Battle Over Presley Estate Reveals Problems
A woman with substantial debt passes away, leaving life insurance proceeds to her children. Her trust is then contested by relatives who challenge an amendment naming the children as beneficiaries, citing issues like missing witnesses, misspelled names, questionable signatures, and failure to notify previous trustees. This scenario describes the current battle involving Lisa Marie Presley’s estate, as detailed in Insurance NewsNet’s analysis of poor estate planning practices.
The amendment in question surfaced after Lisa Marie’s death and removed two trustees while naming her children as executors and trustees instead. Up to $35 million from three life insurance policies hangs in the balance, with at least $4 million needed to cover her debts, including $2.5 million owed to the IRS.
Key Issues in the Presley Case
The estate faces several red flags that estate planning attorneys typically warn against. The amendment appears to have been created in 2016 without proper documentation—it lacks witness signatures and notarization. Additionally, Priscilla Presley’s name contains a misspelling, and Lisa Marie’s signature raises authenticity concerns.
Priscilla’s legal team contends they received no prior notification of these changes, which violates agreements requiring written notice for significant modifications. The authenticity challenge itself suggests the amendment may not withstand legal scrutiny.
Lessons from Elvis’s Estate
The problems trace back to decisions made after Elvis Presley’s death. His estate, valued at $5 million initially, was structured with his father as executor and trustee. When Lisa Marie inherited the entire trust at age 25—approximately $100 million—it represented a turning point that many estate planners view as problematic.
Rather than distributing such wealth to a young adult all at once, professional advisors typically recommend either staggered distributions over time or appointing professional trustees to manage large assets.
Why Professional Guidance Matters
Any trust or will amendment should involve an experienced estate planning attorney. Simple codicils or amendments involving substantial assets can trigger complex disputes. When significant changes occur—particularly those affecting beneficiaries or trustees—proper documentation, witnessing, and notification become essential safeguards.
In 1993, Lisa Marie created a trust naming her mother and former business manager. The disputed 2016 amendment removed these trustees and redesignated beneficiaries without proper procedures, creating the current legal battle scheduled for preliminary hearings in April.
The case demonstrates why working with qualified legal professionals from the outset prevents costly, protracted family conflicts over estate administration.
If you or a loved one needs assistance with estate planning, do not hesitate to contact The Stegall Law Firm to schedule a consultation. We are here to help.
