In the realm of probate and trust litigation, , few cases have captured the public’s attention quite like the recent developments surrounding Priscilla Presley and her granddaughter, Riley Keough. The dispute was about Lisa Marie Presley’s estate. In her interview in Vanity Fair, Riley states she was close with her mother and grandmother. As an experienced estate planning attorney, SLG Managing Partner, Dennis Sandoval, believes that the attorney who drafted the trust was surprised to see the trust being challenged after Lisa Marie’s death.
The Amendment of The Promenade Trust
Lisa Marie Presley died suddenly at the age of 54 and was subsequently buried at Graceland with Elvis. Prior to her death, She was survived by Priscilla and Riley. Lisa Marie amended The Promenade Trust, which holds a 15% interest in Elvis’ estate and the mansion at Graceland.
Priscilla Presley quickly filed documents in Probate Court challenging the 2016 amendment to the trust. The 2016 trust amendment removed Priscilla and the family’s former business manager, Barry Siegel, as trustees. It designated Riley and her brother, Benjamin Keough, as co-trustees. Benjamin died in 2020 at the age of 27, leaving Riley as sole trustee.
The court documents filed by Priscilla’s attorney alleged that the amendment was invalid, saying that it had never been delivered to Ms. Priscilla during Lisa Marie’s lifetime. The attorneys allege the trust language required delivery to Priscilla. This allegation shows the importance of communication by family members. Had the amendment been delivered to Priscilla, she and Lisa Marie could have discussed it and this litigation might have been avoided. The court papers also claimed that the amendment was potentially fraudulent, asserting that Lisa Marie’s signature was “inconsistent” with her usual penmanship. In the current fight, Priscilla was asking the court to recognize her as a trustee.
Settlement of the Litigation
A settlement was reached between the parties and the judge recently approved it.
The Elvis brand today continues to be a moneymaker, taking in more than $100 million a year. A share of those earnings is distributed to The Promenade Trust. The New York Times reported that Lisa Marie drew an income of $1.25 million from the trust in the last year of her life.
Riley has agreed to pay a $1 million lump-sum as part of a settlemen.Lawyers forRiley and Priscilla had sought to keep the details of their agreement confidential, had sought to keep details of their agreement confdential, but the papers list what appears to be a payment of $1 million. In the 95-page filing, Riley also agreed to pay as much as $400,000 to cover her grandmother’s legal fees. With the settlement, Riley will become the sole trustee of the trust established by her mother, Lisa Marie.
Riley also agreed to retain Priscilla as a “special adviser” to the trust, for which she would be paid an undisclosed annual amount for 10 years, or until her death, whichever came first. The documents say that in exchange for Priscilla resignation from the trust, Riley would issue the payment after receiving the proceeds of her mother’s life-insurance policy. Life Insurance is a fantastic vehicle to create liquidity for the estate to pay estate taxes, buy out business interests, balance out distributions to beneficiaries, and as unfortunately is the case here, settle litigation.
The settlement also provided Priscilla will be buried on the Graceland property, along with Elvis and other family members.
“In settling the claims pending in Priscilla’s petition, the parties are saving significant legal fees by avoiding litigation, and they are likewise avoiding the spectacle of intra-family litigation that would have been inimical to Lisa’s wishes and not in the best interests of the family,” the filing said.
How Sandoval Legacy Group Can Assist You
In complex cases like this, having a knowledgeable and experienced probate and trust litigation law firm by your side is essential. Sandoval Legacy Group, Southern California’s premier probate and estate planning law firm, specializes in navigating the intricacies of estate planning, probate, and probate litigation. Our team of experts understands the nuances of these legal areas and can provide tailored solutions to address your specific needs.
Whether you’re facing challenges to the validity to a will or trust, navigating probate proceedings, or seeking guidance on comprehensive estate planning, our firm is here to assist you. Contact us today for a consultation to ensure that your family’s legacy is protected and managed according to your wishes.
The saga surrounding Riley Keough’s role as trustee of Lisa Marie Presley’s estate serves as a poignant reminder of the importance of proactive estate planning, meticulous document drafting, and clear communication within families. As we navigate the intricacies of estate law, let us be inspired to craft thoughtful plans that safeguard our loved ones’ legacies and mitigate potential conflicts. If you find yourself in need of expert guidance, remember that Sandoval Legacy Group stands ready to assist you on this journey.
Estate Planning Attorney’s Advice and Guidance
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We know discussing end-of-life plans can be difficult, but we approach this delicate conversation with respect and dignity. Our estate planning services cover all areas of elder law and probate based on your specific financial & health situation. If you have questions or concerns regarding your estate plan, probate, special needs planning, or elder law, attorney Dennis M. Sandoval and the Sandoval Legacy Group team are ready to assist you.
Contact Us for Personalized Estate Planning in Southern California
We know discussing end-of-life plans can be difficult, but we approach this delicate conversation with respect and dignity. Our estate planning services cover all areas of elder law and probate based on your specific financial & health situation. If you have questions or concerns regarding your estate plan, probate, special needs planning, or elder law, attorney Dennis M. Sandoval and the Sandoval Legacy Group team are ready to assist you.
Southern California’s Premier Estate Planning & Probate Litigation Law Firm
With thirty-plus years of experience as an estate planning law firm in Southern California, you will have the most experienced legal minds to guide you. The trusted estate planning lawyers at the Sandoval Legacy Group, a division of Holstrom Block & Parke, A Professional Law Corporation, have offices located throughout Southern California in Orange, Riverside, San Diego, San Bernardino, and Los Angeles counties. If you have questions or concerns regarding your estate plan, special needs planning, elder law, conservatorships, advanced tax planning, or probate, contact us or give us a call at (888) 502-2881 to schedule a complimentary consultation.