Riley Keough Becomes Sole Trustee of Lisa Marie Presley’s Estate
Introduction
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Riley Keough, the actress known for her role in the hit TV series ‘Daisy Jones & the Six,’ has become the sole trustee of her late mother Lisa Marie Presley’s estate. Keough, who is Lisa Marie Presley’s eldest daughter, filed a petition in court to approve the settlement agreement reached between her, her grandmother Priscilla Presley, and Michael Lockwood, the Guardian Ad Litem for her two younger sisters. In this article, we will discuss the details of the settlement agreement and its implications.
The Settlement Agreement
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Keough as Sole Trustee
Under the terms of the settlement agreement, Keough will be the sole trustee of her mother’s estate and the sub-trusts for her 14-year-old twin sisters Harper and Finley Lockwood. Keough will not charge for her services as a trustee, which will save money that would have gone to Priscilla who was going to charge a trustee fee.
Priscilla’s Role
Priscilla will serve as Trustee of the sub-trust for her son — Lisa Marie’s half-brother, Navarone Garibaldi — who will be granted 1/9 of the Trust. The remaining 8/9 of the Trust will be split among Lisa Marie’s daughters — Riley, Finley, and Harper. Additionally, Priscilla will receive a lump sum, one-time payment from the Trust for an undisclosed amount.
Legal Fees and Avoiding Litigation
The settlement agreement, reached after several legal proceedings, saves significant legal fees by avoiding litigation, which would have been inimical to Lisa’s wishes and not in the best interests of the family.
Implications of the Settlement Agreement
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Riley’s Responsibilities as Sole Trustee
Riley will safeguard and invest the money “in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee.” She will own Graceland, the home of Elvis Presley, in Memphis, Tennessee.
Priscilla’s Role as Special Advisor
Priscilla will now serve as a “Special Advisor to the Trust,” providing advice to Riley. Riley will pay her an undisclosed monthly amount for the role. In addition, Riley will allow Priscilla to retrieve any personal belongings she has at Graceland or in any storage units controlled by Graceland.
Burial at Graceland
Riley will, “to the extent of her authority,” allow Priscilla to be buried on the property at the Meditation Garden upon her death. The doc notes that Priscilla’s burial location “will be at the location closest to Elvis Presley without moving any existing gravesite.”
Conclusion
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The settlement agreement reached between Keough, Priscilla, and Michael Lockwood ends a potentially protracted family dispute over the control of Lisa Marie Presley’s estate. As the sole trustee, Keough will be responsible for managing and investing her mother’s estate in a manner consistent with the needs of the beneficiaries. The settlement provides Priscilla with a lump sum payment and a special advisory role, as well as ensuring her eventual burial at Graceland.
FAQ
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1. Who is Riley Keough?
Riley Keough is an actress and model. She is known for her roles in ‘Mad Max: Fury Road,’ ‘The Girlfriend Experience,’ and ‘Daisy Jones & the Six.’
2. Who was Lisa Marie Presley?
Lisa Marie Presley was a singer-songwriter and the only child of Elvis Presley. She released several albums and had a successful music career in her own right.
3. What is Graceland?
Graceland is the former home of Elvis Presley. It is located in Memphis, Tennessee, and is now a museum and tourist attraction.
4. What was the legal dispute over Lisa Marie’s estate?
After Lisa Marie’s death, her mother, Priscilla Presley, sought to challenge the validity of a document that would have replaced her as a trustee. She questioned the authenticity of Lisa Marie Presley’s signature on the document.
5. What is a trustee?
A trustee is a person who is responsible for managing and investing a trust. They have a fiduciary duty to act in the best interests of the beneficiaries.