Riley Keough Set To Become Sole Trustee Of Late Mother, Lisa Marie Presley's Estate
By Favour Adegoke on June 14, 2023 at 1:30 PM EDT
Actress Riley Keough, the daughter of Lisa Marie Presley, is set to become the sole trustee of her mother's estate.
Keough will reportedly not charge any fees for her services as the trustee, saving money that would have been allocated to her grandmother, Priscilla Presley. Priscilla, on the other hand, will serve as the trustee for her son's sub-trust.
As part of the settlement, Keough will also own Graceland, and Priscilla, upon her passing, will be buried at the Meditation Garden on the Graceland property, ensuring she is laid to rest close to Elvis Presley's resting place.
Keep on reading to learn more.
Riley Keough To Become Sole Trustee Of Her Mother's Estate
In a recent development, legal documents filed in Los Angeles reveal that Riley Keough is slated to become the sole trustee of Lisa Marie Presley's estate.
The documents, obtained by Entertainment Tonight, disclose that the "Good Doctor" actress has petitioned the court to approve a settlement agreement between herself, her grandmother Priscilla Presley, and Michael Lockwood, acting as the Guardian Ad Litem for her younger siblings.
As per the settlement terms, Keough will be the sole trustee for her mother's estate and the sub-trusts designed for her 14-year-old twin sisters, Harper and Finley Lockwood.
Riley Keough Won't Charge Any Fee For Trustee Services
This arrangement is set apart because Keough has decided not to charge fees for her services as the trustee. In the documents, her attorney, Justin Gold, states that this decision "will save money that would have gone to Priscilla, who was going to charge a trustee fee."
Moreover, Keough's attorney emphasizes that she intends to manage and invest the funds in a manner that is solely guided by the "needs of the beneficiaries, free from any personal desires or influences of a trustee."
In addition, the documents confirm the existence of a life insurance policy at the time of Lisa Marie's passing, per ET.
Priscilla Presley To Become Sub-Trustee
Meanwhile, Priscilla will take on the role of trustee for the sub-trust designated for her son, Navarone Garibaldi, who is Lisa Marie's half-brother. This sub-trust will entitle Garibaldi to a 1/9 share of the overall Trust. The remaining 8/9 of the Trust will be divided among Lisa Marie's daughters, Riley, Finley, and Harper.
Furthermore, as part of the settlement, Priscilla will receive a lump sum payment from the Trust, the exact amount of which remains undisclosed.
Notably, Priscilla was officially removed as the trustee of Lisa Marie's estate on May 11, 2023. According to the recently filed documents, this change takes effect immediately upon Priscilla's signature on the settlement agreement, regardless of court approval.
The new documents also reveal that Priscilla will assume the role of "Special Advisor to the Trust," with Keough compensating her through undisclosed monthly payments for her advisory services.
Priscilla Presley Will Be Buried At the Meditation Garden Upon Her Passing
As part of the settlement, Keough will assume ownership of Graceland, the iconic residence of late music legend Elvis Presley, initially bequeathed to Lisa Marie by her father upon his passing. In a gesture of goodwill, Keough will permit Priscilla to retrieve any personal belongings she may have at Graceland or in any storage units under Graceland's control.
Additionally, the documents state that Keough, within the extent of her authority, will allow Priscilla to be laid to rest on the Graceland property, specifically at the Meditation Garden, upon her eventual passing, per ET. Notably, the location for Priscilla's burial will be arranged so that it is "closest to Elvis Presley without moving any existing gravesite."
The topic of Priscilla's future burial site had reportedly been discussed during the negotiations, with TMZ reporting her desire to be buried next to the King of Rock and Roll.
However, given that Elvis is already interred between his grandmother, Minnie Mae, and his father, Vernon Presley, careful consideration was made to preserve the existing arrangement. The Meditation Garden is the final resting place for Elvis' mother, Gladys Presley, Lisa Marie, and her son, Benjamin, who tragically passed away in 2020.
