Model Trust Account
Model Trust Account
IN THE COURT OF COMMON PLEAS OF ____________ COUNTY, PA.
ORPHANS' COURT DIVISION
NO. 12345 of 1994
FIRST AND FINAL ACCOUNT
For the "Marital Trust" Established under the Will of
John H. Doe, Deceased
Stated by UPSTANDING TRUST COMPANY, Surviving Trustee
and
Mary W. Doe (Deceased Trustee, Died December 30, 2004)
presented on her behalf by UPSTANDING TRUST COMPANY,
as Executor of her Will
John H. Doe, Died: 01/30/92
Date of First Receipt of Funds: 02/11/94
Accounting for the period: 02/11/94 to
06/15/06
Purpose of Account: The Trustees offer this Account to
acquaint interested parties with the transactions
that have occurred during the Administration.
It is important that the Account be carefully examined.
Requests for additional information, questions or
objections can be discussed with:
[Name of Counsel]
[Address]
[Address]
[Telephone Number]
Supreme Court I.D. No. ________
SUMMARY OF ACCOUNT
PAGES
PRINCIPAL
Receipts 3 $ 158,259.02
Net Gain on Sales or Disposition 4-5 114,749.47
$ 273,008.49
Less Disbursements:
General Disbursements 6-7 $ 3,782.36
Fees and Commissions 7 4,300.00
-8,082.36
Balance before Distributions $ 264,926.13
Distributions to Beneficiaries 8 -10,703.79
Principal Balance on Hand 9 $ 254,222.34
For Information:
Investments Made 10
Changes in Holdings 11-13
INCOME
Receipts 14 $ 7,755.20
Less Disbursements 15 -72.40
Balance before Distributions $ 7,682.80
Distributions to Beneficiaries 16 -1,400.19
Income Balance on Hand 17 $ 6,282.61
COMBINED BALANCE ON HAND $ 260,504.95
================
Verification 18
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PRINCIPAL RECEIPTS
Prior Award:
Assets Awarded trustees by Adjudication dated
January 30, 1994, of Smith, J., upon the
First Account of the Executors and the
Schedule of Distribution pursuant
thereto:
Real Estate
Premises 789 Main Street,
Media, PA $ 10,000.00
Bonds
$7,000 Bethlehem, PA General Bonds 1.75%
due 04/01/1995 6,965.00
$20,000 Ohio Turnpike Commission Project
One bonds, 3.25% due 06/01/2025 18,025.00
Common Stocks
352 Shs. American Telephone & Telegraph
Co. 54,340.00
5 Shs. Southwest Rodeo Oil Co. 1.00
703 Shs. XYZ & Co. 67,663.75
$ 156,994.75
Checking account, Upstanding Trust Co. 264.27
$ 157,259.02
SUBSEQUENT RECEIPTS
03/15/94 Adjustment of Sewer Assessment 1,000.00
TOTAL PRINCIPAL RECEIPTS $ 158,259.02
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PRINCIPAL GAINS OR LOSSES ON SALES OR OTHER DISPOSITIONS
GAIN
LOSS
07/02/94 103 Shs. XYZ & Co.
Net Proceeds 25,614.54
Acquisition Value 9,913.75
$ 15,700.79
04/06/95 100 Shs. XYZ & Co.
Net Proceeds 22,226.25
Acquisition Value 9,625.00
12,601.25
07/11/95 5 Shs. Southwest Rodeo Oil Co.
Company declared bankruptcy
Net Proceeds 0.00
Acquisition Value 1.00
$ 1.00
03/22/96 1,056 Rts. American Telephone &
Telegraph Co.
Net Proceeds 1,484.41
Acquisition Value 1,484.41
03/12/98 1,056 Rts. American Telephone &
Telegraph Co.
Net Proceeds 2,507.00
Acquisition Value 2,507.00
12/29/01 $20,000 Ohio Turnpike Commission Project
One bonds, 3.25% due 06/01/2025
Net Proceeds 18,450.00
Acquisition Value 18,025.00
425.00
05/05/05 2,112 Rts. American Telephone &
Telegraph Co.
Net Proceeds 1,225.49
Acquisition Value 1,225.49
06/19/05 500 Shs. XYZ & Co.
Net Proceeds 56,337.21
Acquisition Value 1.00
56,336.21
08/09/05 $50,000 Commercial Credit Co., demand
note
Net Proceeds 50,000.00
Acquisition Value 50,000.00
FORWARD $ 85,063.25 $ 1.00
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PRINCIPAL GAINS OR LOSSES ON SALES OR OTHER DISPOSITIONS (cont'd)
GAIN
LOSS
FORWARD $ 85,063.25 $ 1.00
09/22/05 852 Shs. American Telephone & Telegraph
Co.
Net Proceeds 39,503.92
Acquisition Value 19,816.70
19,687.22
11/17/05 Premises 789 Main Street,
Media, PA
Sold receiving
Purchase Money Mortgage $15,000.00
Cash 5,000.00
Less: Settlement Costs 1,200.00
as itemized in Principal
Disbursements
Net Proceeds 20,000.00
Acquisition Value 10,000.00
10,000.00
11/17/05 $70,000 U.S. Treasury Bills due
11/19/2005
Net Proceeds 68,000.00
Acquisition Value 68,000.00
06/15/06 Mortgage on 789 Main Street
Media, PA
Principal received on account
Net Proceeds 250.00
Acquisition Value 250.00
TOTALS $ 114,750.47 $ 1.00
============== ==============
NET GAIN TRANSFERRED TO SUMMARY $ 114,749.47
==============
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DISBURSEMENTS OF PRINCIPAL
GENERAL DISBURSEMENTS
Federal Fiduciary Income Tax
04/15/05 1st Qtr. Estimated $ 300.00
06/15/05 2nd Qtr. Estimated 300.00
09/15/05 3rd Qtr. Estimated 300.00
01/15/06 4th Qtr. Estimated 300.00
04/15/06 Balance 2005 172.00
04/15/06 1st Qtr. Estimated 290.00
06/15/06 2nd Qtr. Estimated 290.00 $ 1,952.00
Pennsylvania Fiduciary Income Tax
04/15/05 1st Qtr. Estimated $ 100.00
06/15/05 2nd Qtr. Estimated 100.00
09/15/05 3rd Qtr. Estimated 100.00
12/30/05 4th Qtr. Estimated 100.00
04/15/06 1st Qtr. Estimated 90.00
05/15/06 Refund 2005 -27.00
06/15/06 2nd Qtr. Estimated 90.00
553.00
05/15/05 Fire Insurance, 789 Main Street,
Media, PA 50.00
11/17/05 Expenses re Sale of
Premises 789 Main Street
Media, PA:
Commission $ 1,000.00
Transfer Tax 200.00
1,200.00
FORWARD $ 3,755.00
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DISBURSEMENTS OF PRINCIPAL (cont'd)
FORWARD $ 3,755.00
GENERAL DISBURSEMENTS (cont'd)
06/15/06 Reimbursement to Smith, Jones and Brown,
for Miscellaneous expenses, 02/11/06 to
date:
Postage and insurance $ 26.21
Telephone 1.15
27.36 $ 3,782.36
FEES AND COMMISSIONS
To be paid:
Smith, Jones and Brown
Attorney's fees 4,300.00
TOTAL DISBURSEMENTS OF PRINCIPAL $ 8,082.36
===============
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DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES
To: Mary W. Doe
07/01/94 $7,000 Bethlehem, PA General Bonds 1.75%
due 04/01/1995 $ 6,965.00
07/02/94 Cash 238.79 $ 7,203.79
To: Goodworks Charity
05/04/06 Advance distribution, cash 3,500.00
TOTAL DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES $ 10,703.79
===============
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PRINCIPAL BALANCE ON HAND
FIDUCIARY
VALUE AT ACQUISITION
06/15/2006
VALUE
Bonds
$120,000 ABC Corp, demand note $ 120,000.00 $ 120,000.00
$20,000 Indiana Toll Rd. Comm. East/West
Revenue Bonds, 3.5% due 12/01/2022 13,600.00 17,275.00
Common Stocks
680 Shs. ABC Corp. 56,355.00 48,124.00
1,260 Shs. American Telephone &
Telegraph Co. 57,015.00 29,306.40
Mortgages
Mortgage on 789 Main Street
Media, PA 14,750.00 14,750.00
$ 261,720.00 $ 229,455.40
Checking Account, Upstanding Trust Co. 24,766.94 24,766.94
TOTAL PRINCIPAL BALANCE ON HAND $ 286,486.94 $ 254,222.34
================== ==================
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PRINCIPAL INVESTMENTS MADE
12/28/01 $20,000 Indiana Toll Rd. Comm. East/West
Revenue Bonds, 3.5% due 12/01/2022 $ 17,275.00
06/29/05 $50,000 Commercial Credit Co., demand
note 50,000.00
08/18/05 $70,000 U.S. Treasury Bills due
11/19/2005 68,000.00
09/28/05 $120,000 ABC Corp, demand note 120,000.00
09/28/05 Mortgage on 789 Main Street
Media, PA 15,000.00
TOTAL PRINCIPAL INVESTMENTS MADE $ 270,275.00
===============
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CHANGES IN PRINCIPAL HOLDINGS
ACCOUNT
VALUE
American Telephone & Telegraph Co.
352 Shs. Awarded at $ 54,340.00
04/24/94 704 Shs. Rec'd in three for one split
0.00
1,056 Shs. $ 54,340.00
03/22/96
1,056 Rts. to subscribe to -1,484.41
additional stock sold
1,056 Shs. $ 52,855.59
03/12/98
1,056 Rts. to subscribe to -2,507.00
additional stock sold
1,056 Shs. $ 50,348.59
06/22/98 1,056 Shs. Rec'd in two for one split
0.00
2,112 Shs. $ 50,348.59
05/05/05
2,112 Rts. to subscribe to -1,225.49
additional stock sold
2,112 Shs. $ 49,123.10
09/22/05 852 Shs. Sold -19,816.70
1,260 Shs. $ 29,306.40
=================== ==================
Premises 789 Main Street,
Media, PA
0 Uts. Awarded at $ 10,000.00
11/17/05
Sold receiving -10,000.00
Purchase Money Mortgage $15,000.00
Cash 5,000.00
Less: Settlement Costs 1,200.00
0 Uts. $ 0.00
=================== ==================
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CHANGES IN PRINCIPAL HOLDINGS (cont'd)
ACCOUNT
VALUE
Mortgage on 789 Main Street
Media, PA
09/28/05 Mortgage received on sale of said $ 15,000.00
premises
06/15/06
$250 principal received on account -250.00
$ 14,750.00
=================== ==================
XYZ & Co.
703 Shs. Awarded at $ 67,663.75
07/02/94 103 Shs. Sold -9,913.75
600 Shs. $ 57,750.00
04/06/95 100 Shs. Sold -9,625.00
500 Shs. $ 48,125.00
07/09/97 0 Shs. 250 Shs. ABC Corp., received @
47.6875 in one-half for one
divestment distribution
-11,921.88
500 Shs. $ 36,203.12
01/06/99 0 Shs. 180 Shs. ABC Corp received @ 79.00
in a 0.36 share of one divestment
distribution
-14,220.00
500 Shs. $ 21,983.12
01/04/00 0 Shs. 250 Shs. ABC Corp. received @
96.0625 in a one-half for one
investment distribution, normally
$24,015.62 of which the following
was applied to account value
-21,982.12
500 Shs. $ 1.00
06/19/05 500 Shs. Sold -1.00
0 Shs. $ 0.00
=================== ==================
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CHANGES IN PRINCIPAL HOLDINGS (cont'd)
ACCOUNT
VALUE
ABC Corp.
07/09/97 250 Shs. Rec'd in distribution on 500 Shs.
XYZ & Co.
$ 11,921.88
01/06/99 180 Shs. Rec'd in similar distribution
14,220.00
430 Shs. $ 26,141.88
01/04/00 250 Shs. Rec'd in similar distribution
21,982.12
680 Shs. $ 48,124.00
06/15/06 0 Shs. 34 Shs. Received as a 5% stock
dividend, transferred to income
0.00
680 Shs. $ 48,124.00
=================== ==================
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RECEIPTS OF INCOME
Waiver of Income Accounting
An Income Accounting having been waived for the period
from 02/11/1994 to 12/30/2004 by Upstanding Trust
Company, Executor of the Will of Mary C. Doe, Deceased
and from 12/31/2004 to 02/28/2006 by Goodworks Charity,
a limited Accounting of Income follows:
02/28/06 Balance per last statement rendered $ 1,773.25
06/15/06 34 Shs. ABC Corp., 5% stock dividend
@ $79.00 2,686.00
ABC Corp, demand note
03/15/06 Interest $120,000 $ 520.00
06/15/06 Interest $120,000 520.00
1,040.00
ABC Corp.
03/08/06 Dividend 680 Shs. $ 578.00
06/08/06 Dividend 680 Shs. 578.00
1,156.00
American Telephone & Telegraph Co.
03/01/06 Dividend 1,260 Shs. $ 296.10
06/01/06 Dividend 1,260 Shs. 296.10
592.20
Indiana Toll Rd. Comm. East/West Revenue
Bonds, 3.5% due 12/01/2022
06/01/06 Interest $20,000 350.00
Mortgage on 789 Main Street
Media, PA
06/15/06 Interest 75.00
Upstanding Trust Company Checking
Account
03/31/06 Interest $ 27.29
04/30/06 Interest 27.04
05/31/06 Interest 28.42
82.75
TOTAL RECEIPTS OF INCOME $ 7,755.20
===============
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DISBURSEMENTS OF INCOME
06/15/06 Upstanding Trust Co.
5% commission on income collected
3/30/06 to 05/31/06 $ 72.40
TOTAL DISBURSEMENTS OF INCOME $ 72.40
==============
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DISTRIBUTIONS OF INCOME TO BENEFICIARIES
To: Upstanding Trust Company, Executor
of the Will of Mary W. Doe, Deceased -
Income on hand as of 12/30/2004
03/12/05 Cash $ 650.19
To: Goodworks Charity
06/15/06 Cash 750.00
TOTAL DISTRIBUTIONS OF INCOME TO BENEFICIARIES $ 1,400.19
===============
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INCOME BALANCE ON HAND
FIDUCIARY
VALUE AT ACQUISITION
06/15/2006
VALUE
Common Stocks
34 Shs. ABC Corp. $ 2,987.75 $ 2,686.00
$ 2,987.75 $ 2,686.00
Checking Account, Upstanding Trust Co. 3,596.61 3,596.61
TOTAL INCOME BALANCE ON HAND $ 6,584.36 $ 6,282.61
================== ==================
UPSTANDING TRUST COMPANY
By______________________________
Walter Trust, Vice President
Surviving Trustee under the
Will of John H. Doe, Deceased
AND
UPSTANDING TRUST COMPANY
By______________________________
Walter Trust, Vice President
Executor of the Will of
Mary W. Doe, Deceased Trustee
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VERIFICATION
WALTER TRUST, Vice President of Upstanding Trust Company, Surviving
Trustee under the Will of JOHN H. DOE and Executor under the Will of Mary
W. Doe, Deceased Trustee under the Will of John H. Doe, hereby declares
under oath that said Trustees have fully and faithfully discharged the
duties of their 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 Trust have
been paid in full; that, to his knowledge, there are no claims now
outstanding against the Trust; and that all taxes presently due from the
Trust have been paid.
This statement is made subject to the penalties of 18 Pa. C.S.A.
Section 4904 relating to unsworn falsification to authorities.
________________________________
WALTER TRUST
Dated:______________________________
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