Priscilla Presley has said that she doubted the legitimacy of a 2016 modification to Lisa Marie Presley’s will and testament. She is contesting them.
When it comes to money, blood is not always thicker than water. This is the case now with the Presleys as Priscilla is fiercely contesting the soundness of her late daughter Lisa Marie’s last will and testament.
In a legal filing in Los Angeles Superior Court last week, Priscilla Presley doubted the legitimacy of a 2016 modification to Lisa Marie Presley’s living trust that removed her and a former business manager as trustees are being replaced with Lisa Marie Presley’s two oldest children, Riley Keough and Benjamin Keough, if Lisa Marie perishes or becomes debilitated.
Lisa Marie Presley, the only child of Elvis Presley, died at a California hospital at age 54 on Jan. 12 after paramedics answered a 911 call reporting a woman in cardiac arrest. Presley was laid to rest at her family home, Graceland, on Jan. 22.
In Lisa Marie Presley’s case, it appears she did not have a separate will filed, which means that her living trust serves the function of that document. A living trust is a form of estate planning that allows a person to control their assets while alive, but have them distributed if they die.
Priscilla Presley’s court filing alleges there are several issues that bring the living trust revisions’ validity into question.
Grounds for testament dispute
One ground of dispute was the failure to notify Priscilla Presley of the change being made to the will. The second was the wrong spelling of Priscilla Presley’s name which was supposedly signed by her daughter, an atypical signature from Lisa Marie Presley, and third was the lack of a witness and notarization.
Priscilla Presley “is contesting the amendment because it removes her as trustee in favor of her granddaughter,” Caryn Young, a partner on the private client and tax team at international law firm Withers, told CBS MoneyWatch. “Obviously, she would want control over the administration of the assets —especially if she thinks the assets were mishandled in the past.”
While the misspelling of Presley’s name could be a simple error, the atypical signature could be evidence of fraud, Young noted.
Presley’s filing asks a judge to declare the amendment invalid.
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