Lisa Marie Presley Took Out 2 Life Insurance Policies Totaling $35 Million Before Death: Report
Lisa Marie Presley reportedly took out two life insurance policies, one for $25 million and another for $10 million, before she died on Thursday, January 12.
Though she was millions of dollars in debt at the end of her life, her estate was flushed with cash the moment she died, it was reported. Those close to the Presley family also spilled that there may be a third $10 million policy — though it's unclear if it lapsed.
According to a news publication, Lisa Marie was trying to cash in the $25 million policy to pay off her $4 million debt, owing $2.5 million to the IRS. The late daughter of Priscilla and Elvis Presley notified the insurance policy to try and obtain $2 million of the sum.
It seems the policy was never cashed in because there was a screw up in the paperwork Lisa Marie — who reportedly blew through $100 million during her adult years — filed for the lump sum.
Once Lisa Marie's debts are cleared, there will reportedly be $30 million left over — that is assuming that the alleged third policy lapsed.
Lisa Marie's three children, Riley Keough, 33, as well as 14-year-old twins, Finley and Harper Lockwood, were named beneficiaries and will receive equal amounts.
Lisa Marie shared her two youngest with ex-husband Michael Lockwood, while she and Danny Keough were parents to Riley and Benjamin — who took his own life in 2020 at age 27.
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Because Finley and Harper are minors, the money will go intro a trust, a move that is reportedly causing conflict within their family.
Lisa Marie wrote a living will in 1993 and amended it in 2010, naming her mom and her former business manager, Barry Siegel, as trustees. However, the musician reportedly amended the trust again in 2016, cutting Priscilla out as a trustee and naming Riley and Benjamin in her place.
OK! reported on Friday, January 27, that Priscilla filed legal docs challenging the validity of the amendment. Priscilla claimed she had never been notified of the amendment and suspected that the change to the trust could have been falsified.
Priscilla drew the conclusion because her own name was misspelled in the document and Lisa Marie's signature "appears inconsistent with her usual and customary signature," per the documents.
TMZ reported on Lisa Marie's life insurance policies.