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Below is a copy of Elvis' last will and testament.
Last Will and Testament of Elvis Aaron Presley
Last Will And Testament Of Elvis Aaron Presley, Deceased 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 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 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 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 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
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.
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