The Presley Estate: All Shook Up Again

More and more estate law education come at the hands of a celebrity’s passing. The most recent lessons that come to mind are those surrounding the estate of Lisa Marie Presley (and by extension Elvis himself). The complicated transfer of multi-generational wealth is highlighted in situations like these which are often marred by complications such as pending lawsuits, familial disputes, and claims by creditors. Sadly, it appears Ms. Presley’s estate is no exception.

Priscilla Presley recently filed paperwork in a Los Angeles court challenging the “authenticity and validity” of an amendment to her daughter’s trust that left Lisa Marie’s daughter Riley Keough as the sole trustee. The petition argues that a 2016 change to Lisa Marie’s trust is suspect and did not follow the procedures dictated by the trust. Priscilla claims Lisa Marie’s signature on the document appeared “inconsistent” with past signatures and that her name was spelled incorrectly. Before the 2016 paperwork, Priscilla and Lisa Marie’s former business manager Barry Siegel were listed as co-trustees — the amendment that is now in dispute takes control of the trust away from Priscilla. Along with control, significant trustee compensation is at stake. A hearing in the legal dispute is scheduled for April 13, and many questions remain about the family’s trust issues and the trust itself.

All that messy litigation raises at least one burning question: What will Lisa Marie’s children, three daughters and a son, inherit from her? The entirety of Elvis Presley Enterprises, Graceland, and royalties are at stake. What will pass to the King’s grandchildren, two of whom are still minors? Will the trust be upheld, or will the estate pass via probate?

Properly executed, a trust is an alternative to a long expensive probate process that allows you to easily have your Trustee carry out your wishes and pass assets to your heirs. When questions linger you can run the risk of complicated and lengthy legal challenges. The attorneys at Cornerstone Law firm are skilled in helping you determine the best approach for your estate planning needs, no matter the scope. Call us at (407) 986-0529 to discuss your legacy with our team.