Biography, <—-( Link )

An insight into the life of Elvis Presley.

PART A ; Biography

Elvis Presley is the unforgotten King of Rock N’ Roll who rose from humble circumstances to engage in the rock revolution with his amazing voice and talented abilities. Born in Tupelo, Mississippi on January 8th 1935. Elvis was the son of Gladys and Vernon Presley. More specifically, his mother was a sewing machine operator and his father was a truck driver. Who would have thought that Elvis would spear head one of the most important cultural forces in history? and also present “a hip-shaking symbol of liberation for the staid America of the 1950s.” At the time he brought together in unity, both lines of the segregated borders and performed his art with a “natural sexuality” that made him a role model to many rebel teenagers. Elvis actually had a twin brother, Jesse Garon who was unfortunately stillborn(born dead) which led Elvis to grow up as a single child with no living brothers or sisters. In 1938, when Elvis was only three years old his father Vernon served an eight month prison sentence for writing bad checks. In addition, towards having served a term in prison, Vernon’s employment  kept the family just above the poverty level. The Presley’s attended the “First Assembly of God Church” which surrounded Elvis with gospel music of the Pentecostal Church and in 1945 Elvis won second prize in the Mississippi-Alabama Fair and Diary Show. In 1948, the Presley’s moved to Memphis, where he attended L.C. Humes High School and was again exposed to music such as blues and jazz on Beale Street. Upon graduation of high school in 1953 Presley worked at the Precision Tool Company and then drove a truck for a Crown Electric company, while at the same time having this love towards music, so Elvis decided to visit the “Memphis Recording Service” which was also home to “Sun Records” to record his special voice. When Sam Phillips the main producer for Memphis recording’s heard Presley’s vocals he immediately teamed him with up-coming guitarist Scotty Moore and bassist Bill Black to produce “That’s All Right” and “Blue Moon of Kentucky” which created the sort of say the blueprint for rock and roll. Since then and after five ground breaking singles, RCA records purchased Elvis’s contract from Sun Records for $35,000 and with some connections Hill and Range publishers purchased Sam Phillips Hi-Lo music for another staggering amount of $15,000. The contract in which Elvis was involved, was a written agreement. Along with another $5000 in advance Elvis purchased a  pink Cadillac for his mother, which to this day remains among his possessions preserved at his Graceland residency and also which is in control by Lisa Marie. Elvis Presley became a national star in 1956. That same year on January 28th, the singer made his first ever television debut on “Dorsey Brothers” (a stage show at the time) and from that moment on there were consecutive appearances on several shows and televised programs. In March of 1956, Parker signed Presley to a “managerial agreement that he would receive 25 percent of Presley’s earnings.” The contract in the matter of which we are speaking of will last through Presley’s lifetime and beyond. Eventually, Elvis’s “career momentum was interrupted by a two-year army stint in Germany” where he found the love of his life and future wife, Priscilla. Throughout the 1960s he mainly focused on making movies and recording new tracks in the studio then around the 1970s he started performing and touring constantly in front of crowds and crowds of people all around the country until his death in August of 1977, [date of death: August 16th, 1977] Memphis, TN. It was a sad day in the world of rock and roll when the news broke out that Elvis Presley died from cardiac arrhythmia (heart attack) at Graceland, his Memphis mansion, he was only 42 years old. Hundreds of people gathered when Presley was buried in a mausoleum at Forest Hill Cemetery in Memphis. About two years later, his father, Vernon, died and was also buried in the same location. With his father dead, all of Presley’s estate passed on to Lisa Marie the current sole heir. Litigations over the estate ended in June of 1983 after 21 months of court proceedings with a settlement that ended four lawsuits. Lisa Marie was of-course appointed guardian ad litem, “Blanchard Tual, wrote in his report on Presley’s financial affairs that Parker had handled affairs not in Elvis but in his own best interest.” Priscilla Presley assumed authority of the estate and through a number of business deals which made the Presley estate several times more valuable than it had ever been during Elvis’s lifetime. As a recording artist, Elvis Presley is undisputed when his accomplishments are in question, he is believed to have sold more than one billion records world-wide. Elvis to this day still appears to hold the largest number of gold, platinum, and multiplatinum certifications of any artist in the history of rock and roll.

PART D ; A Reflection of Elvis’s Estate Plan ,-

In my opinion or reflection on Elvis Presley’s estate plan I believe that he was very generous and kind. He clearly stated that he wanted any person to which he may be related or even the father of  by any circumstance for if he didn’t know would assume the right to inherit from his death. He enjoyed spending his earnings and because of that the cost of maintaining his famed Graceland estate was enormous, more importantly, Elvis mortgaged it late in his life to help continue his payroll. At the time of his tragic heart attack on August 16, 1977, Elvis Presley’s bank account had only about five million dollars and his total estate was worth a reported 10.2 million dollars.” I feel as if it was vital for him to show that he loved his family and that he didn’t want anyone to be left out or sort of say excluded from inheriting. Elvis was a singer and a entertainer who redefined popular music and the legacy he left behind will never be forgotten, nor lost. Elvis Presley, the true King of Rock and Roll!

 

 

 

 

 

 

CITATIONS

Three Sources :

 

1. http://www.elvis.com/about/bio ;;

“ABOUT ELVIS PRESLEY.” Bio. The Estate of Elvis Presley, LLC, n.d. Web. 05 May 2015.

 

2. https://rockhall.com/inductees/elvis-presley/bio/ ;;

“The Rock and Roll Hall of Fame + Museum.” Elvis Presley Biography. Ed. Davis M. The Rock and Roll Hall of Fame and Museum, Inc., n.d. Web. 05 May 2015.

 

3. http://www.rollingstone.com/music/artists/elvis-presley/biography ;;

“Elvis Presley Biography.” Rolling Stone. Rolling Stone Encyclopedia, n.d. Web. 05 May 2015.

Some of Elvis’ financial success is attributed to his manager and promoter, Colonel Tom Parker. He helped Elvis secure unprecedented movie deals paying him a lot of money. By the time of his heart attack on August 16, 1977, Elvis Presley bank account had only about five million dollars and his total estate was worth a reported 10.2 million dollars. Elivis Presley was the highest-paid entertainer in the world in his prime, and the highest single tax-payer in the United States, this sum seems almost paltry.

Instead of a standard manager’s commission of 10 to 20 percent, Parker had a 50/50 deal with Elvis. But he also managed to double dip into Elvis’ earnings. Parker used companies he set up including Elvis Presley Enterprises to cut Elvis’ share down to 22 percent of every dollar earned for much of the income, including merchandising.

After Elvis died, Parker no longer had the King to manage or make money for him.  Instead, he approached the executor of the Elvis Presley Estate Elvis’ father, Vernon Presley and warned him that he would be the target of scam artists and pirates. Parker convinced him to sign a new agreement to let Parker manage the Estate and receive 50 percent of all income received, in order to protect Vernon.  The income expected to come in through Elvis Presley’s estate, in terms of royalties from his music and movies, merchandising, commercial uses of his image and likeness, would have been more than enough, even if nothing was done to promote it. He was, after all, the King of Rock ‘n’ Roll.

Eventually, due to a probate court proceeding, an independent attorney was appointed to investigate Parker’s agreement with the estate. The attorney’s 300-page report concluded that Parker’s commissions were unreasonable and exorbitant compared to industry averages. The attorney challenged the validity of the holding company for Elvis’ merchandising rights, which caused the estate to receive only 22% of related profits. All agreements with Parker were terminated.

http://en.m.wikipedia.org/wiki/Elvis_PresleyAnother legal issue that ensue was

Presley’s main physician, Dr. Nichopoulos, was exonerated of criminal liability for the singer’s death. In the first eight months of 1977 alone, he had prescribed more than 10,000 doses of sedatives, amphetamines and narcotics, all in Elvis’s name. His license was suspended for three months. It was permanently revoked in the 1990s after the Tennessee Medical Board brought new charges of over-prescription.     http://www.foxnews.com/entertainment/2010/05/05/exclusive-elvis-presleys-doctor-claims-died-embarrassing-case-chronic/

Reflection of Elvis’s Estate:

As doing my research Elvis did not have too many legal issues with his estate considering he left it all to his only daughter,. So for me it was complicated to find good legal issues. Also there was no fighting over the estate as he only has one daughter. He’s still one of the wealthiest men in the United Stated and his legacy will live on forever. I like his will because as reading the other wills he really did not leave anyone he loved out and had no big fights over his estate that I came across.

 

 

 

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.

Last Will And Testament Of Elvis A. 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 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.