Following a deal with her grandmother Priscilla Presley, Riley Keough was appointed as the sole Trustee of the estate.
Lisa Marie Presley’s daughter Riley Keough has officially taken over the multimillion-dollar estate of her mother, after she and her grandmother Priscilla Presley reached an agreement about a month ago. In documents seen by the news outlet PEOPLE, Riley, 34, petitioned the court to approve the settlement over the estate in documents that were filed in Los Angeles.
Riley’s lawyer’s statement
“The beneficiaries all save money that would have gone to Priscilla who was going to charge a trustee fee,” Riley’s lawyer Justin Gold said in the documents. “In settling the claims pending in Priscilla’s Petition, the parties are saving significant legal fees by avoiding litigation, and they are likewise avoiding the spectacle of intra-family litigation that would have been inimical to Lisa’s wishes and not in the best interests.”
Riley is now also the sub-trusts for Harper and Finley Lockwood, her twin sisters, 14.
Gold stated that Riley will invest the money “in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee.”
Priscilla Presley was removed as Trustee on May 11
Priscilla. 78, was reportedly officially removed as Trustee of Lisa’s estate on May 11. However, she will be Trustee of the sub-trust of her son Navarone Garibaldi, as well as of late Lisa’s half-brother. Garibaldi will be granted 1/9 of the Trust, and the rest will be distributed among Riley, Finley and Harper. Priscilla is set to be given a lump sum, one-time payment for the trust. The amount remains undisclosed.
Priscilla’s legal council claimed that when she and Riley reached the agreement in May, Priscilla had said that the “Presley family is stronger than ever.” “They have reached a settlement. Families are happy,” Ronson Shamoun, Priscilla’s lawyer, said. “Everyone is happy. Unified and together and excited for the future.”
“[Riley] would not have agreed to the settlement if she was not happy with it,” Gold added.
Several sources said Priscilla and Lisa were not talking before the latter’s death, although they appeared at various events together, including the premiere for the Elvis biopic starring Austin Butler. “Riley was always on her mom’s side when it came to Michael [Lockwood],” a source said. “It bothered her that her grandmother and Michael flew to [Lisa Marie’s] funeral together.”
Disclaimer: Except the headline and synopsis, this story has been taken from the HT News Service