"The WILL of Elvis Presley"
Last Will And Testament Of Elvis A. Presley
Filed August 22, 1977
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
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, 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 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) 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 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 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.
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