Riley Keough Takes Legal Steps To Become Sole Trustee Of Her Late Mom Lisa Marie Presley's Estate

Jun 15, 2023

Lisa Marie Presley's family moved on from the strife following her demise as her mom, Priscilla Presley, and oldest daughter, Riley Keough, were once at loggerheads. The issues stemmed from Lisa Marie's trust and who would be in charge. 

After much back and forth between lawyers, the warring parties called a truce. Riley and Priscilla reached an agreement in May 2023. As stated in the agreement, Riley decided to file to become the sole trustee of her late mom's famous estate Graceland. 

On Jan. 12, 2023, the entertainment world mourned the tragic death of Elvis Presley's daughter, Lisa Marie. Per TMZ, the late star, who was a singer herself, was pronounced dead after suffering a cardiac arrest. Weeks after she was finally laid to rest at her Graceland Estate, her family made it to the news in a dispute over her trust. 

The issue was between her mom Priscilla and daughter Riley, as the former learned that the latter was made a trustee in her place. According to the documents addressing the trust, Lisa Marie had amended her trust in May 2016, replacing her mom and former manager, Barry Siegel, as co-trustees. In their place, Lisa Marie named her children Riley and late Benjamin Keough. 

However, Priscilla felt blindsided by the amendment as she contested the content. The public figure claimed there were several issues with the amended documents, as she listed being unaware of the change and some discrepancies with signatures. 

Ultimately she and Riley stopped speaking and only communicated through their attorneys. The content of the late heiress' amended trust stated that Riley and Benjamin be sole trustees over Graceland and a 9% stake in Elvis Presley Enterprise (EPE), among others. 

During the heat of Priscilla's challenge and Riley's stance, insiders' contributions indicate how the trust was designated. Joel Weinshanker, a managing partner at EPE, shared his take on Elvis Radio. Weinshanker revealed that the late King of Rock 'n' Roll left everything to "his little girl."

Weinshanker noted that Elvis knew Lisa Marie would be the one to keep his legacy alive. He added that in true faith, his daughter did look out for what would be in her best interest, even in death. The business executive further stated that Lisa Marie, in turn, left it to her daughter because she knew Riley would keep the legacy on. 

Born on Feb. 1, 1968, Lisa Marie was the only child of Elvis and Priscilla Presley. Her father died in 1977 when she was 9 years old. This left her alongside her great-grandmother and grandfather as the co-trustees and Elvis's fortune. However, after the senior Presley family members passed away, she became the sole trustee. 

During her lifetime, Lisa Marie welcomed four children from two marriages. Her grown kids, Riley and the late Benjamin Keough, were from her marriage to Danny Keough. She welcomed her youngest children, twin girls Harper and Finley, with her former husband, Michael Lockwood. After her death, Lockwood became guardian ad litem to the twins while Priscilla contested the amended trust. 

With Riley being the only alive mentioned trustee, the attention was focused on her. Away from her family's historical legacy, Riley is carving a pivotal place for herself in Hollywood. She is a seasoned actress known for her roles in film projects, including "Zola," "Mad Max: Fury Road" and "Daisy Jones & The Six."

Riley married stunt performer Ben Smith-Petersen in 2015, which was one year after they met on the set of "Mad Max." The couple welcomed a child in 2023. While she was locked in the drama with her grandmother, Riley leaned on her family for support. 

However, the issue with her mom's trust came to an end when she and Priscilla reached a settlement agreement. The agreement dictated that Riley would remain her mom's sole trustee and also serve as sub-trust for her teenage sisters. According to her lawyer, Justin Gold, Riley will not charge a trustee fee as opposed to her grandmother's terms. This means that Priscilla would charge a fee as a trustee.

The petition also stated that Riley would stay devoted to safeguarding and investing the wealth "in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee." For Priscilla, the matriarch was listed as the sub-trust for her son and Lisa Marie's stepbrother Navarone Garibaldi, who got 1/9 of the trust. 

She would also receive an undisclosed sum as a one-time payment from Riley. Priscilla was also named as a Special Advisor to the Trust, and Riley will pay her monthly for the role. The actress will be solely in charge of Graceland, and her authority will allow Priscilla to be buried in the Meditation Garden. 

After news of the settlement made headlines, Priscilla released a statement to ET refuting claims that she and her granddaughter had a rift. She referred to the situation as "a plea to the court and request for documentation interpretation" after her daughter's death. She also noted that all was resolved, although there was never a lawsuit. 

Do you think Riley Keough and Priscilla Presley handled the trust controversy well? Let us know, and pass this piece on to keep other Presley family fans updated.