Welcome back to part two of our blog discussing Lisa Marie Presley’s estate dispute (click here to read part one). In this final installment, we delve into the heart of the matter, dissecting the challenges and the ultimate resolution that marked this high-profile case. Following the premature death of Elvis’ only daughter, Lisa Marie Presley, the Presley estate became embroiled in dispute once again as Priscilla Presley (ex-wife to Elvis and mother to Lisa Marie) sought to challenge the terms of her daughter’s Will.
The Dispute Unveiled
The Lisa Marie Presley estate dispute unearthed a range of issues, from contested appointments to alleged mismanagement of assets. Central to the contention was Priscilla’s challenge to the will on the grounds of concerns over the appointment of Lisa’s daughter, Riley Keough, as the estate trustee.
Shortly after Lisa Marie’s passing, Priscilla’s legal team filed paperwork in a Los Angeles court challenging the “authenticity and validity” of an amendment to her daughter’s trust. The amendment in question appointed Lisa Marie’s daughter, Riley Keough, and her son, Benjamin Keough, as co-trustees. Due to Benjamin’s death in 2020, the amendment effectively appointed Riley as the sole trustee. Before the 2016 paperwork, Priscilla and Barry Siegel (Lisa Marie’s former business manager) were listed as co-trustees.
Priscilla’s legal team claimed Lisa Marie’s signature appeared “inconsistent” with past signatures and that her name was spelled incorrectly. They argued Priscilla only became aware of the “purported 2016 amendment” after Lisa Marie’s death while contending the amendment was never delivered to their client during Lisa Marie’s lifetime. Valuing intellectual property rights, assessing the fair distribution of assets, and addressing tax implications were among the many challenges that emerged.
The Settlement: A Balance Struck
Just as soon as the dispute began, it ended: the parties had reached a settlement in May of this year. Specifics of the settlement were not discussed in court, and attorneys for both parties filed motions to seal the agreement. While the specific terms remain undisclosed, the settlement highlights the significance of finding common ground in the face of complex legal battles.
Interestingly, Riley’s legal team filed a 73-page petition this past June in support of her appointment to head the family trust: the Promenade Trust. As a result of the settlement, Riley will also preside over the sub-trusts for her half-sisters. Priscilla will be a special adviser to the trust and receive a monthly payment for her role. Notably, Priscilla will also be allowed to be buried at Graceland, the former home of Elvis Presley, which Keough will now own.
The Lisa Marie Presley estate dispute offers insights into the importance of skilled legal guidance, strategic negotiations, and the delicate art of balancing family interests and legal obligations. From the heights of fame to the complexities of legal battles, this story reinforces the importance of meticulous estate planning, open lines of communication, and the expertise of legal professionals in navigating the multifaceted world of high-profile estates.
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