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HomeMy WebLinkAbout12-21-06 In re: ESTATE OF MARY E. FAUGHT, Deceased AND NOW, this 20 l~ day of v : IN THE COURT OF COMMON PLEAS OF : CUMBERLAND COUNTY, PENNSYLVANIA : ORPHANS' COURT DIVISION No. 21-06-0253 .. ORDER fI :v (!..c:::. . , 2006, upon consideration of the annexed Petition of Robert M. Frey, Executor of the Last Will and Testament of Mary E. Faught, 4, 1993. N '-> L.u a '-0 C;:::) c::> ~ N C'") 9 ..",- _.-- -=t t~= Q ~. C::) C.~? c, g f:?~--~ d:tr' CL. r Q~:," 03 u Deceased, it is Ordered that Orrstown Bank is hereby appointed Trustee of the Trust of Mary E. Faught created under paragraph 2 of the Last Will and Testament of Mary E. Faught, dated June BY THE COURT: 1. l-L (:) 0-) Lu .-_.J U:::--:' EE -:: C) !o":- '_.> ~k~ 0:: c-) C...J A C;l LTJ ?i:!C::: ORPHANS' COURT DIVISION COURT OF COMMON PLEAS OF In Re: ESTATE OF MARY E FAUGHT, DECEASED CUMBERLAND COUNTY PENNSYLVANIA NO. 21-06-0253 CERTIFICATE OF SERVICE OF ORDER ORDER DATE: 12/20/06 JUDGE'S INITIALS: JWO TIME STAMP DATE: 12/21/06 IN RE: ORDER SERVICE TO: METHOD OF MAILING: ENVELOPES PROVIDED BY: ~ USPS DRRR D HAND DELIVERED D OTHER_ ~ PETITIONER D mDGE D CLERK OF ORPHANS COURT MAILED: 12/21/2006 SERVICE TO: METHOD OF MAILING: ENVELOPES PROVIDED BY: D USPS DRRR D HAND DELIVERED D OTHER_ D PETITIONER D mDGE D CLERK OF ORPHANS COURT MAILED: 12/21/06 Deputy Clerk of Orphans' Court IN RE: ESTATE OF MARY E. FAUGHT, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYL VANIA ORPHAN'S COURT DIVISION NO. 21-06-0253 PETITION FOR APPOINTMENT OF TRUSTEE TO THE HONORABLE, THE JUDGES OF THE SAID COURT: ~~ The Petition of Robert M. Frey, Executor of the Last Will and Testament of Mary ~ E. Faught, Deceased, respectfully represents that: 0 ~ Co C1' Mary E. Faught died a widow on March 8, 2006. 55;g ~ "..,.,0...1 :J: (') n ::9. )> hi i....~ ::z; ::D 0) <". Cf)?, 2. Mary E. Faught made a Last Will and Testament dated Jujik~,~3~ ,-; c. copy of which is attached hereto marked as Exhibit "A." ,::) ~ ca j2 "" -..J 1. 3. Paragraph No.2 of said Last Will and Testament provided as foHows: "2. All of the rest, residue and remainder of my estate, real, personal and mixed, and wheresoever the same may be situate, including all household goods and furnishings which I may own at the time of my death, I give, devise and bequeath to Farmers Trust Company and its successors, 1 West High Street, Carlisle, Pennsylvania, in trust, to receive and to invest the same for the benefit of only my four (4) current grandchildren and not for the benefit of any future grandchildren. My four current grandchildren are Wayne Mitz, Jr.; Danielle Bankes, Stacy Mitz, and Shelby Storm. The income derived therefrom shall be accrued and not distributed until the oldest then living grandchild attains the age of 30. At such time the Trust shall be divided into equal shares, one (1) share for each of the four (4) above-named individuals who are then living, the share any deceased grandchild would have received shall lapse and be added to the remaining shares per stirpes. Petition - Mary E. Faught Estate Page 1 of3 ::0 '-T~ rn ......J (""") Cia ~:'~~ rTl rn ::n CJ 00 -- n .,., .-- :n :'.2: (.""') ern U)c:) -.1 ~ My Trustee shall manage each as a separate Trust. Each Trust shall be managed the same as before with the exception that after each beneficiary attains the age of 30, he or she shall be entitled to receive the income derived therefrom, to be paid at least annually. At each above-named grandchild's death, any then remaining principal of his or her trust shall be paid: (a) To his or her then living descendants, per stirpes; or, in default of such descendants, (b) To my then living descendants, per stirpes (any portion payable to a child for whom principal is then held in trust hereunder shall instead be added to that trust. 4. M & T Bank, successor by merger to Farmer's Trust Company, the Trustee designated in said Last Will and Testament of Mary E. Faught, has declined to serve as Trustee as set forth in letter dated June 27, 2006, a copy of which is attached hereto and marked Exhibit "B." 5. Orrstown Bank, 77 East King Street, P.O. Box 250, Shippensburg, PA 17257, has agreed to serve as Trustee of said Trust as set forth in its letter dated August 11, 2006, a copy of which is attached hereto and marked Exhibit "C." 6. The assets of the Trust are expected to be the proceeds of an IRA administered by M & T Investment Group, the beneficiary of which is "Mary E. Faught Trust" as indicated on Participant/Beneficiary Summary (Acct. No. AZRII0182), a copy of which is attached hereto and marked Exhibit "D," and the value of said IRA account is understood to be $102,235.78 as of November 28, 2006, as shown on copy of statement for same, a copy of which is attached marked Exhibit "E" (less applicable Federal income taxes), plus the remainder of the Estate of Mary E. Faught which is estimated to be Petition - Mary E. Faught Estate Page 2 of3 approximately $50,000.00 for a total estimated corpus of the Trust of approximately $152,235.78, less Federal income taxes due on the IRA distribution. WHEREFORE, your Petitioner prays Your Honorable Court to appoint Orrstown Bank, 77 East King Street, P.O. Box 250, Shippensburg, PA 17257, as Trustee of Trust of Mary E. Faught under paragraph 2 of Will dated June 4, 1993. AND he will ever pray, etc. Respectfully submitted, ~ ~. ~~ ROBERT M. FREY, Executor of the Last Will and Testament of Mary E. Faught, Deceased 5 South Hanover Street Carlisle, PA 17013 (717) 243-5838 Supreme Court I.D. No. 006274 VERIFICA TION I Robert M. Frey, Executor of the Last Will and Testament of Mary E. Faught, Deceased hereby certify that the facts stated in the foregoing Petition are true and correct, to the best of my knowledge, information and belief. I understand that false statements herein are made and subject to the penalties of 18 Pa. C.S. 94904 relating to unsworn falsification to authorities. ~ k, ?~ ROBERT M. FREY, Executor Dated: Petition - Mary E. Faught Estate Page 3 of3 LAST WILL AND TEST AMENT OF MARY E. FAUGHT I, MARY B. FAUOHf. unmmied. o! 135 South East .S~t in. the B?IOugh of Carlisle, Cumberland County. Pennsylvania, bemg of sou.nd and dlsposmg ml~d, memory and understanding, do hereby make, publish and de~lare this as and ~or my Last win and Testament, hereby revoking and making void any and all Wtlls by me at any nme heretofore made. 1. 1 direct my hereinafter named Executor to pay all of my just debts and funeral expenses as soon after my death as may be found convenient to do so. I direct that my funeral seMc~ be conducted by the Bwing Brothers ~uneral Home, 630 South Ha~over Street, Ca~hsle, Pennsylvania in a modest and econolD1cal manner. and that my body be mterred on the bunallot wilJed to me' by my grandmother, Mary A. Miller, which burial lot is located in Philadelphia Memorial Park located near King of Prussia, Pennsylvania, and on which burial10t the bodies of my grandparents, Edward Miller and Mary A. Miller, and their child are already interred. 2. All of the rest, residue and remainder of my estate, real, personal and mixed, and wheresoever the same may be situate, including all household goods and furnishings which I may own at the time of my death, I give, devise and bequeath to Farmers Trust Company and its successors, 1 West High Street, Carlisle, Pennsylvania, in trust, to receive and to invest the same for the benefit of only my four (4) current grandchildren' and not for the benefit of any future grandchildren. My four current grandchildren are Wayne Mitt, Jr.; Danielle Bankes, Stacy Mitz, and Shelby Storm. The income derived therefrom shall be accrued and not distributed until the oldest then living grandchild attains the age of 30. At such time the Trost shall be divided into equal shares, one (1) share for each of the four (4) above-named individuals who are then living, the share any deceased grandchild would have received shall lapse and be added to the remaining shares per stirpes. My Trustee shall manage each as a separate Trust Each Trost shall be managed the same as before with the exception that after each beneficiary attains the age of 30, he or she shall be entitled to receive the income derived therefrom, to be paid at least annually. At each above-named grandchild's death. any then remaining principal of his or her trust shall be paid: " (a) To his or her then living descendants, per stirpes; or, in default of such :J descendants. ~ (b) To my then living descendants, per stirpes (any portion payable to a child for whom principal is then held in trust hereunder shall instead be added to that trust. 3. . I hereby nominate, constitute and appoint my attorney, Robert M Frey. as Executor of this my Last Will and Testament. but should he predecease me or fail to qualify or cease serving as such, then in such event I nominate, constitute and appoint Fanners Trust Company and its successors, 1 West High Street, Carlisle, Pennsylvania, as alternate or successor Executor. and I further .direct that neither of them shall be required to post any bond to secure the faithful performance of his or its duties in the Commonwealth of Pennsylvania or in any other jurisdiction. 4. In addition to the powers conferred by law, my hereinbefore named Executor and Trustee are empowered: 8. To invest any part of the trust corpus in such securities, investments, or other property as may be deemed advisable and proper. in'espective of whether the ~~e !fI'~ authorized for the investment of trust funds under the laws of any governing junsdictlon. , b. With respect to any corporation, the stocks, bonds, or other securities of which may be held. to vote in person or by proxy on any shares of stock; to consent to the merger. consolidation or reorganization of such corporations; to consent to the leasing, mortgaging or sale of the property of any such cOIporations; to make any surrender, exchange or substitution of such stocks, bonds or'other securities as an incident to the merger. consolidation or reorganization of such corporations; to pay all assessments, subscriptions and other sums of money which may be deemed wise and expedient for the protection and maintenance of the proportionate interest of the investment in such corporations; to exercise any option or privilege which may be Page 1 of 2 Pages r;va..tteM" -A" ~..I.. 1\ ~..~.~.~ ~~9 ....- " . "';. ::"< ,,'---:-- ......~. . ... ....- \, -'" ".... '. , '-- -. conferred upon the holders of such stocks, bon.d~, or other sec~r!-ties of such corporations either for the conversion of the same mto other secunues or for ~he purchase of additional securities, and to make any and all necessary paYII?ents which may be required in connection therewith; and generally to have and exercise as to ~l such stoeks, bonds and other securities, the powers of an individual owner who IS under trust obligation. c. To hold the trust corpus in one or more consolidated funds in which separate shares shall have undivided interests. d. To sell at public or private sale for cash or upon credit, or partly for cash and partly on credit, and upon such terms and conditions as shall be deemed proper, any part or parts of the trust estate, and no purchaser at any such sale shall be bound to inquire into the expediency or propriety of any such sale or to see to the application of the purchase moneys arising therefrom. e. To keep on hand and uninvested such money as may be deemed proper and for such period as may be found expedient f. To compromise, settle or arbitrate any claim or demand in favor of or against the trust estate. g. And authorized in the discharge of fiduciary duties, to employ counsel and to determine and to pay such counsel reasonable compensation which shall be charged against the principal or income of the trust fund, and shall further be entitled to charge against the principal or income such other reasonable expenses and charges as may be necessary and proper to incur for the proper discharge of fiduciary duties and for the proper management and administration of the trust estate. h. In making any division of property into Sh8IeS for the purpose of any distribution thereof directed by the provisions of the trust. to make such division or distribution, either in cash or in kind, or partly in cash and partly in kind, as shall be deemed most expedient, and in making any division or distribution in kind may allot any specific security or property or any undivided interest therein to anyone or more of such shares, and to that end may appraise any or all of the property so to be allotted and the judgment as to the propriety of such allotment and as to the relative value for purposes of distribution of the securities or property so allotted. shall be final and conclusive upon all persons interested in the tIUst or in the division or distribution thereof. \ ..... ',....... . .. ". i. Authorized to register any shares of stock or other assets of any trust in their own names or in the name of a nominee. IN WITNESS .WHEREOF, I have hereunto set my h8.Qd and seal to this my Last Will and Testament, written on two (2) pages, this '1/1.. day of .:r..>~ .1993. ~gh( ?(J-tr' ----~"':':';,;.;;-,~:- ,'_.--~ .....- ... . ~~. .. . "'. ..."...;11 ... ....- (SEAL) ..>>.~. . \. . ".~- . .' Signed, sealed. published and declared by MARY E. FAUGHf, the Testatrix above-named, as and for her Last Will and Tesqunent, in our presence, who, in her presence, at her request, and in the presence of each other, have hereunto subscribed our names as attesting witnesses. ~~.~ ~~1 . ..8T -Ala "-"..' . rI M8a'Investment Group Private Client Services P.O. BOX 220 ONE WEST HIGH STREET CARLISLE, PA 17013 717-240-4504 Toll Free 1-800-822-2155 June 27, 2006 Robert M. Frey, Esquire Five South Hanover Street Carlisle, P A 17013 RE: Estate of Mary E. Faught Dear Mr. Frey: As per our telephone conversation, M&T Bank, successor to Farmers Trust Company, respectfully declines to act as trustee as appointed in the Will of Mary E. Faught for her four grandchildren. Currently, it is estimated that the trust would be in the amount of$120,000 to $150,000. Based on the ages of the grandchildren, the trust would be split into four separate accounts when the oldest grandson reaches the age of30 on August 1,2007. This would result in four accounts of approximately $30,000 to $37,500 each for the lifetimes of the grandchildren currently ages 16, 18,21 and 28. Minimum fees would deplete the value of these accounts over a long period of time. Therefore, we would suggest an alternative solution to the trust arrangement. If you have any questions or would like to discuss this matter, please do not hesitate to contact me. I sincerely hope that you understand our position. Very truly yours, t:~e Vice President Manufacturers and Traders Trust Company Private Client Services E)(J~~18r~~~ ~~r~jJ~ ORRSTOWNBANK A Tradition of Excellence 77 East King Street P.O. Box 250 Shippensburg, PA 17257 Robert M Frey / 5 South Hanover St Carlisle, Pa 17013 August I I, 2006 RE: Acceptance Letter Mary E Faught TUW Dear Bob: Please accept this letter as acceptance by Orrstown Bank. of the role of Successor Trustee for the Trust Under Will Dated June 4, 1993 by Mary E Faught. Our fee for this service will be based on our schedule of fees, provided under separate cover. In summary, the fee will be expressed as a percentage of the assets that we would manage and would not exceed annually 0.8% of the assets managed with the minimum annual fee of$750. We understand that you will need to prepare either a petition or some other document proposing the change in Trustee. We will be prepared to accept the role upon approval of the appropriate parties. Once the approvals have been granted, we would appreciate having the names, addresses and birth dates of the Trust's beneficiaries. Any other pertinent information such as tax identification numbers for the trust and the beneficiaries can be gathered at that time. We look forward to working with you on this matter and appreciate your consideration of Orrstown Bank. Sincerely, Bradley S Gerlach Vice President and Trust Officer EXHlaIT "0" __L ,-\"'1'\ '''.~'I!'~' ~~.,