Following Lisa Marie Presley’s unexpected death, a judge made a ruling.
Although the struggle over Presley’s estate is still ongoing, we now know who will have custody of Presley’s 14-year-old twin girls.
Lisa Marie Presley’s Two Adolescent Daughters Are Given Custody By A Court
Michael Lockwood, their biological father, was appointed guardian ad litem by a LA Court on April 13. The ruling comes after Lockwood argued that “the minor requires the appointment of a guardian ad litem to protect her interests in the process,” referring to Lisa Marie’s inheritance struggle.
“There is no appointment conflict because the prospective guardian is not a beneficiary of the trust instrument in question.”
As previously stated, it was first assumed that Lisa Marie Presley was deeply in debt prior to her death. It made people wonder what Priscilla had to gain by contesting the authenticity of an amendment to Lisa Marie’s trust that listed her oldest daughter Riley Keough as a co-trustee.
According to TMZ, Lisa Marie purchased two life insurance policies prior to her untimely death. One life insurance policy was for $25 million and the other was for $10 million, for a total of $35 million.
Her three living children, Riley Keough, the purported co-trustee, and her 14-year-old twins Finley and Harper Lockwood, were identified as beneficiaries on her life insurance policy. They will both receive an equal reward.
A source told TMZ that Lisa Marie was in debt to the tune of $4 million at the time of her death. The IRS is owing around $2.5 million of that obligation.
Riley, Finley, and Harper will inherit approximately $30 million from her life insurance policies after her debts are satisfied.
As previously reported, Priscilla Presley allegedly took legal steps to ensure that her granddaughter, Riley Keough, is not a co-trustee of her late mother, Lisa Marie Presley’s trust.
According to Today, Priscilla has sought a judge to invalidate a 2016 change to Lisa Marie’s trust that named Riley Keough as a co-trustee. Lisa Marie formed a living trust in 1993, after becoming the only heir to her father Elvis Presley’s inheritance.
The living trust is established to protect assets and to specify how the trust should be divided if they die. According to Today, Lisa Marie “totally renewed” her belief in Priscilla and her previous business manager, Barry Siegel, in 2010.
Nevertheless, following Lisa Marie’s untimely death, a document was unearthed that disclosed an alteration to her trust. The paper, reportedly dated March 11, 2016, replaced Priscilla and Siegel as co-trustees with her two eldest children, Riley Keough and Benjamin Keough.
Riley is the only newly appointed co-trustee who is still alive, as Benjamin died in 2020.
According to Today, Lisa Marie’s trust was left with more than $500,000 in credit card debt and only $14,000 in cash in 2018. Everything changes when she learns about her life insurance policy.
Lisa Marie sued her co-trustee Siegel for “financial mismanagement.” Siegel then countersued Lisa Marie, accusing her of “squandering her wealth.” Lisa Marie allegedly spent approximately $100 million during her adult life, according to TMZ.
According to Today, Priscilla’s pleadings earlier this month claimed that “there are significant concerns surrounding the authenticity and validity of the putative 2016 amendment.” The misspelling of Priscilla’s name, the fact that she was never advised of the modification, and the fact that the signature on the amendment “appears discordant” with how Lisa Marie generally signed her name are among the difficulties.
Priscilla is requesting that the judge keep her as trustee. Priscilla’s motivations are unknown; nonetheless, because Riley is Lisa Marie’s only living adult child, Harper and Finely’s inheritance will be held in trust until they reach the age of majority.
Regardless of this new knowledge, Lisa Marie’s three daughters have already been verified to inherit Elvis’ Graceland, where her funeral was held. It’s unclear whether that will alter if the judge rules in Priscilla’s favor.
