Lisa Marie Presley cut off mom Priscilla to make daughter Riley sole trustee so children could inherit trust, says friend
MEMPHIS, TENNESSEE: Lisa Marie Presley reportedly wanted her surviving children to inherit her trust without any interference. This was why she designated her oldest daughter, Riley Keough, as the sole trustee to oversee it, claimed a close friend of the late star.
Lisa Marie, the only child of rock legend Elvis Presley, died on January 12 at age 54 and left her trust, which includes Elvis' Graceland property and 15 percent ownership of Elvis' estate, to her three daughters, Riley Keough, Finley Lockwood, and Harper Lockwood. But her mother Priscilla Presley challenged the conditions of the trust and filed a petition in Los Angeles questioning the "authenticity and validity" of a 2016 amendment that removed her and Lisa's former business manager, Barry Siegel, as managers of her trust. "Lisa's intent was very clear," a friend close to the late star told PEOPLE magazine, remarking that it was Lisa's wish to see her children inherit her trust without problems. "Lisa really didn't feel that Priscilla was doing anything in her best interest."
READ MORE
Who is Deborah Presley Brando? Woman claims Lisa Marie WASN'T Elvis Presley's only daughter
According to Priscilla's petition, which was obtained by People, the 'Lights Out' singer wrote a living will in 1993 and amended it in 2010 to make Priscilla and Siegel co-trustees of her trust. But after Lisa’s death, Priscilla discovered the 2016 amendment, which booted out both her and Siegel as co-trustees and replaced them with Riley, and her brother Benjamin Keough, who died by suicide in 2020.
Why is Priscilla Presley contesting daughter Lisa Marie's will?
In the petition filed on Thursday, January 26, Priscilla claimed that there are 'many issues surrounding the authenticity and validity' of the 2016 will amendment, according to Daily Mail. The ex-wife of Elvis Presley stated that she should have been informed about her removal as a co-trustee "as required by the express terms of the Trust."
She continued by claiming that her daughter's signature on the 2016 amendment was 'inconsistent' with previous signatures and there were no witnesses listed for the amendment. As per Priscilla, the 2010 amendment listing her as a co-trustee is still "the authoritative and controlling document." She now has requested the court to dismiss the 2016 amendment, which would make her the sole trustee instead of her granddaughter Riley Keough.
Was Lisa Marie Presley estranged from mother Priscilla?
The ‘Storm & Grace’ hit-maker's friend told People that Priscilla's attempts to regain control of the trust directly contradict Lisa Marie's wishes. They also noted that when Lisa made the 2016 amendment, she "did not have a relationship" with her mother. Among the points of contention between the mother-daughter pair was allegedly Priscilla's insistence on continuing to have cordial relationship with Lisa's ex-husband Michael Lockwood even after their spilt in 2016. Lockwood was not invited to Lisa's funeral but Priscilla still got him into the ceremony, her friend says.
The friend of the late star continued by saying that Lisa's 2016 will amendment was part of her desire to live "her life authentically," adding that Lisa Marie "wouldn't remain quiet when she was being taken advantage of." They continued, "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."
Lisa’s friend added that the singer had "had a major issue" with how her trust was working under her mother and Siegel's authority. In 2018, Lisa even sued Siegel, noting that his mismanagement led her trust to suffer a huge loss. "There's substantial documentation that basically Lisa was the only trustee," her friend claims. "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."