Priscilla Presleythe 77-year-old widow of a rock icon Elvis Presleyfiled a petition Thursday against her late daughter’s estate Lisa Marie Presley It determines who will retain control of Graceland, the famous Memphis mansion where his grandson and now his only daughter, Elvis, is buried.
Lisa Marie passed away suddenly on January 12th in Los Angeles. Austin Butler Recognized for performance in Elvis biopic. Her cause of death has not yet been determined.
Elvis’ sole heir, Lisa Marie, inherited $100 million on her 25th birthday in 1993. Reports have surfaced over the years indicating that many of Lisa Marie’s assets were wasted and mismanaged, so the current value of these assets is unknown. He sold 85% of his inherited assets, including the publishing rights to his songs, for about $100 million. At the time of her death, Lisa Marie held her 15% stake in Graceland Holdings, the parent company of Elvis Presley Enterprises, which operates Graceland.
Lisa Marie Presley had four children and was unmarried at the time of her death. She had two children with her first husband, Danny Keough: Daughter Riley Keoughage 33, son Benjamin Keough, committed suicide in 2020 at the age of 27.And the two with their fourth ex-husband Michael Lockwood: 14-year-old twin daughters harper When Finley LockwoodPresley also married briefly Michael jackson When Nicholas Cage.
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After her death, Lisa Marie’s assets were held in the “Living Trust”. This means that the management and distribution of Lisa Marie’s assets after her death will be determined by the trust’s documents, not by a will. A living trust is a legal creation that owns property in its own right, but allows the trustee to manage that property for the rest of its life. Then, when the trustee dies, the trust distributes its property in much the same way a will works.
Trust document establishing trust between Lisa Marie’s property name Priscilla and Lisa Marie’s former business manager Barry Siegel As a trustee; this designation does not permit either trustee to use the trust fund for its own purposes, but rather to administer the trust assets or make distributions in favor of the trust’s beneficiaries. give permission to Presley sued Siegel in 2018 for wasting his inheritance. Siegel denied the allegations and counterclaimed, accusing Presley of overspending.
However, an amendment to the trust in 2016 transferred control to Lisa Marie’s eldest sons, Benjamin Keough and Riley Keough. Benjamin pre-dated his mother in 2020, so the amendment would shift his control to Riley alone.
However, attorneys representing Priscilla reportedly filed a petition challenging the amendments for multiple reasons. It does not match Lisa Marie’s handwriting, and claims that the signature was neither witnessed nor notarized.
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Under California law, trust amendments are valid only if signed, notarized and attached to the original trust deed.
Priscilla asked the court to vacate the amendment and restore the 2010 version of the trust. This will allow her and Siegel to continue as co-trustees.
In addition to the contested trust amendment, TMZ It was reported Monday that Lisa Marie took out multiple life insurance policies shortly before her death that totaled at least $35 million in payments, split among her three surviving children.
Life insurance is usually administered separately from an estate or living trust and entitles the beneficiary to certain payments upon the death of the insured. The timing of a life insurance policy commenced in the immediate vicinity of the insured’s death may present obstacles for the beneficiary seeking to collect a death benefit, but details regarding life insurance policies are subject to disputed trusts. It is unlikely to influence court decisions on amendments.
Representatives for Lisa Marie and Priscilla Presley, as well as Graceland, did not immediately respond to requests for comment.
[Photo by Jordan Strauss/Invision/AP]
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