New reports are revealing that Priscilla Presley is allegedly taking legal action to make sure her granddaughter, Riley Keough isn’t a co-trustee of her late mother, Lisa Marie Presley’s trust.
According to Today, Priscilla has asked a judge to declare the 2016 amendment to Lisa Marie’s trust, which names Riley Keough as a co-trustee invalid. In 1993, after becoming the sole heir to her father Elvis Presley’s estate, Lisa Marie established a living trust.
Priscilla Presley Takes Legal Action to Remove Granddaughter as Co-Trustee of Lisa Marie’s Trust
The living trust is put in place to protect assets and explain how the trust should be divided should she pass away. And in 2010, Lisa Marie “completely restated” that trust-making Priscilla and her former business manager, Barry Siegel co-trustees, Today reports.
However, after Lisa Marie’s tragic passing, a document was discovered that revealed an amendment to her trust. The document was allegedly dated March 11, 2016, and removed Priscilla and Siegel as co-trustees, replacing them with her two eldest children, Riley Keough, and Benjamin Keough.
As Mamas Uncut has previously reported, Riley is the only living newly appointed co-trustee as Benjamin passed away in 2020.
Nonetheless, it seems as though Priscilla’s latest move to remove Keough from the trust isn’t malicious because it doesn’t appear that she stands to gain anything. As Today reports, in 2018, it was revealed that Lisa Marie’s trust is left with more than $500,000 in credit card debt and only $14,000 in cash.
Lisa Marie sued her co-trustee Siegel for “mismanaging her finances.” And Siegel countersued accusing Lisa Marie of “squandering her inheritance.”
According to Today, earlier this month, Priscilla’s filings alleged that “there are many issues surrounding the authenticity and validity of the purported 2016 amendment.” Some of those issues include the misspelling of Priscilla’s name, the fact that she was never notified of the amendment, and that the signature on the amendment “appears inconsistent” with how Lisa Marie usually signed her name.
Priscilla is asking the judge to keep her as the trustee. While Priscilla’s motives haven’t been confirmed, it appears as though this will keep Riley from inheriting a large weight on her shoulders.
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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.