Lisa Marie Presley passed away on January 12 of this year. Before January was even over, Priscilla Presley and her lawyers had moved to invalidate LM’s will, a will which would have given vast oversight of Lisa Marie’s estate to Riley Keough. Lisa Marie had made it clear for years that she wanted Riley and Ben (who passed away in 2020) to be the executors of her estate. But Priscilla was so mad, she marched to court just after she buried her daughter. It was extremely tacky, and it set off a months-long legal fight between Riley and Priscilla. A month ago, they managed to settle it, and the terms weren’t released… until now. Riley is now the sole trustee of her mother’s estate.
One month after Riley Keough and grandmother Priscilla Presley reached an agreement over the late Lisa Marie Presley’s estate, the Daisy Jones & the Six star has become its sole trustee, PEOPLE confirms. Riley, 34, petitioned the court to approve last month’s settlement agreement in documents filed Monday in Los Angeles and obtained by PEOPLE. Entertainment Tonight was first to report the news.
The actress’s lawyer Justin Gold writes that if the court approves the petition that Riley will not charge for her services as a trustee; therefore, “the beneficiaries all save money that would have gone to Priscilla who was going to charge a trustee fee.” In the documents, Gold adds: “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.”
Riley — who will be the sole trustee of her mother’s estate and of the sub-trusts for her 14-year-old twin sisters Harper and Finley Lockwood — will also safeguard and invest the money “in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee,” according to Gold.
Priscilla, meanwhile, will be Trustee of the sub-trust of her son (and Lisa Marie’s half-brother) Navarone Garibaldi, who will be granted 1/9 of the Trust, the documents reportedly state. The rest will be split among Riley, Finley and Harper, and Priscilla will also receive a one-time, lump sum payment from the Trust for an undisclosed amount. Per the documents, Priscilla, 78, was officially removed as Trustee of her late daughter’s estate on May 11, and that the change will remain in place whether Riley’s petition is approved or not, as Priscilla signed a settlement agreement.
Multiple sources said the legal proceedings caused Riley and Priscilla to stop speaking to each other. “They do not see eye to eye,” said a Presley family insider.
[From People]
While it’s much more complicated than I imagined, the basic gist is what I guessed: Riley threw money at her grandmother to get Priscilla to back down. Priscilla wanted as much control as possible over the estate and the trust, and Riley had to agree to a “one-time, lump sum payment from the Trust for an undisclosed amount” to get Priscilla to remove herself from the trust. What a tacky thing for Priscilla to do to Riley, my god. Riley gave birth to her first child in late 2022 as well – not only did Riley lose her mom soon after she gave birth, but she had to deal with her grandmother’s f–kery. I feel so bad for her.
Photos courtesy of Avalon Red, Backgrid, Cover Images.
Source: Read Full Article
