Last
Will and Testament of Elvis A. Presley
Last Will And Testament Of Elvis A. Presley,
Deceased
Filed August 22, 1977
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 choses 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, the Trustee (as the case may be) to hold such real
estate for investment, or to sell same, or any portion
therof, 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
therefrom 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)
mygrandmother, 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> make such distribution without affecting
the ability of the trust to meet the present needs 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 repsonsibilty 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 twenty-five (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 therefrom 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 therof, 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 thereunder
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 therefrom, 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 ofMarch, 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 Willand 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
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