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HomeMy WebLinkAbout10-03-06 (2) --- -~ , (' Shaun E. O'Toole, Esquire 2lS 13 North Second Street Harrisburg, Pennsylvania 17110 717.213.6653 r-:> ~ ':;;;'; ---; '~) '::....~ , w (I .2, -) ....-- -"\ ..:-~ IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA IN RE: ESTATE OF SIllRLEY M. KREITZER, Deceased ORPHANS' COURT DIVISION No. 21-05-0737 PETmON FOR ENTRY OF A STIPULATED ORDER The Petitioners, Colin X. Kreitzer and Sherry L. Baker, Administrators C.T.A. of the Estate of Shirley M Kreitzer, respectfully represent that: 1. Petitioner, Colin X. Kreitzer, is an individual who resides at 3421 Fourth Street, Harrisburg, Dauphin County, Pennsylvania. 2. Petitioner, Sherry L. Baker, is an individual who resides at 811 Erford Road, Camp Hill, Cumberland County, Pennsylvania. 3. Shirley M. Kreitzer e'Decedenf'), late of East Pennsboro Township, Cwnberland County, Pennsylvani~ died on July 22, 2005, leaving a will dated January 18, 1991 ("Will"). 'l'he Will is attached as Exhibit U A." -0 :;:. L,.) \.D " 4. Letters of Administration C.T.A. for Decedent's estate C'Estate") were granted on September 29,2005, to Petitioners. 5. Decedent was survived by three children, the Petitioners and a son, Steven S. Kreitzer. 6. Item In (A) of the Will provides that one-third (113) of the residue of Decedent's estate is to be distributed to each of the Petitioners. 7. Item In(B) of the Will provides that as for the remaining one-third of the residue of Decedent's estate, Two Thousand, Five Hundred ($2,500.00) Dollars is to be distributed to Steven S. Kreitzer, and the balance is to be held, in trust, for the benefit of Steven S. Kreitzer for ten years with CCNB Bank, N.A. as trustee ("Truse). 8. The Will does not provide for an alternate trustee in the event the initially designated trustee elects not to fulfill the obligations of trustee. 9. On or about August 6, 1993, CCNB, NA. merged with and into PNC Bank, N.A. ("PNC Bankn). 10. ".AfterpaynleaiO~~Cfltrs~'8Qd-thepaymentoftheEstate's administration expenses and the Pennsylvania Inheritance Tax, it is anticipated that one-third of the residue of the Estate will be equal to about Twenty-Two Thousand ($22,000.00) Dollars. 11. After distribution of Two Thousand, Five Hundred ($2,500.00) Dollars to Steven S. Kreitzer as provided in Item ill(B) of the Will, the Trost will ultimately be funded with less than Twenty Thousand ($20,OOO.OO) Dollars. 2 12. The modest value of the amount which will eventually fimd the Trost makes it economically unfeasible for PNC Bank, or any bank, trnst company, or financial institution to administer the Trust 13. PNC Bank does not desire to assume the responsibility of trustee of the Trust and Petitioners are confident that no other corporate trustee would be willing to take on the ,-'-p - . ._..- .-- ...,-< - --'.--_.- responsibility due to the modest size of the trust. 14. PNC Bank. desires to be released of any fiduciary responsibility and obligation to the Estate of Shirley M. Kreitzer and Steven S. Kreitzer under the Will of Shirley M. Kreitzer. 15. Petioners, Colin X. Kreitzer and Sherry L. Baker, the Administrators C.T.A.ofthe Estate, are willing to serve as trustees of the Trost and seek such designation from this Court. 16. Petitioners and the undersigned, PNC Bank and Steven S. Kreitzer, are all of the parties in interest to this matter and they hereby stipulate to an Order attached hereto as Exhibit "B," authorizing PNC Bank to renounce its right to serve as trustee of the Trost; releasing PNC Bank of any fiduciary obligation to the Estate and Steven S. Kreitzer under the Will; and directing Petitioners to ser:veas~~oftheTrust. WHEREFORE, Petitioners respectfully requests that the Court enter the Stipulated Order attached hereto as Exhibit "B,n authorizing PNC Bank to renounce its right to serve as trustee of the trust set forth in Item m(B) ofDecedent~s Will; releasing PNC Bank of any fiduciary obligation to the Estate of Shirley M. Kreitzer and Steven Kreitzer under the Will of Shirley M. Kreitzer; and directing Colin X. Kreitzer and Sherry L. Baker to serve as trustees of 3 ~' -. said trust and fulfill all obligations of the trustee as provided by Decedenes Will and Pennsylvania law. Respectfully submitted:- ~,-.J!_.....,..,._~.~~_ _.._- xJL~~~ ~.0Q~ ShaUll E.{)"Toole . Attorney I.D. No. 44797 2813 North Second Street Harrisburg, Pennsylvania 17110 Attorney for Petitioners, Colin X. Kreitzer and Sherry L. Baker Date: \0101. /0 fp PNC Bank: Date: el \~ Db 0.' )~\)A f\ ~ BY:~~ ~~. 'S'\.CE. ~~~~\~ Date: 1/29/~ _~4~ Steven S. Kreitzer 4 nV !\. ~. ~~AI ONt: ;_ > H." r~c~~ A. rli=D U I ;-1 l"'lb. VY '-1 . ~ .... '..... W." r~ Kl.ol W-,,-- l.f i~:: 'N~~\"':~^' pnBERT E.- MYERS, ESQymE ri.E.~,;i: n {'......noV! .......... ., ". "J'" iii..... ~::', ,,7- ("'~l(~;~'~f,\~ \\'\ ~ T~~', ~,..~;~.~ Of ROr,SRT :r:. lAYEr;;:::" 100 YOj~K ROAD NE\V CUMBfRLANDl fA. 1707Q LAST WILL AND TESTAMENT OJ.-" SHIRLEY M. KREITZER I,. SHIRLEY N.. KREITZER, of 143 South Enola Drive, Enola, Cumberland County, Pennsylvania, 17025, Leing of sound and disposing mind, memory and understanding, do hereby make, publish and declare this to be my Last Will and Testament, hereby revoking all other wills and Codicils previously made by me. ITEM I: I direct the payment of all my just debts, expenses of my last illness, funeral expenses, perpetual care of my burial lot, suitable marker for my grave and the costs of administrating my estate from my estate as soon after my death as conveniently may be done. ITEM II: I give and bequeath all my personal apparel and jewelry to my daughter, SHERRY L. BAKER. ITEM III: I give, devise and bequeath all the rest, residue and remainder of my estate, real, personal or mixed, tangible or intangible, of whatsoever nature and wheresoever located and all property to which I may be entitled or over which I may have power of disposition or appointment and whether acquired during or after my lifetime unto the following named persons then living, provided they survive me by ninety (90) days following my death. as follows: (A) One-third ( 1/3) to my daughter, SHERRY L. HAKER, and one-third (1/3) to my son, COLIN X. KREITZER. In the event either of thernpredeceases me or dies within said ninety (90) Exhibit "A" ",ji'-l~ L, ) J/- N'--"'V-(?~_H days after my death, then his or her share shall go equally to his or her children then living or otherwise equally to my surviving children. (B) Of the remaining one-third (1/3), the sum of TWO THOUSAND FIVE HUNDRED DOLLARS and 00/100 ($2,SOO.OO) shall go to my son, STEVEN S. KREITZER, and the residue to go to CCNB BANK, N.A., IN TRUST, for my son, STEVEN S. KREITZER, for ten (10) years with income to go to him quarter-annually or as is convenient to my Trustee or to place said funds into a Certificate of Deposit or a savings account in the name of Steven S. Kreitzer, earmarked and restricted that the funds cannot be withdrawn until ten (10) years after the date of my death with income to go at least quarter- annually to him; however, in any event, all or part of the corpus of said Trust to be used at any time towards the purchase price of a house and lot in the name of and for the Use of my son, Steven s. Kreitzer. ITEM IV: I direct that any and all taxes that may be assessed in consequence of my death, including all Inheritance, Estate and Transfer Taxes imposed upon my estate passing under my Will or otherwise, shall be paid out of the principal of my residuary estate as a part of the expense of the administration of my estate. ITEM V: I authorize and empower my personal representatives and/or said Trustee representative may deem proper, all debts and claims owed by or to me or my Estate; to sell, lease or exchange at public or private sale or in such manner, at such prices, and upon such terms of credit or otherwise, as my personal representative or said Trustee may deem proper, all or any part of J'-/~. :-~, l:.." " . '.c "t . (. );~! .... / ,. !-......-,- ~~--, I {.___--' r- 1\ I"... C, ';;"., . \ ( .~'-. '-.- /) my property, real or personal; to execute, acknowledge and deliver instruments of conveyance, including deeds in fee simple; to borrow money for the purpose of paying estate, inheritance or other taxes which are required to be paid and to secure any such loan by pledge or mortgage of all or any part of my property and to execute the necessary instruments to carry out such powers; to distribute my estate in kind or partly in money or part:ly in kind, and to determine the fair value at which any property so distributed in kind shall be received by the distributees; to conduct any business in which I have an interest at the time of my decease, for such period as my personal representative may deem proper, power to borrow money and pledge assets of the business and the power to do all other acts that I, in my lifetime could have done, to delegate such power to any partner, manager or employee without liability for any loss occurring therein and to organize a corporation to carryon said business as capital to such corporation and accept stock in the corporation in lieu thereof and hold such stock for the uses of this my Will, and to vote said stock or sell the same as to my personal representative may see~ best; to retain all stocks, assets, bonds and investments owned by me without being confined to what is known as legal investments; to execute any options to purchase, to apply for stocks, bonds or other investments, to purchase or otherwise acquire real estate and to execute the same powers thereover as hereinbefore provided, to retain indefinitely any part of my assets, real or perGonal, which is or may become unproductive or to make sale thereof; to pay carrying charges and expenses of the property out of other / I ,,"j \". /1 / I. -..........r...J.- ..1, f,' \11') ;:--: . t ... . principal or income of my estate; to invest and reinvest in all forms of property without restriction to investments authorized for Pennsylvania fiduciaries, as they deem proper, without regard to the principle of diversification or risk; to exercise any law-given option to treat administrative expenses either as income tax or as estate tax deductions, without regard to whether the expenses "vere paid franl principal or income. The powers herein conferred shall be to my named personal representative and said Trustee and all successors thereto and shall be in addition and not in limitation ot other powers conferred on said fiduciaries. Any and all payment or payments of any sum or sums, whether in cash or in kind and whether for principal or income, payable to any beneficiary shall be made upon the sole receipt of the respective beneficiary to whom the payment is made, and free from anticipation, alienation, assignment, attachment, and pledge and free fro~ control by the creditors of any such beneficiary. All shares of principal and income hereby given shall be free from anticipation, assignment, pledge or obligation of the beneficiaries and any of them and shall not be subject to any execution or attachment, levy or sequestration or other claims of the creditors of said beneficiaries or any of them. ITEM VI: All shares of principal and income hereby given shall be free from anticipation, assignment, pledge or obligation of the benef~ciaries and any of them and shall not be subject to any execution or attachment, l.evy or sequestration or other claims of the creditors of said beneficiaries or any of them. " ~iJ~-LI )'/1. K!~~-- . ITEM VII: I hereby nominate, constitute and appoint my daughter, SHERRY L. BAKER, and my sons I COLIN X. KREI'J..ZER and STEVEN S. KREITZER, as sole Co-Executors of this my Last Will and Testament. IN WITNESS WHEREOF, I, SHIRLEY M. KREITZER, have set to this my Last Will and 9UJULJ / Testament my hand and seal this jfd; day of , 199..L. (SEAL) Signed, sealed, published and declpfed by SHIR~Y M. KREITZER, the above-named Testatrix, on the /ftJi) day of ~>Jl'iULiLl-I/- , 199..L., as and for her Last Will and Testament in the.~resenc~fof us, who, in her presence and in the presence of eac~ other ~ave, at her request, subscribed our names as witnesses hereto. C)a~( rv:ii!Lv C.. residing ....- { (~t!J~~ residing at () i,/ ';Q ~~~Ck. uZ]-C. ~ CO~1MONWEALTH OF PENNSYLVAUIA Lljif/J _ () ss: COUNTY OF we, the undersigned, the Testatrix and the witnesses, respectively, whose names are signed to the foregoing instrument, being first duly sworn and qualified according to law, do hereby declare to the undersigned authority that we were present and saw the Testatrix sign and execute the instrument as her Will, and that she had signed willingly and that she executed it as her free and voluntary act for the purposes therein expressed, and that each of the witnesses, in the presence and hearing of the Testatrix, signed the Will as witness and that to the best of their knowledge the Testatrix was at that time eighteen years of age or older, of sound mind and under no constraint or undue influence; and I, the said Testatrix, 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. l1y , I , I NotadaI Seal CI!eryf A. W*fay. Notary Public FawifNI Twp.. York Counly My Commission Expires March 14. 1994 Member, PemsyJvaniaAssodaOOn of Notaries IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYL VANIA IN RE: ESTATE OF SHIRLEY M. KREITZER, Deceased ORPHANS' COURT DIVISION No. 21-05-0737 STIPULATED ORDER AND NOW, this day of , 2006, upon consideration of the Petition for Entry of a Stipulated Order filed by Petitioners, the Administrators of the Estate of Shirley M. Kreitzer, deceased ("Decedent"), and joined by all parties in interest to said Estate, PNC Bank is released of any fiduciary obligation to the Estate of Shirley M. Kreitzer and Steen Kreitzer under Decedent's Will, most significantly the duty to serve as trustee of the trust set forth in Item III (B) of Decedent's Will, and Petitioners, Colin X. Kreitzer and Sherry L. Baker, are hereby appointed trustee of said trust and shall fulfill all obligations of the trustee as provided by Decedent's Will and Pennsylvania law. BY ORDER OF COURT, J. Exhibit "B"