Do Estate Planning and Do It Right (Famous Estates - Lisa Presley)

For those who love drama and estate planning, Elvis Presley’s estate is bringing it in strong, even in the second generation. Long story short: Lisa Presley (Elvis’ daughter) created a trust (way to go Lisa)! Initially, she made her mom a Successor Trustee of that trust along with Lisa Presley’s former business manager. The problem: allegedly, in 2016, Lisa made an amendment to her trust removing her mom and now deceased business manager from the roll of Successor Trustee (boo, Lisa). The problem(s): this amendment was never notarized or witnessed, Lisa’s mom’s name was misspelled and, of course, her mom argues that Lisa’s signature is “inconsistent” with Lisa’s normal signature. Lisa’s mom has now gone to court to try and have the amendment voided and have her put back in charge. From the sound of things, if you can believe the tabloids, that amendment is on the way out!

Takeaways:

First: Review your documents every three to five years, or when major life events occur, such as a birth, death, marriage, pending retirement or divorce. AND, if you need to make a change, do it right, with a lawyer. Remember, we never charge for a review; we only charge if you need to make changes.

Second: Think carefully when naming Trustees. Deciding who will be Trustee or Executor of your estate is a serious decision and should be given some thought. Some of our clients choose not to tell their Trustee that they are getting the job; this can save hard feelings if you ever need to make a changes. Others want to ask permission to name their loved ones, friends, or trusted professionals as a trustee to ensure they feel comfortable and are up for the job. In that case, and if the trust does not require notice (ours generally don’t) to the original Trustees, Grantors may still choose to change the Trustee later in life and just not inform them. However, feelings may still eventually be hurt. There’s no “right” way, but Lisa sure did give us several wrong ways.