Legal News | 4.07.22
Is your Will fit for a King?
It is reported that Elvis was down to his last five million dollars (with lots of debt) when he passed away in 1977.
By his Will, Elvis appointed his father (Vernon Presley) as the sole executor and trustee of his estate. By the time Vernon passed away in 1979, Elvis’ estate had dwindled even further and was reported to be worth only a mere one million dollars.
Some would argue that by appointing his father as his sole executor Elvis made a mistake in attempting to secure the future of his estate for his named beneficiaries. Elvis’ father was in poor health and did not have the necessary expertise to deal with the royalties, the properties or the income of the estate. By appointing Vernon alone, he had no co-executor or trustee to assist, consult and share the workload with him.
While few of us have the complexity of Elvis’ estate, the King can still teach us a lesson. Consider carefully the suitability and competency of your executors and trustees.
Choosing the right people is key. After Vernon’s death, Priscilla Presley was named one of three trustees and the estate’s finances were turned around. By 1993 the value had grown to something like $100 million.
If you need help with your Will, get in touch with your usual contact at Wansbroughs or email firstname.lastname@example.org.