Riley Keough was recently named as the sole beneficiary of the will of her late mother, Lisa Marie Presley, after a long, contentious battle with her grandmother, Priscilla Presley.
Now, Keough will reportedly be paying Priscilla a hefty amount in consolation for the legal fees that her grandmother spent as she fought the said revision of Priscilla Presley's will.
Lisa Marie Presley's Will
Upon her death, it was found out that Lisa Marie Presley's will was revised prior in 2016, effectively removing Priscilla Presley and her former manager, Barry Siegel, as co-trustees of the will. Riley Keough and her late brother Benjamin Keough were named as the beneficiaries.
Upon revelation, Priscilla contended such an amendment saying that she should have been informed of such changes. The contention blew up into a full-blown legal battle, which eventually named Riley as the winner.
In legal documents that Entertainment Tonight obtained, it says that a settlement agreement has been reached between Priscilla and Michael Lockwood, the guardian of her twin step-sisters Harper and Finley Lockwood.
Now, Riley Keough will be serving as the "sole trustee" of the will and sub-trusts for her two living sisters. She would also not be charging money for being a "trustee," as opposed to what Priscilla wanted to be.
Justin Gold, Keough's lawyer, said in a statement that she will safeguard and invest the money in her mother's will "in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee."
Meanwhile, the settlement agreement also revealed that Priscilla was then named as a Special Advisor to the Trust, and Keough will pay her monthly for the role, but reiterated that she will be the sole in-charge of Graceland and that Priscilla, should she eventually pass away, will be buried in the Meditation Garden along with her grandfather Elvis, her mother, and her brother.
Riley Keough Paying Lisa Marie Presley As Consolation?
In an exclusive report from People Magazine, Riley Keough will be paying her grandmother, Priscilla, a lump-sum amount of $1 million aside from the $400,000 legal fees. This is upon Keough's receipt of her mother's life insurance money.
Meanwhile, Priscilla wrote to Page Six to refute allegations that she and her grandmother had a rift about the will.
"Although the media identified such a plea as a lawsuit, I want to make clear that there was never any lawsuit filed against my beloved granddaughter. As a family, we are pleased that we resolved this together," she said in a statement. "My family and I hope that everyone will grant us the privacy we have needed to properly grieve Lisa Marie and spend personal time together. We love and appreciate all of you and the Presley family is stronger than ever."
© 2024 MusicTimes.com All rights reserved. Do not reproduce without permission.
