With the passing of the Legendary Elvis Presley’s daughter, Lisa Marie, the future stewardship of her estate’s trust is hanging in the balance. While Lisa Marie’s daughter believed she would be the new caretaker of the trust, Lisa’s mother, Priscilla Presley, is suing in court to resolve the matter in her favor. Individuals living in Oklahoma and Texas should be aware of cases like these as families sometimes find themselves in estate management disputes.
Who is in charge of the money?
In her Petition, Ms. Presley is asserting that a 2016 document removing her as one of two trustees of Lisa’s estate is inappropriate. Here’s why.
1. Priscilla was not given notice of the amendment’s existence thus violating a tenet of the original agreement to notify her of any changes.
2. Lisa Marie’s signature that approves the amendment differs from her handwriting.
3. There is no hard copy of the amended document, just a PDF version.
Priscilla requests the court to annul the validity of the amendment and affirm that the trust dated in 2010 is accurate. This trust names Priscilla and Bob Siegel as co-trustees. As of now, the current, contested trust names Lisa’s daughter and son, Riley Keough and Benjamin Keough, as the new trustees. Since that time, however, Benjamin has since passed away. But, if Mr. Siegel opts out of the trust, Ms. Keough would be a co-trustee.
Priscilla has a clear track record?
Priscilla Presley is credited with turning Elvis’ fortune around. At one point, his estate was in debt. After Ms. Presley’s intervention, the estate became very prosperous financially. At the time of Lisa Marie’s death, the estate was valued in the millions.