While estate planning, including wills and trusts, are not just for the rich and famous, their affairs often make headlines when they die intestate (as Prince did) or have questionable documents, as Lisa Marie Presley’s apparently were. The following article, “Priscilla Presley is disputing the trust of her late daughter, Lisa Marie Presley,” from NPR/Associated Press, 1/31/23, highlights the importance of keeping your plans up-to-date and, of course, on the up and up! Read on for the issues Ms. Presley’s mother is questioning in the estate plan documents.
“Priscilla Presley has filed legal documents disputing who oversees the estate of her late daughter Lisa Marie Presley. The filing in Los Angeles Superior Court last week disputes the validity of a 2016 amendment to Lisa Marie Presley’s living trust that removed Priscilla Presley and a former business manager as trustees and replaced them with Lisa Marie Presley’s two oldest children, Riley Keough and Benjamin Keough, if she died or became incapacitated. Benjamin Keough died in 2020.
A living trust is a form of estate planning that allows a person to control their assets while alive, but have them distributed if they die. It serves the function of a will if a separate will is not filed, as appears to be the case with Lisa Marie Presley.
Lisa Marie Presley, a singer and the only child of Elvis Presley, died at a California hospital, at age 54 on Jan. 12 after paramedics answered a 911 call reporting a woman in cardiac arrest. The Los Angeles County coroner is investigating, and has not yet given a cause of death. She was laid to rest at her family home, Graceland, on Jan. 22.
Priscilla Presley’s court filing says there are several issues that bring the living trust amendment’s authenticity into doubt.
The filing says they include a failure to notify Priscilla Presley of the change as required, a misspelling of Priscilla Presley’s name in a document supposedly signed by her daughter, an atypical signature from Lisa Marie Presley, and a lack of a witness or notarization. It asks a judge to declare the amendment invalid.
The filing says that the business manager, Barry Siegel, intended to resign, which according to the prior terms of the trust would leave Priscilla Presley, 77, and Riley Keough, 33, as co-trustees.
A message seeking comment from representatives of Riley Keough was not immediately returned.
Lisa Marie Presley left three surviving children. In addition to Riley Keough, her daughter with 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 disputing finances in family court when she died.
Priscilla Presley’s filing is among the first of what are likely to be many legal maneuvers surrounding the estate of Lisa Marie Presley, the only heir of Elvis Presley.
It is not clear, however, how much that estate is worth. A lawsuit Lisa Marie Presley filed in 2018 alleging Siegel had mismanaged the trust said it had been worth in excess of $100 million, but most of that had been depleted.”
Often when celebrities suddenly die, there is a long line of individuals claiming to be heirs, challenging the documents and making a nuisance of themselves. It took years for Prince’s estate to finally be settled, with many dollars going to the attorneys as they sorted it all out. All or most of that could have been avoided if Prince had the appropriate legal documents. Of course, in the case of Ms. Presley’s estate, time will tell if her mother’s claims are valid. One thing seemed clear; her estate plan was not up-to-date as it included a trustee, one of her sons, who died in 2020. Another example of the importance of ensuring your estate plan is up-to-date and legally valid. As always, I’d be honored to help make sure your estate planning documents are up-to-date and legally valid. Visit my website to schedule a consultation at www.davidlefton.com or call me at 513-399-7526.