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Priscilla Presley challenges daughter Lisa Marie Presley’s trust amendment

Priscilla Presley challenges the validity of her late daughter Lisa Marie Presley’s will.

Priscilla Presley filed a lawsuit in Los Angeles Superior Court last week to challenge the validity of a 2016 amendment to Lisa Marie Presley’s Living Trust, removing her and her former business manager from trusteeship. , replaced by Lisa Marie Presley’s two older children, Riley Keough. Benjamin Keough, if Lisa Marie is dead or incapacitated. Benjamin Keough died in 2020.

Elvis Presley’s only child, singer Lisa Marie Presley died in a hospital in california on Jan. 12 at the age of 54 after paramedics answered a 911 call reporting a woman’s cardiac arrest. The Los Angeles County coroner is investigating and has not yet released a cause of death. Presley was buried at her parents’ home, Graceland, on January 22nd.

In the case of Lisa Marie Presley, she does not appear to have filed a separate will, which means her Living Trust is serving the function of that document. A living trust is a type of estate plan that allows you to manage your assets while you are alive and distribute them when you die.

Priscilla Presley’s court filings allege that there are several issues that cast doubt on the credibility of the Living Trust Amendment.

The filing included failure to notify Priscilla Presley of the change when necessary, misspelling Priscilla Presley’s name in a document believed to have been signed by Priscilla Presley’s daughter, and Lisa Marie. It is said to contain anomalous signatures from Presley, lack of witnesses or notarization.

Priscilla Presley “opposes the amendment because it removes her from trusteeship in favor of her granddaughter,” said Caryn Young, a private client and tax team partner at international law firm Withers. told CBS Moneywatch. “Obviously she wants to control the management of the property, especially if she believes the property has been mishandled in the past.”

A misspelling of Presley’s name could be a simple error, but an irregular signature could be evidence of fraud, Young noted.

Presley’s filing asks a judge to declare the amendment invalid.

Problematic financial history

At the Time of Her Death, Lisa Marie Presley Owned by Graceland, Elvis Presley’s mansion, now a tourist attraction, by her trust. However, she has had a troubled financial history, which came to light in 2018 when her manager, Barry Siegel, sued her for mismanaging her assets, resulting in her $100 million. trust had dwindled to $14,000 in cash by 2016. Worth it now.

Siegel intends to resign from the trust, according to Priscilla Presley’s filings, and according to the trust’s previous terms, Priscilla Presley, 77, and Riley Keough, 33, will remain as joint trustees. .

A message from Riley Keough’s representatives seeking comment was not immediately returned.

“If the court rules in Priscilla’s favor, it will probably treat the amendment as void, invalidating any changes made under it,” Young said. If a successor trustee is changed by and Priscilla is removed and she is replaced by a grandchild, the change is void and Priscilla becomes the successor trustee.”

Lisa Marie Presley left behind three children. In addition to Riley Keough, a daughter with her first husband, Danny Keough, she had 14-year-old twin daughters with her fourth husband, Michael Lockwood.

Presley was declared divorced from Lockwood in 2021, but the two were still fighting financially in family court when she died.

Priscilla Presley’s allegations are the first of many legal actions surrounding the estate of Elvis Presley’s sole heir, Lisa Marie Presley.

https://www.cbsnews.com/news/priscilla-presley-challenges-lisa-marie-presley-trust-amendment/ Priscilla Presley challenges daughter Lisa Marie Presley’s trust amendment

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