A battle is brewing between Priscilla Presley and her granddaughter, actress Riley Keough, over the state of Lisa Marie Presley’s, Pricilla’s daughter and Riley’s mother, life insurance policy.
Though she was millions in debt at the time of her death, TMZ reports that Lisa Marie took out two life insurance police before her death, one for $25 million, and another for $10 million.
Rumors are that there may also be a third $10 million policy, but it's unclear if it's lapsed.
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Sources say Lisa Marie was trying to cash in the $25 million policy to pay some of the debts she owed, which totaled $4 million. She evidently had notified the insurance company and filled out the paperwork to get a lump sum of just $2 million, but apparently told there was a mistake in the paperwork so the policy was never cashed in.
When the debts clear, the remaining $30 million will be split amongst Lisa Marie’s three kids, Riley, along with 14-year-old twins, Finley and Harper Lockwood; they were named beneficiaries and will receive equal amounts.
Since the twins are minors, their money will be put into a trust which is where the battle is brewing.
Lisa Marie created a trust in 2010, naming her mom and her former business manager, Barry Siegel, as trustees. However, Lisa amended the trust in 2016, cutting Priscilla and Siegel out as trustees and naming her daughter Riley and Son Benjamin in their place.
Priscilla filed legal docs Friday, challenging the validity of the amendment.
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