Elvis Presley’s Dispositve Scheme

In Elvis Presley’s Last Will and Testament he appoints his father as his Executor and Trustee and the National Bank of Commerce of Memphis Tennessee as his Successor Executor and Successor Trustee. Elvis first begins disposing of his things by giving away all of his tangible personal property of various kinds, characters and values obtained during his professional career to his Executor do with it as he wants as long as he acts in good faith and best interest of the estate and the beneficiaries. Then, Elvis’ Will goes on to say that he gives his Executor the right to allow any beneficiary the use or benefit of any household goods, chattels, or other tangible property. Next, Elvis gives his real estate to his Executor to hold for investment or to sell any part of in whatever way he determines will be in the best interest of the estate and beneficiaries. In Elvis’ residuary clause he leaves everything else in his estate to a trust to collect income that is to be controlled by his trustee, his father, and within that trust his trustee is instructed to pay all the expenses, taxes and costs incurred in the management of the trust estate with the income of the trust. After all expenses is paid Elvis wants his trustee to use the net income and a portion of the principal at any time and from time to time for the health, education,  support, comfortable maintenance and welfare for his daughter Lisa Marie Presley, and any other issue he may have, for his grandmother, Minnie Mae Presley, his father, Vernon E. Presley, and any other relatives of his that are living at the time of his death, who in the absolute discretion of his Trustees are in need of emergency assistance for any of the above mentioned purposes. Also, the Trustee is able to make the distribution without affecting the ability of the trust to meet the present needs or to meet the reasonably expected future needs of his issue, grandmother, and father. Elvis adds in his Will that upon the death of his father there is to be no more distribution to any other relatives living at the time of his death besides his issue and his grandmother and any of those beneficiaries have no interest whatsoever in the trust. After the death of his grandmother and his father Elvis wants the Trustee to divide the Residuary Trust into separate and equal trusts, creating one for each of his lawful children that is living and one equal trusts for the living issue collectively, if any, of any deceased child of his. The share for the issue of his deceased child should immediately vest in equal shares, but that child will not receive all of his/her trust until he/she is 18 years of age. Until that child is 18 years of age the Trustee must use that child’s share for their care, support, and education. Elvis gives the Trustee the right to distribute the whole or any part of the net income or principal from the each of the trusts as he deems necessary to provide comfortable support, education, maintenance, benefit and general welfare of each of Elvis’ children. The distributions may be made directly to the beneficiary or to the guardian of the beneficiary. The Trustee is not responsible for what is done with the distribution after it is distributed, he must just take into consideration all other known sources of funds for that beneficiary for the purpose of the distribution. Once Elvis’ kids reach 25 years old, if his father and grandmother are deceased, their trust must terminate and all remainder assets then obtained in the trust will be distributed to the child. If any of Elvis’ kids die before the age of 25, then their trust will terminate on their death and all remaining assets in the trust will be equally distributed and free of further trust to the surviving issue of the deceased child but subjected to them not receiving all of their trust until they are 18. If all of Elvis’s kids are dead before the termination of their trusts, then all of his estate and all of the assets of very trust is to be distributed in equal shares to his heirs at law per stirpes. Elvis request that any life insurance that has his estate as the beneficiary be used by his Executor for payments of debts, expense and taxes to the extent deemed advisable by the Executor. Also, all of the proceeds from the life insurance that are not used for taxes, expenses and debts shall be used for the purpose of satisfying devises and bequests included in the Will. Elvis directs that the interest any beneficiary has in principal or income of any trust shall not be subjected to claims or creditors or others, nor to legal process, and may not be voluntarily or involuntarily alienated or encumbered except as provided in the Will. Also, any bequests for any female shall be for her sole and separate use, free from debts, contracts and control of any husband she may ever have. Elvis requires that none of the appointees named in his will shall be demanded to furnish and bond or security for the performance of the respective fiduciary duties required. Elvis gives his Trustee and Successor Trustee the power to do everything he deems advisable with respect to the administration of each trust required to be established under his Will, even though their powers would not be authorized or appropriate for the Trustee under the statutory or other rules of law. If the Trustee has reasonable doubt of his power, authority or duty in the administration of any trust created, the Trustee shall obtain advice and counsel of reputable legal counsel without resorting to the courts for instructions.

Reflection Of Elvis’ Estate

Elvis Presley was a very wealthy man. I think he executed his Will very carefully, so to not leave anything or any one that he did not intend to include out. He was very generous in his Will, because he did not exclude any family members. Even though he did not name every one of his family members by name, he wanted all of them to be taken care of as far as their health, education, support and comfortable maintenance. His WIll was rather long, however I feel as though it needed to be so he could cover every ground possible so there would be no confusion about what to do with his items and money after his death.

Leave a Reply

Your email address will not be published. Required fields are marked *