Recent reports suggest that Priscilla Presley is reportedly pursuing legal action to prevent her granddaughter, Riley Keough, from becoming a co-trustee of Lisa Marie Presley’s late trust.
According to Today, Priscilla has taken legal steps, asking a judge to declare the 2016 amendment to Lisa Marie’s trust, designating Riley Keough as a co-trustee, as invalid. In 1993, Lisa Marie, after becoming the sole heir to Elvis Presley’s estate, established a living trust.
Priscilla Presley Takes Legal Action to Remove Granddaughter as Co-Trustee of Lisa Marie’s Trust
The living trust serves as a means to safeguard assets and outline the distribution of the trust in the event of Lisa Marie’s passing. In 2010, Lisa Marie undertook a complete restatement of the trust, designating Priscilla and her former business manager, Barry Siegel, as co-trustees, as reported by Today.
Following Lisa Marie’s tragic death, a document surfaced, allegedly dated March 11, 2016, amending the trust. This document purportedly removed Priscilla and Siegel as co-trustees and appointed Lisa Marie’s two eldest children, Riley Keough and Benjamin Keough. Unfortunately, Benjamin passed away in 2020, leaving Riley as the only living co-trustee.
Priscilla’s recent legal action to exclude Keough from the trust does not seem driven by personal gain. Lisa Marie’s trust, as reported in 2018, was burdened with over $500,000 in credit card debt, with a meager $14,000 in cash remaining.
Lisa Marie’s financial matters have been subject to legal disputes in the past. She sued co-trustee Siegel for alleged mismanagement of her finances, while Siegel countersued, accusing Lisa Marie of squandering her inheritance.
Recent filings by Priscilla, Lisa Marie’s mother, cast doubt on the authenticity and validity of the 2016 amendment to the trust. Issues raised include the misspelling of Priscilla’s name, lack of notification about the amendment, and inconsistencies in the signature compared to Lisa Marie’s usual signing style. Priscilla is seeking to remain as the trustee, and while her exact motives remain unconfirmed, it appears to relieve Riley from inheriting a substantial financial burden.
Regardless of the trust, it has already been confirmed that Lisa Marie’s three daughters will inherit Elvis’s Graceland, where her funeral was held.