Elvis Presley, the undisputed King of Rock ‘n’ Roll, left an indelible mark on music and culture. His talent was undeniable, and by all accounts, he was a humble, kind, and generous man taken far too young. Decades after his death, his legacy continues to captivate. Yet, as Elvis’s life and career once again came into the spotlight, tragedy struck his family anew. Earlier this year, his only daughter, Lisa Marie Presley, passed away at just 54 years old from cardiac arrest, leaving behind a heartbreaking legacy that echoes her father’s own as an estate planning lawyer can explain further.
When Elvis died, Lisa Marie was only nine years old. She inherited the entirety of his estate — including the iconic Graceland — which was held in trust for her until she reached 25. In 2004, Lisa Marie sold 85% of Elvis Presley Enterprises for over $100 million, transferring the remaining 15% to the Promenade Trust. For years, Lisa Marie’s mother, Priscilla Presley, and former business manager, Barry Siegel, served as co-Trustees of that trust.
But just weeks after Lisa Marie’s death, Priscilla filed a petition challenging the validity of a 2016 document that purportedly removed her and Barry as co-Trustees, replacing them with Lisa Marie’s daughter, Riley Keough, and her late son, Benjamin Keough. The petition alleges several irregularities: Priscilla claims she never received the required notice of this change; that her name was misspelled in the document; that Lisa Marie’s signature didn’t match her usual signature; and that the document was neither witnessed nor notarized, lacking key formalities.
Estate Planning Lessons
This unfolding family drama offers important lessons for estate planning as our friends at Bott & Associates, Ltd. can share. First, privacy matters. Unlike a Will, which must go through the public probate process — often involving attorneys and exposing personal affairs to public scrutiny — a Revocable Trust allows estate administration without court involvement, maintaining confidentiality and reducing complications.
Second, when amending a trust or exercising any legal power within it, strict adherence to the document’s terms is critical. Failure to provide required notices or follow procedure can trigger costly and painful disputes, as seen here with Priscilla suing her granddaughter Riley. Such conflicts are especially tragic when they arise so soon after the loss of a loved one.
Third, regularly reviewing and updating estate plans is essential. The 2016 amendment named Benjamin Keough as a successor trustee, but Benjamin died in 2020. Without updating the trust, Lisa Marie left unresolved issues that have now fueled litigation, delaying estate administration, increasing legal costs, and exposing family matters to the public eye.
Finally, consider including a no-contest, or “in terrorem,” clause. These provisions discourage beneficiaries from challenging the estate plan by threatening forfeiture of their inheritance. While not foolproof and varying by jurisdiction, such clauses can help prevent litigation and uphold the decedent’s wishes.
The Presley family saga is a sobering reminder that even the most famous estates are vulnerable to dispute. When families clash publicly over trusts and wills, only the lawyers benefit while grief deepens and legacies become clouded by conflict. For estate planning attorneys and clients alike, this story highlights the vital importance of clear, precise, and regularly updated plans, designed to protect both assets and family harmony. If you would like to examine your plans, contact an attorney near you for help.