Priscilla Presley and Siegel currently serve as directors of a trust created in 1993 to manage Presley’s estate. Promenade Trust held a 15 percent stake in the companies Elvis Presleywhich owns the singer’s intellectual property, after Lisa Marie Presley sell 85 percent of the company’s assets for approximately $100 million.
After the death of his daughter, Priscilla Presley says he discovered a document that changed the trust. She emphasizes that her amendment was never delivered to her during her daughter’s lifetime as required by the terms of the trust.
“The foregoing method shall be the exclusive method by which this trust may be revoked or amended, or any amendment cancelled,” the petition states, citing several instances where changes to trusts were found invalid after it was found that the trustees were not notified. .
Priscilla also points out that the amendment misspells her name and that your daughter’s signature is “inconsistent with her usual and customary signature”. Other inconsistencies in the document include that it was never witnessed or notarized and that the provisions do not appear on the signature page, as is customary.
The petition says that Riley Keough is scheduled to become co-trustee of the trust with Priscilla Presley because Siegel “already resigned or soon will.” Priscilla Presley has not resigned as trustee of the trust and she plans to continue in her capacity, according to the filing.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
