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) 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 authorized 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…

(b) 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.