A battle over Lisa Marie Presley‘s $35 million life insurance payout may be brewing between her mom, Priscilla Presley, and daughter Riley Keough weeks after the singer’s death. Sources have disclosed the star’s family would access two of her life insurance policies and a possible third one in the wake of her death. However, an ongoing dispute over the intended trustee of the songstress’ fortune may result in more drama in the coming weeks.
According to TMZ, the star took out two life insurance policies, worth $25 million and $10 million respectively. There are also speculations about a third policy. However, it is unclear if it fell through, putting the confirmed expected insurance payout at $35 million.
Lisa Marie Presley’s Insurance Payout May Aggravate Ongoing Trustee Disputes
Per the outlet, the songstress was millions in debt before her passing, including $2.5 million owed to the IRS. During Lisa Marie Presley’s last years, she tried cashing in the $25 million life insurance to pay up to $4 million debt. However, the process failed due to an error in the paperwork application for a lump sum of $2 million from the total amount.
Since she died with those debts remaining unsettled, her family is expected to cough out the said sum of about $4 million owed. Once they clear the debt, the confirmed remaining assets would amount to about $30 million, distributed among her three kids, including daughter Riley Keough, and 14-year-old twins Finley and Harper Lockwood. With the twins still minors, their part of the money would go into a trust.
However, Lisa Marie Presley’s assigned trustee remains under dispute as her mom and daughter battle it out. Notably, the crooner created a trust in 2010, naming her mom and business manager Barry Siegel as trustees. However, a 2016 amendment names Riley and Lisa Marie’s late son, Benjamin, as the new trustees, but Priscilla isn’t having it.
On Friday, January 27, she filed a legal document contesting the validity of the 2016 amendment. The mom of one deems herself a better trustee of the $35 million fortune, which may increase further should Lisa Marie Presley’s third life insurance policy fall through.