According to brand new court paperwork that were submitted on Monday in the city of Los Angeles, Riley Keough is on track to become the sole trustee of Lisa Marie Presley’s estate.
According to the documents that were acquired by Entertainment Tonight, Riley is asking the court to sanction the settlement agreement that she, her grandmother Priscilla Presley, and Michael Lockwood, who is acting as the Guardian ad Litem for her two younger brothers, came to. Under the terms of the settlement, Riley will act as the sole trustee of her mother’s estate as well as the sub-trusts for her sisters, who are twins who are 14 years old. Harper and Finley Lockwood will each get $10,000.
Riley has decided not to charge for her services as trustee, and this decision, according to her attorney Justin Gold, “will save money that would have gone to Priscilla who was going to charge a trustee fee.” In the documents, her attorney also writes that Riley wants to protect the money and invest it “in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee.”
It has been established by the doctors that Lisa Marie did, in fact, have a life insurance policy when she passed away.
For her part, Priscilla will take on the role of Trustee of the sub-trust that will be established for her son, Navarone Garibaldi, who will be given one-ninth of the Trust. Navarone is Lisa Marie’s half-brother. The remaining eight and a ninthths of the Trust will be divided equally amongst Lisa Marie’s three kids, Riley, Finley, and Harper.
In addition, the Trust will make a one-time payment in the form of a lump sum to Priscilla for an amount that will remain confidential. On May 11, 2023, Priscilla was no longer allowed to serve as trustee of Lisa Marie’s estate. According to the documents, this modification became legally obligatory the minute she signed the settlement agreement, regardless of whether or not the court ultimately decides to sanction it. According to the newly published documents, Priscilla will now act in the capacity of “Special Advisor to the Trust,” and Riley will pay her a sum that is not specified on a monthly basis for the position.
Riley will own Graceland, the mansion of Elvis Presley, which he gifted to his daughter Lisa Marie after he passed away. Graceland is located in Memphis, Tennessee. Riley will let Priscilla to recover any personal goods she may have stored at Graceland or in any storage facilities managed by Graceland.
When Priscilla passes away, Riley will also, “to the extent that is within her authority,” let her to be buried on the property, specifically in the Meditation Garden. According to what is said in the document, Priscilla’s tomb “will be at the location closest to Elvis Presley without moving any existing gravesite.”
According to reports, Priscilla’s future interment was a contentious issue during the discussions. TMZ claimed one month ago that she had demanded to be buried close to the King of Rock and Roll when she passed away in the future. Elvis Presley, on the other hand, already rests at the cemetery beside his grandmother Minnie Mae and his father Vernon Presley. Gladys Presley, who was Elvis’ mother, Lisa Marie, and Benjamin, who was Lisa Marie’s son who passed away in 2020 are also laid to rest at the Meditation Garden.
Lisa Marie passed on Jan. 12, 2023. Her age was 54.
The official petition for the court’s permission was filed exactly one month after attorneys representing Riley and Priscilla verified that an agreement had been reached between the two parties. Priscilla issued a statement that put an end to any rumors that there was a schism amongst the members of the family at the time.
“My family has resolved all confusion as it relates to our plea to the court and request for document interpretation after my daughter Lisa Marie’s untimely passing,” Priscilla stated in a statement that was sent to ET after the passing of Lisa Marie. “I want to make it perfectly clear that there was never any lawsuit filed against my cherished granddaughter, despite the fact that some media outlets misidentified such a plea as a lawsuit,” the grandmother said.
“As a family, we are pleased that we resolved this together,” Priscilla said further. “My family and I hope that everyone will grant us the privacy we have needed to properly grieve the loss of Lisa Marie and to spend personal time together,” said the author. We have so much love and gratitude for each and every one of you, and the Presley family is becoming stronger every day.
Graceland will be passed down to Riley, Harper, and Finley, according to statements made by her representative in January, only a few weeks after Lisa Marie passed away.
After some time had passed, it was discovered that Riley and her late brother, Benjamin, had been nominated as co-trustees of Lisa Marie’s trust in the year 2016. Priscilla, on the other hand, came to the conclusion that she would challenge “the authenticity and validity” of Riley’s appointment, arguing that “there are many issues surrounding” it. Lockwood entered the fight as well, submitting a motion to the court requesting that he be appointed as guardian ad litem for the twins so that he could advocate on their behalf.
Priscilla has disputed that she and Riley are engaged in a quarrel, in addition to their dispute over the trust.
