Lisa Marie Presley’s Trust Disputed

Her mother, Priscilla Presley, wants a 2016 amendment deemed invalid that would result in Lisa Marie's daughter Riley becoming trustee.

By BANG Showbiz

Lisa Marie Presley’s friends have insisted her “intent was very clear” and she wanted her trust to go to her children.

The late singer died on 12 January aged 54 and last Thursday (25.01.23), her mother Priscilla Presley filed a petition questioning the “authenticity and validity” of her daughter’s will, arguing a 2016 amendment to the document that removed her as trustee and replaced her with her daughter Riley, 33, and son Benjamin — who took his own life in 2020 — featured various mistakes.

But sources close to Lisa Marie insisted she “did not have a relationship” with Priscilla at the time the amendment was written and she was determined the trust — which includes her late father Elvis Presley’s Graceland home and 15 percent ownership of his estate — would go to her kids, including 14-year-old twins Harper and Finley.

The friend told People magazine: “Lisa’s intent was very clear. Lisa really didn’t feel that Priscilla was doing anything in her best interest.”

“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.”

Among the points of contention between Priscilla and Lisa Marie were the fact the ”Naked Gun” actress had retained a relationship with her former son-in-law Michael Lockwood — the father of the twins —after the pair divorced in 2016.

The friend revealed he attended his ex-wife’s funeral earlier this month with Priscilla’s help, despite not being invited.

Priscilla and Lisa Marie’s former business manager Barry Siegel were appointed trustees in 2010, but the singer “had a major issue” with the ways in which her trust was being handled, and even sued the latter in 2018, claiming his “reckless and negligent mismanagement and self-serving ambition” had seen the $100 million trust she’d inherited after Elvis’ death dwindle to just $14,000.

Barry hit back and accused his former client of “squandering” the wealth with “excessive spending.”

The source said: “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.”

Priscilla maintains the 2010 paperwork is still “the authoritative and controlling document,” and is requesting the court order the 2016 amendment invalid.

This article was written by BANG Showbiz and was provided by Reuters.

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