Priscilla Presley and Riley Keough in Hollywood in May 2016.Photo:Jason LaVeris/FilmMagic
Jason LaVeris/FilmMagic
The unredacted settlement, the terms of which were first agreed upon in May, reveals that in addition to her lump-sum payment, Priscilla will also be paid $100,000 a year for her role as special advisor of the promenade trust related to its shareholder interest in Elvis Presley Enterprises, a non-fiduciary role. The payments, which will be doled out in monthly installments, are guaranteed for 10 years or until Priscilla’s death, regardless of whether Riley ever terminates Priscilla’s role as special advisor, according to the documents.
Lisa Marie Presley, Priscilla Presley and Riley Keough in Hollywood in June 2022.Axelle/Bauer-Griffin/FilmMagic
Axelle/Bauer-Griffin/FilmMagic
Lisa Marie Presley, the only child of Elvis Presley, died of asmall-bowel obstructionin January at age 54. She was Elvis’s sole heir — and after her death, Priscilla filed a petition contesting the “authenticity and validity” of a 2016 amendment Lisa Marie had made that removed Presley and her former business manager as co-trustees, and put things in the hands of Lisa Marie’s children instead.
Priscilla and Riley eventually reached their settlement, which also puts Riley in charge of the sub-trusts of her 15-year-old half-sisters Harper and Finley Lockwood (Their dad, Lisa Marie’s ex-husband Michael Lockwood, signed off on the arrangement on their behalf).
As beneficiaries, Riley, Harper and Finley will all equally split 8/9s of Lisa Marie’s trust, while Priscilla’s son Navarone Garibaldi will receive the remaining 1/9.
Harper Lockwood, Lisa Marie Presley, Priscilla Presley, Riley Keough and Finley Lockwood.Axelle/Bauer-Griffin/FilmMagic
As for Priscilla’s burial plans, the documents indicate that both she and Riley “desire for Priscilla to be buried at Graceland." To the extent of her authority, Riley agrees to allow Priscilla to be buried in the Meditation Garden as close to Elvis as possible without moving any existing gravesite. The settlement says Riley also agrees to include Navarone in the planning of any memorial service, plus anyone Priscilla names as her executor and anyone she names in her will as someone she wants to participate.
“Conflict among high net-worth family members sometimes begins after the death of a family leader,” saysprobate attorney David A. Esquibias. “In that event, typically the deceased family member’s estate plan has become irrevocable due to his or her death. If a post death settlement is reached among the warring family members, it typically involves a change to the deceased person’s irrevocable estate plan requiring the approval of the court.”
In an August interview withVanity Fair, Riley — who welcomed a daughter, Tupelo Storm, last year — made it clear that things with her grandmother had settled.
“Things with Grandma will be happy. They’ve never not been happy,” she said. “There was a bit of upheaval, but now everything’s going to be how it was. She’s a beautiful woman, and she was a huge part of creating my grandfather’s legacy and Graceland… It’s a big responsibility she has tried to take on. None of that stuff has really ever been a part of our relationship prior. She’s just been my grandma.”
Priscilla, meanwhile, toldThe Hollywood Reporterthat same month that she and her granddaughter “are on good terms.”
“We were never not on good terms. That was all publicity,” she said. “We understand what needs to be done. I’m there for her. She knows that. She wants me there for her to help her.”
source: people.com
