Priscilla Presley is suing to remove her granddaughter from the position of co-owner of the Lisa Marie Foundation

New reports show that Priscilla Presley is allegedly taking legal action to make sure that her granddaughter Riley Keough is not a co-owner of the trust of her late mother, Lisa Marie Presley.

According to Today, Priscilla asked the judge to invalidate the 2016 amendment to the Lisa Marie Trust, in which Riley Keough is named co-founder. In 1993, having become the sole heiress of her father Elvis Presley's estate, Lisa Marie founded the living trust foundation.

A living trust is created to protect assets and explain how the trust should be divided in the event of her death. And in 2010 Lisa Marie “fully confirmed” this is the trust that made Priscilla and her former business manager Barry Siegel co-founders, reports Today.
Priscilla Presley is suing to remove her granddaughter from the position of co-owner of the Lisa Marie Foundation

However, after the tragic death of Lisa Marie, a document was discovered that contained an amendment to her trust. The document was allegedly dated March 11, 2016 and excluded Priscilla and Siegel from the co-founders, replacing them with her two eldest children, Riley Keough and Benjamin Keough.

As Mamas Uncut previously reported, Riley is the only living newly appointed co-owner since Benjamin passed away in 2020.

However, it seems that Priscilla's latest move to remove Kio from the trust is not malicious, because it looks like she won't win anything. According to Today, in 2018, it turned out that Lisa Marie's trust had more than $500,000 in credit card debt and only $14,000 in cash.

Lisa Marie sued her co-owner Siegel for “mismanaging her finances.” And Siegel filed a counterclaim, accusing Lisa Marie of “embezzlement of her inheritance.”

According to Today, earlier this month, Priscilla's filings claimed that “there are many questions surrounding the authenticity and validity of the proposed 2016 amendment.” Some of these issues include the misspelling of Priscilla's name, the fact that she was never notified of the amendment, and that the signature on the amendment “seems incompatible” with the way Lisa Marie used to sign her name.

Priscilla asks the judge to keep her as a guardian. Although Priscilla's motives have not been confirmed, it looks like this will keep Riley from inheriting a large burden on her shoulders.