Lisa Marie Presley was in debt but still left behind millions of dollars.
Priscilla Presley (center) wants her share of the life insurance money. PDO
Elvis’ daughter Lisa Marie Presley passed away at the age of 54 on January 12. Just two days before his death, he attended the Golden Globes, where the Elvis film was nominated in three different categories.
After Lisa Marie’s death, her financial situation has been talked about.
According to TMZ, debt-ridden Lisa Marie had two life insurance policies: one worth $25 million and the other $10 million.
According to the source, when Lisa was alive, she tried to cash in on a $25 million life insurance policy to pay off $4 million in debts. He informed the insurance company and filled out the necessary documents so that he could receive a lump sum of two million dollars.
Lisa Marie named her daughter Riley Keough as trustee of the fund in 2016. PDO
The source says that the process was expensive, because of which Lisa Marie never got the money for herself. Consequently, Lisa Marie never got her debts paid either.
When the debts are paid one day, there will be about $30 million left in the life insurance money.
The amount in question will be divided between Lisa Marie’s three children. His daughter Riley Keough and 14-year-old twins Finley and Harper Lockwood will get their share. All parties will receive the same amount of money.
Since Finley and Harper are still minors, their shares will be transferred to a fund called the Promenade Trust.
Disagreements
Lisa Marie’s mother Priscilla Presley, 77, also wants her share of the huge sum. According to Yahoo Entertainment she has questioned the change made to her daughter’s will.
According to Priscilla, in 1993 she was named trustee of the Promenade Trust together with Lisa Marie’s former business manager By Barry Siegel alongside.
After Lisa Marie’s death, however, Priscilla discovered a document created in 2016 that said they had been removed from their roles as trustees of the trust. The document has Lisa Marie’s signature.
In the document, Lisa Marie’s youngest daughter Riley Keough and son Benjamin Keough, who died in 2020, were named as new trustees.
In Priscilla’s view, the decision made seven years ago to remove her from her role should be questioned.
Priscilla filed documents in Los Angeles Superior Court on Thursday challenging the change, claiming that Lisa Marie’s signature on the papers is not authentic.
Lisa Marie Presley passed away at the age of 54. PDO
Priscilla points out that her daughter’s name is misspelled on the document. According to his claim, the document in question was also never delivered to him while Lisa Marie was alive, even though this should have been done according to the terms of the trust document.
Priscilla hopes the judge will invalidate the change.
In 2018, Lisa Marie accused Siegel of the rapid disappearance of her assets and sued her former manager and his financial company. According to Lisa Marie, Siegel made risky investments of her money to boost his own reputation in the entertainment industry.
When Siegel’s investments failed, he began selling assets to recoup his losses, according to Lisa Marie.
The case in question is still being discussed in court.
Source: TMZ