentary thereon were granted to Perso,rral Representative on October 25,2005, and - WHEREAS, under the Will of Decedent and of which Will the Beneficiaries have received a copy, JOHN S. MAYO and E. CONSTANCE MORGAN, were named as residuary Beneficiaries, and WHEREAS, The Personal Representative has proceeded with the administration of the Estate, paid all debts of the Decedent and claims against the Estate, administration expenses, taxes and now know of no other unpaid claim to be paid out of Estate assets, and WHEREAS, the Personal Representative has prepared an Account and Schedule of Distribution in accordance with the intention of Decedent's Will, which has been submitted to the Beneficiaries for their review, a true and correct copy whereof is intended to be attached to the original document executed by the Beneficiaries. NOW, THEREFORE, intending to be legally bound hereby, the Beneficiaries mutually agree as follows: 1. SATISFACTION WITH ACCOUNT: Each party agrees or acknowledges that he or she has fully and carefully examined the Account of the Personal Representative and the Schedule of Distribution relating thereto and find them to be acceptable. 2. RELEASE: The Beneficiaries do hereby remise, release and quitclaim and forever discharge the said Personal Representative, and his heirs, executors, administrators, and assigns, of 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 HOSKINSON & WENGER 147 EAST WASHINGTON STREET CHAMBERSBUHO. FA 17201 PHONE: (717) 263-Bfi315 FAX: (717) 263-6026 the Estate of the Decedent, and all duties of the Personal Representative of the Estate, except for disposition of any funds reserved in the Account or for matters specially mentioned. 3. REIMBURSEMENT OF FUTURE CLAIMS AGAINST ESTATE: Beneficiaries promise they will reimburse or contribute to the Personal Representative or the Estate, as the case may be, their prorata share of any expense incurred or payment to be made with respect to a debt of Decedent, a tax, including penalty or interest, or other claim which may hereafter be determined to be a legally valid and timely claim against the Estate, which but for the distribution of assets contemplated hereby would be payable out of the Estate assets. If in the reasonable discretion of the Personal Representative it may be determined that any such claim should be compromised, Beneficiaries agree to be bound by the exercise of such discretion. 4. PAYMENT OF SHARES: Beneficiaries hereby acknowledge that after a release is signed by all necessary parties, the Personal Representative will forthwith deliver checks to each party in the amounts set forth opposite the respective names in the Schedule of Distribution. 5. WAIVER: This instrument is a full and final Family Settlement Agreement by and among the parties hereto, both fiduciary and individual, all of the same having been arrived at, concluded and executed after a full and complete disclosure of the said Estate and the rights of the parties therein and thereto and all of the parties hereto, and each of them agrees to abide by the terms hereof. The parties hereto waive any filing of an Account and Schedule of Distribution with any Court. 6. FUTURE COOPERATION: The parties hereto, and each of them agree that they will at all times in the future and whenever necessary, appropriate or convenient make, execute and deliver to the said Personal Representative, or to any other party or persons, any and all instruments, documents, conveyances, deeds, releases or other instruments of any kind necessary or convenient to carry out the intention of this agreement and/or to permit, assist and enable the Personal Representative to fulfill fiduciary duties with reference to the said Estate and all assets thereof. 7. ENTIRE AGREEMENT: This Agreement constitutes the entire understanding between the parties hereto, and all acknowledge that no representations or promises of any kind have been made by anyone other than as contained herein or referenced hereto. 8. BINDING EFFECT: This Agreement shall inure to the benefit of and be binding upon the parties hereto and each of them, their heirs, executors, administrators, successors and assigns. HOSKINSON & WENGER 147 EAST WASHINGTON S'l'REET OHAMBERSBURO, FA 17201 PHONE: (717) 263-81S315 FAX: (717)263-6026 IN WITNESS WHEREOF, the parties have executed this Family Settlement and Final Release to be effective as of the date aforesaid. WITNESS: _4?t?~y 4t7?/~J" / '." / 77 " (SEAL) and as "- (SEAL) ACKNOWLEDGEMENT COMMONWEALTH OF PENNSYLVANIA COUNTY OF FRANKLIN : On this ~ day of /J. />. ~ 2006, before me, a Notary Public, the undersigned officer, personali~HN S. MAYO, known to me (or satisfactorily proven), to be the person whose name is subscribed to the within instrument, and acknowledged the foregoing instrument to be his act and deed, and desired the same to be recorded as such. Witness my hand and official seal, COMMONWEALTH OF PENNSYLVANIA COUNTY OF FRANKLIN : On this ~ day of /J. ~ L, 2006, before me, a Notary Public, the undersigned officer, personall~ CONSTANCE MORGAN, known to me (or satisfactorily proven), to be the person whose name is subscribed to the within instrument, and acknowledged the foregoing instrument to be her act and deed, and desired the same to be recorded as such. Witness my hand and official seal t e d No ry ublic of NOTARIAL l PENNY R. MORRISON, NOTARr PU8lIC BOIDlJt OF CHAMBERSBURG, FRANKLIN COUNTY MY COMMISSION EXPIRES MAY 19 2010 HOSKINSON & WENGER 147 EAST WASHINGTON STREET CHAMBERSBURG, PA 17201 PHONH: (717) 263-BIS3r'i FAX: (717)263-6026 SUMMARY OF ACCOUNT PRINCIPAL RECEIPTS Real Estate Personal Property TOTAL PRINCIPAL RECEIPTS $600,000.00 130.032.69 $730,032.69 INCOME RECEIPTS: Interest TOTAL INCOME RECEIPTS TOTAL RECEIPTS $ 1.900.47 $ 1.900.47 $731.933.16 PRINCIPAL DISBURSEMENTS Funeral Expenses Taxes Fees and Commissions Administration Expenses Debts of Decedent TOTAL PRINCIPAL DISBURSEMENTS TOTAL DISBURSEMENTS NET ESTATE FOR DISTRIBUTION $ 3,531.90 27,943.99 60,000.00 13,041.45 722.77 $105.240.11 $105,240.11 5626,693.05 Net Estate for Distribution consisting of: 1. Real Estate 2. Cash TOTAL $600,000.00 26.693.05 $626,693.05 SCHEDULE OF DISTRIBUTION Schedule of Distribution is in accordance with the Last Will and Testament of Elaine S. Mayo: 1. John S. Mayo - 1/2 of residuary Estate A. Real Estate, taken in kind 8. Partial Cash Distribution made 5/23/06 C. Final Cash Distribution TOTAL $300,000.00 6,000.00 7.346.52 $313,346.52 2. E. Constance Morgan - 1/2 of residuary Estate A. Real Estate, taken in kind $300,000.00 8. Partial Cash Distribution made 5/23/06 6,000.00 C. Final Cash Distribution 7.346.53 TOTAL $313.346.53 TOTAL DISTRIBUTIONS $626,693.05 which exhausts the funds for distribution HOSKINSON & WENGER 147 EAST WASHINGTON ST'HEET OHAMBERSBURO, PA17201 PHONE: (717) 263-B~3D PAX: (717) 263-6026 PRINCIPAL RECEIPTS REAL ESTATE 10/05/2006 Tract of real estate lying and being situate partly in Southampton Township, Cumberland County, Pennsylvania and partly in Southampton Township, Franklin County, Pennsylvania, known and numbered as 891 Means Hollow Road, Shippensburg, Pennsylvania, appraised at TOTAL REAL ESTATE PERSONAL PROPERTY 10/05/2005 Citizen's Bank, Checking Acct. 10/05/2005 Citizen's Bank, Savings Acct. 12/12/2005 1998 Honda Accord LX Coupe, sold for 12/20/2005 Adams Electric - refund 03/15/2006 Commonwealth of PA - 2005 Income Tax Refund 04/21/2006 Internal Revenue Service - 2005 Income Tax Refund TOTAL PERSONAL PROPERTY TOTAL PRINCIPAL RECEIPTS PRINCIPAL DISBURSEMENTS FUNERAL EXPENSES 10/11/2005 Park Lawns Memorials - Interment Fee 10/14/2005 Family Traditions - funeral expense 10/14/2005 Rev. John Good - funeral service 10/17/2005 Gordon's Memorials - bronze date marker 10/24/2005 Aver Crematory - cremation fee 12/27/2005 Aver Memorial Home and Cremation Services Inc. - reimbursement for Obituary Notices TOTAL FUNERAL EXPENSES TAXES 12/28/2005 Cumberland County Register of Wills - prepayment of Inheritance tax at discount OS/23/2006 Cumberland County Register of Wills - balance of Inheritance Tax TOTAL TAXES $600.000.00 $600,000.00 $ 29,255.97 91,090.45 9,100.00 30.27 80.00 476.00 $130,032.69 $730,032.69 $ 1,270.00 100.00 125.00 200.00 1,409.00 427.00 $ 3,531.90 $ 27,250.00 693.99 $ 27,943.99 FEES AND COMMISSIONS OS/23/2006 John S. Mayo - partial payment of Executor's Commission $ 15,000.00 OS/23/2006 Hoskinson & Wenger - partial payment Attorney's Fee 15,000.00 John S. Mayo - balance of Executor's Commission 15,000.00 Hoskinson & Wenger - balance of Attorney's Fee 15.000.00 TOTAL FEES AND COMMISSIONS $ 60,000.00 ADMINISTRATION EXPENSES 10/08/2005 Karen Zimmerman - care of animals $ 30.00 10/11/2005 Nightingale Auto - inspection/service of Honda Accord 74.70 10/15/2005 Karen Zimmerman - care of animals 30.00 10/17/2005 Postmaster - stamps 7.40 10/20/2005 Don Boserman - mowing/lawn maintenance 50.00 10/22/2005 Karen Zimmerman - care of animals 30.00 10/24/2005 Adams Electric Cooperative - electric bill 108.22 10/24/2005 Cumberland County Register of Wills - Administration Expenses 563.00 10/28/2005 Cumberland Valley Law Journal - Executor's Notice 75.00 10/28/2005 Shippensburg Animal Hospital - euthanize sick cat 70.00 11/11/2005 Sprint - telephone bill 38.70 11/16/2005 John D. Ausherman, SRA - real estate appraisal 400.00 12/01/2005 Adams Electric Cooperative - electric bill 94.70 12/01/2005 The Sentinel - Executor's notice 158.81 12/21/2005 Sprint - telephone bill 26.40 12/28/2005 Hoskinson & Wenger - UPS reimbursement 14.24 01/03/2006 Adams Electric Cooperative - electric bill I 40.44 01/03/2006 North East Waste Services - garbage bill 62.70 01/03/2006 Sprint - telephone bill 25.42 02/13/2006 Roy Snoke - preparation of 2005 Income Tax Retu rns 67.00 02/15/2006 Sprint - telephone bill 25.42 HOSKINSON & WENGER 03/15/2006 Sprint - telephone bill 25.75 147 EAST WASHINGTON STREET 03/22/2006 Adams Electric Cooperative - electric bill 22.10 GHAMBEHSBURG, PA 17201 04/07/2006 North East Waste Services - garbage bill 62.70 PHONE: (717) 263-Bl'ma 04/27/2006 Adams Electric Cooperative - electric bill 8.65 FAX: (717) 263-6026 HOSKINSON & WENGER 147 EAST WASHINGTON S'I'RHET CHAMBERSBUHO, PA17201 PHONE: (717) 263-B~m:~ FAX: (717) 263-6026 04/27/2006 Cumberland County Recorder of Deeds - filing subdivision plan 04/27/2006 Franklin County Recorder of Deeds - filing subdivision plan 04/27/2006 Southampton Township - Subdivision Plan review 05/11/2006 All Land Services - Inc. - survey bill OS/23/2006 Cumberland Valley Recorder of Deeds - recording deeds OS/23/2006 Cumberland County Register of Wills - additional probate costs OS/23/2006 Penny R. Morrison - notary fees/Deeds OS/23/2006 Southampton Township, Cumberland County - Subdivision Plan Review 06/02/2006 Franklin County Recorder of Deeds - recording deed 06/23/2006 Vivian Coy, Tax Collector - 2006 Real Estate taxes Cumberland Valley Register of Wills - Filing fees/Family Settlement Agreement Penny R. Morrison - notary fees/Release Reserve for 2006 Fiduciary Tax Return Preparation TOTAL ADMINISTRATION EXPENSES DEBTS OF DECEDENT 10/12/2005 Green Ridge Homes - nursing home bill 10/12/2005 Sprint - phone bill 10/12/2005 WSI - garbage bill 10/17/2005 Chambersburg Hospital - Lifeline bill 10/17/2005 Cingular - cell phone bill 10/24/2005 Citi - credit account payoff 10/24/2005 West Shore EMS - ambulance bill 11/01/2005 Green Ridge Village - nursing home telephone bill 11/02/2005 Green Ridge Village - final nursing home bill TOTAL OF DEBTS OF DECEDENT TOTAL PRINCIPAL DISBURSEMENTS 10.00 35.00 315.00 9,202.00 83.00 65.00 10.00 187.50 42.50 420.10 20.00 40.00 500.00 $ 13,041.45 $ 245.00 36.65 59.71 40.00 24.86 27.34 175.33 25.44 88.00 $ 722.77 $105,240.11 HOSKINSON & WENGER 147 EAST WASHINGTON STREET CHAMBERSBURG, FA 17201 PHONE: (717) 26:)..B~3~ FAX: (717)263-6026 INCOME RECEIPTS INTEREST 10/31/2005- Citizen's Bank, Estate Checking Acct. #6209814496 10/31/2005 Citizen's National Bank, Estate Money Market Acct. #6209814488 11/30/2005- Citizen's Bank, Estate Checking Acct. #6209814496 11/30/2005 Citizen's National Bank, Estate Money Market Acct. #6209814488 12/30/2005- Citizen's Bank, Estate Checking Acct. #6209814496 12/30/2005 Citizen's National Bank, Estate Money Market Acct. #6209814488 01/31/2006- Citizen's Bank, Estate Checking Acct. #6209814496 01/31/2006 Citizen's National Bank, Estate Money Market Acct. #6209814488 02/28/2006- Citizen's Bank, Estate Checking Acct. #6209814496 02/28/2006 Citizen's National Bank, Estate Money Market Acct. #6209814488 03/31/2006- Citizen's Bank, Estate Checking Acct. #6209814496 03/31/2006 Citizen's National Bank, Estate Money Market Acct. #6209814488 04/28/2006- Citizen's Bank, Estate Checking Acct. #6209814496 04/28/2006 Citizen's National Bank, Estate Money Market Acct. #6209814488 05/31/2006- Citizen's Bank, Estate Checking Acct. #6209814496 05/31/2006 Citizen's National Bank, Estate Money Market Acct. #6209814488 06/30/2006 Citizen's National Bank, Estate Money Market Acct. #6209814488 TOTAL INTEREST TOTAL INCOME RECEIPTS $ 1.47 64.4 7 3.71 276.47 3.83 302.38 3.83 243.29 1.33 213.59 .35 237.08 .34 230.09 .26 208.31 109.67 $ 1.900.47 $ 1,900.47