In a series of articles, we have been following the news related to the Lisa Marie Presley Estate dispute. This case has general interest to many in the public because of the fame of Priscilla Presley and her granddaughter, Riley Keough, who recently starred in the hit Amazon series Daisy and the Six. For the team here at the Law Office of David Knecht, the case is interesting for ourselves and our clients to follow since it involves an estate planning dispute, with interesting takeaways about the importance of keeping an estate plan updated and making sure it is accurate.
The latest news, which is sources from CNN, is that a settlement has been reached between Priscilla and her granddaughter. Ronson J Shamoun reported in a court hearing in Los Angeles before Judge Lynn Scaduto, “The parties would like to report that they’ve reached a settlement.”
What was the estate dispute about?
- The dispute centered around the Promenade Trust, which named Riley Keough, Lisa Marie Presley’s oldest daughter as the beneficiary of her mother’s estate.
- Lisa Marie Presley, Elvis Presley’s only child, died after being hospitalized following an apparent cardiac arrest.
What were the terms of the settlement between Priscilla Presley and Riley Keough.
- The terms of the settlement agreement are not public at this time.
- The judge asked for the settlement and the motion for seal (which would prevent public access to the settlement) to be filed by June 12 and set another hearing for the case in August.
- Shamoun, Priscilla Presley’s attorney, told reporters that all parties were happy and the family in now unified and excited for the future.
What was the problem with the estate plan?
- Lisa Marie Presley’s will contained a 2016 amendment that removed her mother and former business manager as former trustees.
- Priscilla’s petition to the court identified problems with the amendment: she did not receive the amendment while Lisa was alive, which the Trust required, and her name was misspelled. The amendment was not witnessed or notarized and the authenticity of the signature was in question.
What are some of the estate planning lessons for everyone that can be gleaned from this high-profile case?
- Make sure you prioritize getting your estate plan complete and updated because you never know when your time will come.
- Follow all of the rules and procedures properly to provide notice, have correct signatures, have proper notarization if required, etc.
- Communicate changes to family members in advance so that if there are questions or concerns, they can be addressed while you are still alive.
Contact an Experienced Estate Planning Attorney
Benjamin Franklin is said to have coined the well-known phrase: “Nothing is certain but death and taxes.” The challenges faced by the rich and famous can be a lesson to all of us that our time may come sooner than we think and planning ahead for the sake of the peace in your family is vital. At the Law Office of David Knecht, we have extensive experience with estate planning. We will listen to you to create a customized estate plan for your family, or if you already have an estate plan, we can help you ensure that it is updated and accurate. Contact us at 707-451-4502.
