Priscilla Presley is taking legal action to dispute who oversees the estate of her late daughter Lisa Marie Presley.
In a petition filed in Los Angeles Superior Court on Jan. 26, Priscilla Presley contests the "authenticity and validity" of a 2016 amendment to Lisa Marie Presley's living trust that removed her and former business manager Barry Siegel as co-trustees. Under the amendment, Lisa Marie Presley's daughter Riley Keough and deceased son Benjamin Keough were appointed as trustees of the estate.
Both Priscilla Presley and Siegel are current co-trustees of The Promenade Trust, which was created in 1993 to manage the Presley estate. Per The Hollywood Reporter, the trust kept "a 15 percent stake in Elvis Presley enterprises, which owns the singer's intellectual property, after Lisa Marie Presley sold 85 percent of the company's assets for roughly $100 million." Court documents obtained by ABC News add that Lisa Marie Presley "amended and completely restated" the trust in 2010, reinstating Priscilla Presley and Siegel's roles.
"Both the 1993 original trust and 2010 restatement appear to be carefully drafted by competent estate planning attorneys," Priscilla Presley says in the court documents.
The documents also state that Priscilla Presley learned of the amendment and the aforementioned changes shortly after her daughter's death. They further outline several flaws within the amendment, including Priscilla Presley's name being misspelled in it and Lisa Marie Presley's signature being "inconsistent with her usual and customary signature." Additionally, the amendment wasn't witnessed or notarized or delivered to Priscilla Presley while her daughter was still alive.
Priscilla Presley "contends that the purported 2016 amendment is an invalid modification of the restated 2010 trust and that the 2010 trust is the authoritative and controlling document," per ABC News. She also "respectfully requests" an order from the court to invalidate the purported 2016 amendment.
The documents add that Priscilla Presley believes Siegel "has already or will soon resign" as a co-trustee. Thus, Riley Keough would become a co-trustee alongside her grandmother "with respect to the trust and all trust created thereunder."
Lisa Marie Presley, the only daughter of Priscilla Presley and Elvis Presley, died on Jan. 12 after suffering cardiac arrest at her home in Calabasas, California. She was 54 years old.
Shares