The recent passing of Lisa Marie Presley has brought her complex financial legacy into the spotlight. While the administration of her estate will be handled in California, it's interesting to consider how the process might have unfolded if it were to be administered in Maryland under the state's unique "No Contest Clause." In this article, we will explore this hypothetical scenario and also discuss the ongoing estate proceedings in California, including the dispute involving the Promenade Trust and Priscilla Presley's role in the matter.
Probate in Maryland: The No Contest Clause
Maryland has a unique provision known as the "No Contest Clause," which aims to prevent challenges to a will or trust that might lead to lengthy legal battles. This clause states that any beneficiary who contests the validity of the will or trust forfeits their inheritance. There are exceptions however, one being that if the challenge is brought based on a claim of lack of mental capacity to execute the document, the court will not forfeit the challenger’s inheritance if their challenge is successful.
The Reality in California: Dispute Over the Promenade Trust
In reality, Lisa Marie Presley's estate will be administered in California. A central issue in the ongoing proceedings is a dispute involving the Promenade Trust, which was set up for the benefit of Lisa Marie's children – actor Riley Keough and twins Harper and Finley Lockwood. Priscilla Presley, Lisa Marie's mother, has become embroiled in this dispute, with her role in the matter under scrutiny. One factor that may affect the outcome is the fact that Priscilla is challenging the trust on the basis that Lisa Marie improperly removed her as a trustee. It is unclear whether Lisa Marie left Priscilla an inheritance that could be jeopardized by her challenge to the trust.
The outcome of this dispute will significantly impact the estate's administration and distribution of assets. If the Promenade Trust's provisions are upheld, Priscilla and Lisa Marie’s former business manager Barry Siegel will continue to manage the vast wealth that originated from the Elvis Presley estate. If the challenge is unsuccessful, the control of the family’s fortune will be in the hands of Lisa Marie's daughter, Riley Keough. In a tragic twist to the story, Lisa Marie’s son, Riley Keough who she named to serve as co-trustee took his own life in 2020 at the age of 27.
What's Next in the Estate Administration?
With the ongoing legal proceedings and potential disputes among Lisa Marie Presley's heirs, it's difficult to predict the exact outcome of the estate administration. What is certain, though, is that the process will likely be complicated, involving multiple parties and interests.
Even with a modestly-sized estate, it's essential to work with experienced estate planning attorneys to navigate the complexities of estate administration and ensure that the decedent's wishes are respected. While we may not know the final outcome of Lisa Marie Presley's estate, we can take this opportunity to emphasize the importance of proper estate planning, including the implementation of strategies like Maryland's No Contest Clause, to protect one's legacy and loved ones.
The administration of Lisa Marie Presley's estate serves as a reminder of the complexities that can arise in any family’s situation, and the importance of securing competent legal advice when creating an effective plan that is not susceptible to a legal challenge.
