Lisa Marie Presley absolutely wanted her children to become the trustees of her estate, despite her mother Priscilla Presley’s new legal battle!
As we’ve been following, last week attorneys for Priscilla filed a petition in Los Angeles questioning the “authenticity and validity” of Lisa Marie’s will, which included a 2016 amendment putting her children, Riley and the late Benjamin Keough, in charge. According to People, twins Harper and Finley Lockwood, 14, were also assigned as trustees. This means all three daughters will be left with Elvis Presley’s Graceland property and 15 percent ownership of the rock ‘n roll legend’s estate, as well as their mother’s fortune.
According to the petition, obtained by People, Lisa Marie wrote a living trust in 1993 and amended it in 2010, adding her mother and former business manager, Barry Siegel, as co-trustees. After her January 12 death, Priscilla discovered changes had been added in 2016 that she wasn’t privy to (replacing the pair with Lisa Marie’s children) — and now she’s fighting to make the amendment invalid. Some have called it an outright “money grab,” and this latest source doesn’t seem to disagree.
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On Monday, a friend of Lisa Marie’s opened up to People about the 77-year-old’s legal fight — and they are firmly on the late star’s side! They shared:
“Lisa’s intent was very clear. Lisa really didn’t feel that Priscilla was doing anything in her best interest.”
According to the friend, Lisa Marie “did not have a relationship” with her mother when she made the 2016 amendment. It sounds like there were several reasons for this estrangement, but one was very clear: Lisa Marie wasn’t happy that Priscilla maintained a relationship with her ex-husband Michael Lockwood after their messy divorce (which they first filed for in 2016). But here’s the thing — Priscilla is still super close to Michael and even helped him attend the songwriter’s memorial service earlier this month even though he wasn’t invited, the friend revealed. So, the actress is actively going against her late daughter’s last wishes. Not the best look…
With all this in mind, the confidant doesn’t think it’s appropriate for Priscilla to be contesting the will, saying:
“Lisa lived her life authentically… She wouldn’t remain quiet when she was being taken advantage of. At the end of the day, these are her wishes, and there’s no question as to what her wishes were. No one’s going to be able to reinvent the last seven or eight years and say no, no, no.”
For the record, Lisa Marie’s decision to remove her mother as a trustee wasn’t just a personal choice, but a business decision! The source claimed the Lights Out vocalist “had a major issue” with how her trust was being handled. In 2018, she sued her former business manager, claiming he spent a decade whittling down her $100 million trust — which was inheritance from her father — to just $14,000 “through his reckless and negligent mismanagement and self-serving ambition.” Damn. Barry, for his part, clapped back at his client, accusing her of “squandering” the fortune with her “excessive spending” habits.
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By the time of her death, the 54-year-old was $4 million in debt, despite once having millions upon millions to her name. Oof. Thankfully, she took out at least two life insurance policies worth $35 million, so her debts will be covered and the fortune (if her amendment stands) will go to her daughters. This is exactly why it’s important to have the right trustees assigned. Since Harper and Finley are still minors, their portion of the money would go directly into the trust — and we doubt they want anything bad to happen to their inheritance! That’s why the friend believes Riley’s the best woman for the job, explaining:
“There’s substantial documentation that basically Lisa was the only trustee. Priscilla did not participate in anything, as [Siegel also] hadn’t for years before… At the end of the day, a trustee is supposed to have limited power — they’re supposed to not be able to do anything bad or stupid. No one can argue that Riley being the trustee is going to not be to the benefit of the twins.”
It sure is a complicated matter, and one we really hope won’t tear the family apart. They need each other more than ever to get through this grieving period. Thoughts?
[Image via Judy Eddy/WENN & Lisa Marie Presley/Instagram]