The Presley Trust Amendment

17 Feb 2023 · 1 min

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1:00

In this video, the narrator explains that Priscilla Presley has petitioned a Los Angeles County judge to invalidate an amendment to her late daughter Lisa Marie Presley's living trust. The amendment replaced the former business manager—who had been a successor trustee—with Lisa Marie’s children, Riley Keough and the late Benjamin Keough, as successor trustees. The narrator clarifies the function of a successor trustee, noting that it is common for trusts to name adult children as successor trustees once they reach adulthood. Priscilla’s legal argument is that the amendment is invalid because it lacks witnesses or notarization; however, California law does not require either for a trust amendment to be valid. The video concludes with the promise to keep viewers updated on the case.

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Priscilla Presley has asked a Los Angeles County judge to declare an amendment to her daughter Lisa Marie Presley's living trust as invalid. It changed the successor trustees of the trust from Priscilla and Lisa Marie's former business manager to Lisa Marie's children, Riley Keough and the late Benjamin Keough. A successor trustee is the person who steps in after the death of the person who made the trust to handle the distribution of the estate. First off, what Lisa Marie did was not uncommon at all. Typically when someone creates a living trust and they have small children, they will bring in other family members or friends to act as successor trustees if they die before those children reach adulthood. However, once those children reach adulthood, it's not uncommon at all for the person who made the trust to bring their children in as the successor trustees. One of the arguments Priscilla is making is that the amendment was invalid because it was not witnessed or notarized, but California law requires neither. I will keep you updated.