Lisa Marie Presley’s mother, Priscilla Presley, and daughter Riley Keough have reached a settlement over her trust. The two came to an agreement on Tuesday (May 16) during a court hearing in Los Angeles.
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“The parties would like to report that they’ve reached a settlement,” Priscilla’s lawyer, Ronson J. Shamoun, told Judge Lynn Scaduto, according to CNN.
Keough has been named the beneficiary of her mother’s estate, which includes Elvis’ legendary Graceland mansion. She also has a stake in his enterprises. Additional details about the trust were not disclosed in court. Allegedly, the legal counsels for both parties have until June 12, 2023, to file a motion to seal the settlement. The next hearing and motion of approval will take place on Aug. 4.
Following the announcement, Shamoun told reporters outside the courthouse that the Presley family was happy. “The families are happy,” Shamoun confirmed. “Everyone is happy, unified, together, and excited for the future.”
Justin Gold, the attorney for Keough mentioned, “[Riley] would not have agreed to the settlement if she was not happy with it.”
Lisa Marie, the only daughter of the “Can’t Help Falling in Love” singer, unexpectedly died on Thursday, Jan. 12, 2023. She was 54.
The Los Angeles County Sheriff’s Department responded to the incident at her Calabasas home in California. When paramedics arrived, they performed CPR and rushed Lisa Marie to the hospital after suffering a cardiac arrest. Priscilla confirmed the devastating news.
“It is with a heavy heart that I must share the devastating news that my beautiful daughter Lisa Marie has left us,” shared Priscilla. “She was the most passionate, strong, and loving woman I have ever known. We ask for privacy as we try to deal with this profound loss. Thank you for love and prayers. At this time, there will be no further comment.”
Lisa Marie reportedly had $35 million in life insurance policies.
“A ‘life insurance trust’ is typically created by wealthy people. It is an irrevocable trust that is funded with life insurance,” The Los Angeles probate attorney David Esquibias told People. “For someone like Lisa Marie Presley, a primary objective of a life insurance trust is to avoid tax at death. A life insurance trust also provides a great deal of creditor protection to Lisa Marie and her trust beneficiaries.”
Following Lisa Marie’s memorial, Priscilla filed a petition questioning a 2016 amendment to her daughters’ will. The legal document declared that Lisa Marie removed Priscilla and former business manager Barry Siegel as co-trustees. She replaced them with her children, Riley and Benjamin Keough. Her son later died in 2020.
Within the petition obtained by CNN, Priscilla did not receive the amendment when her daughter was alive—which was required by the terms of the trust. She also claims that the document misspelled her name as well.
Photo by Christopher Polk/Getty Images for Wonderwall