Last Will And Testament of Elvis Presley
I, Elvis A. Presley, a resident and citizen of Shelby County, Tennessee,
being of sound mind and disposing memory, do hereby make, publish and
declare this instrument to be my last will and testament, hereby revoking any
and all wills and codicils by me at any time heretofore made.
Item I Debts, Expenses and Taxes
I direct my Executor, hereinafter named, to pay all of my matured debts
and my funeral expenses, as well as the costs and expenses of the administration
of my estate, as soon after my death as practicable. I further direct that all
estate, inheritance, transfer and succession taxes which are payable by reason
under this will, be paid out of my residuary estate; and I hereby waive on
behalf of my estate any right to recover from any person any part of such taxes
so paid. My Executor, in his sole discretion, may pay from my domiciliary estate
all or any portion of the costs of ancillary administration and similar
proceedings in other jurisdictions.
Item II Instruction Concerning Personal Property: Enjoyment
in Specie
I anticipate that included as a part of my property and estate at the time
of my death will be tangible personal property of various kinds, characters and
values, including trophies and other items accumulated by me during my
professional career. I hereby specifically instruct all concerned that my
Executor, herein appointed, shall have complete freedom and discretion as to
disposal of any and all such property so long as he shall act in good faith and
in the best interest of my estate and my
beneficiaries, and his discretion so exercised shall not be subject to question
by anyone whomsoever.
I hereby expressly authorize my Executor and my Trustee, respectively and
successively, to permit any beneficiary of any and all trusts created hereunder
to enjoy in specie the use or benefit of any household goods, chattels, or other
tangible personal property (exclusive of chooses in action, cash, stocks, bonds
or other securities) which either my Executor or my Trustees may receive in
kind, and my Executor and my Trustees shall not be liable for any consumption,
damage, injury to or loss of any tangible property so used, nor shall the
beneficiaries of any trusts hereunder or their executors of administrators be
liable for any consumption, damage, injury to or loss of any tangible personal
property so used.
Item III Real Estate
If I am the owner of any real estate at the time of my death, I instruct
and empower my Executor and my Trustee (as the case may be) to hold such real
estate for investment, or to sell same, or any portion thereof,
as my Executor or my Trustee (as the case may be) shall in his sole judgment
determine to be for the best interest
of my estate and the beneficiaries thereof.
Item IV Residuary Trust
After payment of all debts, expenses and taxes as directed under Item I
hereof, I give, devise, and bequeath all the rest, residue, and remainder of my
estate, including all lapsed legacies and devices, and any property over which I
have a power of appointment, to my Trustee, hereinafter named, in trust for the
following purposes:
(a) The Trustees is directed to take, hold, manage, invest and reinvent
the corpus of the trust and to collect the income there from in accordance with
the rights, powers, duties, authority and discretion hereinafter set forth. The
Trustee is directed to pay all the expenses, taxes and costs incurred in the
management of the trust estate out of the income thereof.
(b) After payment of all expenses, taxes and costs incurred in the
management of the expenses, taxes and costs incurred in the management of the
trust estate, the Trustee is authorizes to accumulate the net income or to pay
or apply so much of the net income and such portion of the principal at any time
and from time to time to time for health, education, support, comfortable
maintenance and welfare of: (1) My daughter, Lisa Marie Presley, and any other
lawful issue I might have, (2) my grandmother, Minnie Mae Presley, (3) my father,
Vernon E. Presley, and (4) such other relatives of mine living at the time of my
death who in the absolute discretion of my Trustees are in need of emergency
assistance for any of the above mentioned purposes and the Trustee is able to
make such distribution without affecting the ability of the trust to meet the
presentneeds of the first three numbered categories of beneficiaries herein
mentioned or to meet the reasonably expected future needs of the first three
classes of beneficiaries herein mentioned. Any decision of the Trustee as to
whether or not distribution, to any of the persons described hereunder shall be
final and conclusive and not subject to question by any legatee or
beneficiary hereunder.
(c) Upon the death of my Father, Vernon E. Presley, the Trustee is
instructed to make no further distributions to the fourth category of
beneficiaries and such beneficiaries shall cease to have any interest whatsoever
in this trust.
(d) Upon the death of both my said father and my said grandmother, the
Trustee is directed to divide the Residuary Trust into separate and equal
trusts, creating one such equal trust for each of my lawful children then
surviving and one such equal trust for the living issue collectively, if any, of
any deceased child of mine. The share, if any, for the issue of any such
deceased child, shall immediately vest in such issue in equal shares but shall
be subject to the provisions of Item V herein. Separate books and records shall
be kept for each trust, but it shall not be necessary that a physical division
of
the assets be made as to each trust.
The Trustee may from time to time distribute the whole or any part of the
net income or principal from each of the aforesaid trusts as the Trustee, in its
uncontrolled discretion, considers necessary or desirable to provide for the
comfortable support, education, maintenance, benefit and general welfare of each
of my children. Such distributions may be made directly to such
beneficiary or to the guardian of the person of such beneficiary and without
responsibility on my Trustee to see to the application of nay such distributions
and in making such distributions, the Trustee shall take into account all other
sources of funds known by the Trustee to be available for each respective
beneficiary for such purpose.
(e) As each of my respective children attains the age of twenty-five (25)
years and provided that both my father and my grandmother are deceased, the
trust created hereunder for such child care terminate, and all the remainder of
the assets then contained in said trust shall be distributed to such child so
attaining the age of twenty-five (25) years outright and free of further trust.
(f) If any of my children for whose benefit a trust has been created
hereunder should die before attaining the age of twentyfive (25) years, then the
trust created for such a child shall terminate on his death, and all remaining
assets then contained in said trust shall be distributed outright and free of
further trust and in equal shares to the surviving issue of such deceased child
but subject to the provisions of Item V herein; but if there be no such
surviving issue , then to the brothers and sisters of such deceased child in
equal shares, the issue of any other deceased child being entitled collectively
to their
deceased parent's share. Nevertheless, if any distribution otherwise becomes
payable outright and free of trust under the provisions of this paragraph (f) of
the Item IV of my will to a beneficiary for whom the Trustee is then
administering a trust for the benefit of such beneficiary under provisions of
this last will and testament, such distribution shall not be paid outright to
such beneficiary but shall be added to and become a part of the trust so being
administered for such beneficiary by the Trustee.
Item V Distribution to Minor Children
If any share of corpus of any trust established under this will become
distributable outright and free of trust to any
beneficiary before said beneficiary has attained the age of eighteen (18) years,
then said share shall immediately vest in said beneficiary, but the Trustee
shall retain possession of such share during the period in which such
beneficiary is under the age of eighteen (18) years, and, in the meantime, shall
use and expend so much of the income and principal for the care, support, and
education of such beneficiary, and any income not so expended with respect to
each share so retained all the power and discretion had with respect to
such trust generally.
Item VI Alternate Distributees
In the event that all of my descendants should be deceased at any time
prior to the time for the termination of the trusts provided for herein, then in
such event all of my estate and all the assets of every trust to be created
hereunder (as the case may be) shall then distributed outright in equal shares
to my heirs at law per stripes.
Item VII Unenforceable
Provisions
If any provisions of this will are unenforceable, the remaining provisions
shall, nevertheless, be carried into effect.
Item VIII Life Insurance
If my estate is the beneficiary of any life insurance on my life at the
time of my death, I direct that the proceeds
there from will be used by my Executor in payment of the debts, expenses and
taxes listed in Item I of this will,
to the extent deemed advisable by the Executor. All such proceeds not so used
are to be used by my Executor
for the purpose of satisfying the devises and bequests contained in Item
IV herein.
Item IX Spendthrift Provision
I direct that the interest of any beneficiary in principal or income of
any trust created hereunder shall not be subject to claims of creditors or
others, nor to legal process, and may not be voluntarily or involuntarily
alienated or encumbered except as herein provided. Any bequests contained
herein for any female shall be for her sole and separate use, free from the
debts, contracts and control of any husband she may ever have.
Item X Proceeds From Personal Services
All sums paid after my death (either to my estate or to any of the trusts
created hereunder) and resulting from personal services rendered by me during my
lifetime, including, but not limited to, royalties of all nature, concerts,
motion picture contracts, and personal appearances shall be considered to be
income, notwithstanding the provisions of estate and
trust law to the contrary.
Item XI Executor and Trustee
I appoint as executor of this, my last will and testament, and as Trustee
of every trust required to be created hereunder, my said father.
I hereby direct that my said father shall be entitled by his last will ant
testament, duly probated, to appoint a successor Executor of my estate, as well
as a successor Trustee or successor Trustees of all the trusts to be created
under my last will and testament.
If, for any reason, my said father be unable to serve or to continue to
serve as Executor and/or as Trustee, or if he be deceased and shall not have
appointed a successor Executor or Trustee, by virtue of his last will and
testament as stated -above, then I appoint National Bank of Commerce, Memphis,
Tennessee, or its successor or the institution with which it may merge, as
successor Executor and/or as successor Trustee of all trusts required to be
established hereunder.
None of the appointees named hereunder, including any appointment made by
virtue of the last will and testament of my said father, shall be required to
furnish any bond or security for performance of the respective fiduciary duties
required hereunder, notwithstanding any rule of law to the contrary.
Item XII Powers, Duties, Privileges and Immunities of the Trustee
Except as otherwise stated expressly to the contrary herein, I give and
grant to the said Trustee (and to the duly appointed successor Trustee when
acting as such) the power to do everything he deems advisable with respect to
the administration of each trust required to be established under this, my last
will and Testament, even though such powers would not be authorized or
appropriate for the Trustee under statutory or other rules of law. By way of
illustration and not in limitation of the generality of the foregoing grant of
power and authority of the Trustee, I give and grant to him plenary power
as follows:
(a) To exercise all those powers authorized to fiduciaries under the
provisions of the Tennessee Code Annotated,
Sections 35-616 to 35-618, inclusive, including any amendments thereto in effect
at the time of my death, and the same are expressly referred to and incorporated
herein by reference.
(b) Plenary power is granted to the Trustee, not only to relieve him from
seeking judicial instruction, but to the extent that the Trustee deems it to be
prudent, to encourage determinations freely to be made in favor of persons who
are the current income beneficiaries. In such instances the rights of all
subsequent beneficiaries are subordinate, and the Trustee shall not be
answerable to any subsequent beneficiary for anything done or omitted in favor
of a current income beneficiary may compel any such favorable or preferential
treatment. Without in anywise minimizing or impairing the scope of this
declaration of intent, it includes investment policy, exercise of discretionary
power to pay or apply principal
and income, and determination principal and income questions;
(c) It shall be lawful for the Trustee to apply any sum that is payable to
or for the benefit of a minor (or any other person who in the Judgment of the
Trustee, is incapable of making proper disposition thereof) by payments in
discharge of the costs and expenses of educating, maintaining and supporting
said beneficiary, or to make payment to anyone with whom said beneficiary
resides or who has the care or custody of the beneficiary, temporarily or
permanently, all without intervention of any guardian or like fiduciary. The
receipt of anyone to whom payment is so authorized to be made shall be a
complete discharge of the Trustees without obligation on his part to see to the
further application hereto, and without regard to other resource that the
beneficiary may have, or the duty of any other person to support the beneficiary;
(d) In Dealing with the Trustee, no grantee, pledge, vendee, mortgage,
lessee or other transference of the trust properties, or any part thereof, shall
be bound to inquire with respect to the purpose or necessity of any such
disposition or to see to the application of any consideration therefore paid to
the Trustee.
Item XIII Concerning the Trustee and the Executor
(a) If at any time the Trustee shall have reasonable doubt as to his
power, authority or duty in the administration of any trust herein created, it
shall be lawful for the Trustee to obtain the advice and counsel of reputable
legal counsel without resorting to the courts for instructions; and the Trustee
shall be fully absolved from all liability and damage or detriment to the
various trust estates of any beneficiary hereunder by reason of anything done,
suffered or omitted pursuant to advice of said counsel given and obtained in
good faith, provided that nothing contained herein shall be construed to
prohibit or prevent the
Trustee in all proper cases from applying to a court of competent jurisdiction
for instructions in the administration
of the trust assets in lieu of obtaining advice of counsel.
(b) In managing, investing, and controlling the various trust estates, the
Trustee shall exercise the judgment and care under the circumstances then
prevailing, which men of prudence discretion and judgment exercise in the
management of their own affairs, not in regard to speculation, but in regard to
the permanent disposition of their funds, considering the probable income as
well as the probable safety of their capital, and, in addition, the purchasing
power of income distribution to beneficiaries.
(c) My Trustee (as well as my Executor) shall be entitled to reasonable
and adequate and adequate compensation for the fiduciary services rendered by
him.
(d) My Executor and his successor Executor and his successor Executor
shall have the same rights, privileges, powers and immunities herein granted to
my Trustee wherever appropriate.
(e) In referring to any fiduciary hereunder, for purposes of construction,
masculine pronouns may include a corporate
fiduciary and neutral pronouns may include an individual fiduciary.
Item XIV Law Against Perpetuities
(a) Having in mind the rule against perpetuities, I direct that (notwithstanding
anything contained to the contrary in this last will and testament) each trust
created under this will (except such trust created under this will (except such
trusts as have heretofore vested in compliance with such rule or law) shall end,
unless sooner terminated under other provisions of this will, twenty-one (21)
years after the death of the last survivor of such of the beneficiaries
hereunder as are living at the time of my death; and thereupon that the property
held in trust shall be distributed free of all trust to the persons then
entitled to
receive the income and/or principal there from, in the proportion in proportion
in which they are then entitled to receive such income.
(b) Notwithstanding anything else contained in this will to the contrary,
I direct that if any distribution under this will
become payable to a person for whom the Trustee is then administering a trust
created hereunder for the benefit of such person, such distribution shall be
made to such trust and not to the beneficiary outright, and the funds so passing
to such trust shall become a part thereof as corpus and be administered and
distributed to the same extent and purpose as if such funds had been a part of
such a trust at its inception.
Item XV Payment of Estate and Inheritance Taxes
Notwithstanding the provisions of Item X herein, I authorize my Executor
to use such sums received by my estate after my death and resulting from my
personal services as identified in Item X as he deem necessary and advisable in
order to pay the taxes referred to in Item I of my said will.
In WITNESS WHEREOF, I, the said ELVIS A. PRESLEY, do hereunto set my hand
and seal in the presence of two
(2) competent witnesses, and in their presence do publish and declare this
instrument to be my Last Will and Testament, this 3 day of March, 1977.
[Signed by Elvis A. Presley]
ELVIS A. PRESLEY
The foregoing instrument, consisting of this and eleven (11) preceding
typewritten pages, was signed, sealed, published and declared by ELVIS A.
PRESLEY, the Testator, to be his Last Will and Testament, in our presence, and
we, at his request and in his presence and in the presence of each other, have
hereunto subscribed our names as witnesses, this 3 day of March, 1977, at
Memphis, Tennessee.
[Signed by Ginger Alden]
Ginger Alden residing at 4152 Royal Crest Place
[Signed by Charles F. Hodge]
Charles F. Hodge residing at 3764 Elvis Presley Blvd.
[Signed by Ann Dewey Smith]
Ann Dewey Smith residing at 2237 Court Avenue.
State of Tennessee County of Shelby
Ginger Alden, Charles F. Hodge, and Ann Dewey Smith, after being first
duly sworn, make oath or affirm that the foregoing Last Will and Testament, in
the sight and presence of us, the undersigned, who at his request and in his
sight and presence, and in the sight and presence of each other, have subscribed
our names as attesting witnesses on the 3 day of March, 1977, and we further
make oath or affirm that the Testator was of sound mind and disposing memory and
not acting under fraud,
menace or undue influence of any person, and was more than eighteen (18) years
of age; and that each of the attesting witnesses is more than eighteen (18)
years of age.
[Signed by Ginger Alden]
Ginger Alden
[Signed by Charles F. Hodge]
Charles F. Hodge
[Signed by Ann Dewey Smith]
Ann Dewey Smith
Sworn To And Subscribed before me this 3 day of March, 1977 Drayton
Beecker Smith II Notary Public
My commission expires: August 8, 1979 Admitted to probate and
Ordered Recorded August 22, 1977
Joseph W. Evans, Judge
Recorded August 22, 1977
B.J. Dunavant, Clerk
By: Jan Scott, D.C.
