Free Model Trust Account - Pennsylvania

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: Date of First Receipt of Funds: Accounting for the period:

01/30/92 02/11/94 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 Net Gain on Sales or Disposition Less Disbursements: General Disbursements Fees and Commissions Balance before Distributions Distributions to Beneficiaries Principal Balance on Hand For Information: Investments Made Changes in Holdings INCOME Receipts Less Disbursements Balance before Distributions Distributions to Beneficiaries Income Balance on Hand 3 4-5 $ $ 6-7 7 8 9 $ 3,782.36 4,300.00 $ $ 158,259.02 114,749.47 273,008.49

-8,082.36 264,926.13 -10,703.79 254,222.34

10 11-13

14 15 16 17

$ $ $

7,755.20 -72.40 7,682.80 -1,400.19 6,282.61

COMBINED BALANCE ON HAND

$ 260,504.95 ================

Verification

18

- 2 -

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 $20,000 Ohio Turnpike Commission Project One bonds, 3.25% due 06/01/2025

6,965.00

18,025.00

Common Stocks 352 Shs. American Telephone & Telegraph Co. 5 Shs. Southwest Rodeo Oil Co. 703 Shs. XYZ & Co.

54,340.00 1.00 67,663.75

$ Checking account, Upstanding Trust Co.

156,994.75 264.27

$ SUBSEQUENT RECEIPTS 03/15/94 Adjustment of Sewer Assessment

157,259.02

1,000.00

TOTAL PRINCIPAL RECEIPTS

$ 158,259.02 ===============

- 3 -

PRINCIPAL GAINS OR LOSSES ON SALES OR OTHER DISPOSITIONS

GAIN

LOSS

07/02/94 103 Shs. XYZ & Co. Net Proceeds Acquisition Value 04/06/95 100 Shs. XYZ & Co. Net Proceeds Acquisition Value

25,614.54 9,913.75

$

15,700.79

22,226.25 9,625.00

12,601.25

07/11/95 5 Shs. Southwest Rodeo Oil Co. Company declared bankruptcy Net Proceeds Acquisition Value

0.00 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 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 Acquisition Value

425.00

56,337.21 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

- 4 -

PRINCIPAL GAINS OR LOSSES ON SALES OR OTHER DISPOSITIONS (cont'd)

GAIN FORWARD 09/22/05 852 Shs. American Telephone & Telegraph Co. Net Proceeds 39,503.92 Acquisition Value 19,816.70 11/17/05 Premises 789 Main Street, Media, PA Sold receiving Purchase Money Mortgage Cash Less: Settlement Costs as itemized in Principal Disbursements Net Proceeds Acquisition Value $ 85,063.25 $

LOSS 1.00

19,687.22

$15,000.00 5,000.00 1,200.00

20,000.00 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 ============== ============== $ 114,749.47 ==============

NET GAIN TRANSFERRED TO SUMMARY

- 5 -

DISBURSEMENTS OF PRINCIPAL GENERAL DISBURSEMENTS Federal Fiduciary Income Tax 04/15/05 1st Qtr. Estimated 06/15/05 2nd Qtr. Estimated 09/15/05 3rd Qtr. Estimated 01/15/06 4th Qtr. Estimated 04/15/06 Balance 2005 04/15/06 1st Qtr. Estimated 06/15/06 2nd Qtr. Estimated $ 300.00 300.00 300.00 300.00 172.00 290.00 290.00 $ 1,952.00

Pennsylvania Fiduciary Income Tax 04/15/05 1st Qtr. Estimated 06/15/05 2nd Qtr. Estimated 09/15/05 3rd Qtr. Estimated 12/30/05 4th Qtr. Estimated 04/15/06 1st Qtr. Estimated 05/15/06 Refund 2005 06/15/06 2nd Qtr. Estimated $ 100.00 100.00 100.00 100.00 90.00 -27.00 90.00 553.00

05/15/05 Fire Insurance, 789 Main Street, Media, PA 11/17/05 Expenses re Sale of Premises 789 Main Street Media, PA: Commission Transfer Tax

50.00

$

1,000.00 200.00

1,200.00

FORWARD

$

3,755.00

- 6 -

DISBURSEMENTS OF PRINCIPAL (cont'd) FORWARD GENERAL DISBURSEMENTS (cont'd) 06/15/06 Reimbursement to Smith, Jones and Brown, for Miscellaneous expenses, 02/11/06 to date: Postage and insurance $ Telephone $ 3,755.00

26.21 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 ===============

- 7 -

DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES To: Mary W. Doe 07/01/94 $7,000 Bethlehem, PA General Bonds 1.75% due 04/01/1995 $ 07/02/94 Cash To: Goodworks Charity 05/04/06 Advance distribution, cash TOTAL DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES 3,500.00 $ 10,703.79 ===============

6,965.00 238.79 $ 7,203.79

- 8 -

PRINCIPAL BALANCE ON HAND FIDUCIARY ACQUISITION VALUE

VALUE AT 06/15/2006

Bonds $120,000 ABC Corp, demand note $20,000 Indiana Toll Rd. Comm. East/West Revenue Bonds, 3.5% due 12/01/2022 Common Stocks 680 Shs. ABC Corp. 1,260 Shs. American Telephone & Telegraph Co. Mortgages Mortgage on 789 Main Street Media, PA $ Checking Account, Upstanding Trust Co. 56,355.00 48,124.00 $ 120,000.00 $ 120,000.00

13,600.00

17,275.00

57,015.00

29,306.40

14,750.00 261,720.00 $ 24,766.94

14,750.00 229,455.40 24,766.94

TOTAL PRINCIPAL BALANCE ON HAND

$ 286,486.94 $ 254,222.34 ================== ==================

- 9 -

PRINCIPAL INVESTMENTS MADE 12/28/01 $20,000 Indiana Toll Rd. Comm. East/West Revenue Bonds, 3.5% due 12/01/2022 $ $50,000 Commercial Credit Co., demand note $70,000 U.S. Treasury Bills due 11/19/2005 $120,000 ABC Corp, demand note Mortgage on 789 Main Street Media, PA

17,275.00

06/29/05

50,000.00

08/18/05

68,000.00 120,000.00

09/28/05 09/28/05

15,000.00 $ 270,275.00 ===============

TOTAL PRINCIPAL INVESTMENTS MADE

- 10 -

CHANGES IN PRINCIPAL HOLDINGS ACCOUNT VALUE American Telephone & Telegraph Co. 352 Shs. Awarded at 04/24/94 704 Shs. Rec'd in three for one split 1,056 Shs. 03/22/96 1,056 Shs. 03/12/98 1,056 Shs. 06/22/98 1,056 Shs. Rec'd in two for one split 2,112 Shs. 05/05/05 2,112 Shs. 09/22/05 852 Shs. Sold 1,260 Shs. =================== Premises 789 Main Street, Media, PA 0 Uts. Awarded at 11/17/05 Sold receiving Purchase Money Mortgage Cash Less: Settlement Costs 0 Uts. =================== $ 10,000.00 -10,000.00 $15,000.00 5,000.00 1,200.00 $ 0.00 2,112 Rts. to subscribe to additional stock sold $ $ 0.00 50,348.59 -1,225.49 49,123.10 -19,816.70 29,306.40 1,056 Rts. to subscribe to additional stock sold $ 1,056 Rts. to subscribe to additional stock sold $ $ 0.00 54,340.00 -1,484.41 52,855.59 -2,507.00 50,348.59 $ 54,340.00

$

==================

==================

- 11 -

CHANGES IN PRINCIPAL HOLDINGS (cont'd) ACCOUNT VALUE Mortgage on 789 Main Street Media, PA 09/28/05 Mortgage received on sale of said premises $250 principal received on account $ =================== XYZ & Co. 703 Shs. Awarded at 07/02/94 103 Shs. Sold 600 Shs. 100 Shs. Sold 500 Shs. 0 Shs. 250 Shs. ABC Corp., received @ 47.6875 in one-half for one divestment distribution 500 Shs. 01/06/99 0 Shs. 180 Shs. ABC Corp received @ 79.00 in a 0.36 share of one divestment distribution 500 Shs. 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 500 Shs. 06/19/05 500 Shs. Sold 0 Shs. =================== $ -21,982.12 1.00 -1.00 0.00 $ -14,220.00 21,983.12 $ -11,921.88 36,203.12 $ 67,663.75 -9,913.75 57,750.00 -9,625.00 48,125.00 $ 15,000.00

06/15/06

-250.00 14,750.00

==================

$

04/06/95

$

07/09/97

$

==================

- 12 -

CHANGES IN PRINCIPAL HOLDINGS (cont'd) ACCOUNT VALUE ABC Corp. 07/09/97 250 Shs. Rec'd in distribution on 500 Shs. XYZ & Co. $ 01/06/99 180 Shs. Rec'd in similar distribution 430 Shs. 01/04/00 250 Shs. Rec'd in similar distribution 680 Shs. 06/15/06 0 Shs. 34 Shs. Received as a 5% stock dividend, transferred to income 680 Shs. =================== $ 0.00 48,124.00 $ 21,982.12 48,124.00 $ 14,220.00 26,141.88 11,921.88

==================

- 13 -

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 ABC Corp, demand note 03/15/06 Interest $120,000 06/15/06 Interest $120,000 ABC Corp. 03/08/06 Dividend 680 Shs. 06/08/06 Dividend 680 Shs. American Telephone & Telegraph Co. 03/01/06 Dividend 1,260 Shs. 06/01/06 Dividend 1,260 Shs. Indiana Toll Rd. Comm. East/West Revenue Bonds, 3.5% due 12/01/2022 06/01/06 Interest $20,000 Mortgage on 789 Main Street Media, PA 06/15/06 Interest Upstanding Trust Company Checking Account 03/31/06 Interest 04/30/06 Interest 05/31/06 Interest TOTAL RECEIPTS OF INCOME $ 27.29 27.04 28.42 $ 296.10 296.10 $ 578.00 578.00 $ 520.00 520.00

2,686.00

1,040.00

1,156.00

592.20

350.00

75.00

82.75 $ 7,755.20 ===============

- 14 -

DISBURSEMENTS OF INCOME 06/15/06 Upstanding Trust Co. 5% commission on income collected 3/30/06 to 05/31/06 TOTAL DISBURSEMENTS OF INCOME

$

72.40

$ 72.40 ==============

- 15 -

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 To: Goodworks Charity 06/15/06 Cash TOTAL DISTRIBUTIONS OF INCOME TO BENEFICIARIES 750.00 $ 1,400.19 =============== $ 650.19

- 16 -

INCOME BALANCE ON HAND FIDUCIARY ACQUISITION VALUE

VALUE AT 06/15/2006

Common Stocks 34 Shs. ABC Corp. $ $ Checking Account, Upstanding Trust Co. 2,987.75 $ 2,987.75 $ 3,596.61 2,686.00 2,686.00 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

- 17 -

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:______________________________

- 18 -