The petition contests changes made in 2016 to the will, which appoint Lisa Marie Presley's daughter Riley Keough as sole trustee of the estate.
Priscilla Presley and Siegel currently serve as the heads of a trust created in 1993 to manage the Presley estate. The Promenade Trust kept a 15 percent stake in Elvis Presley enterprises, which owns the singer’s intellectual property, after Lisa Marie Presley sold 85 percent of the company’s assets for roughly $100 million.
“The foregoing method shall be the exclusive method by which this trust may be revoked or amended, or any amendment cancelled,” states the petition, which cites several cases in which changes to trusts were found invalid after it was concluded trustees weren’t notified. The petition says Riley Keough is slated to become co-trustee of the trust with Priscilla Presley because Siegel “has already or will soon resign.” Priscilla Presley has not resigned as a trustee of the trust and plans to continue in her capacity, according to the document.
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