Priscilla Presley Files Paperwork Objecting to Lisa Marie Presley Trust Naming Riley Keough Co-Trustee

Priscilla Presley filed the legal documents Thursday in Los Angeles Superior Court.

Priscilla Presley is contesting "the authenticity and validity" of a "purported 2016 amendment" to Lisa Marie Presley's trust naming Riley Keough a co-trustee, claiming "there are many issues surrounding" it and, therefore, the judge should declare the amendment invalid.

According to court documents, obtained by ET, Priscilla filed legal documents Thursday in Los Angeles Superior Court challenging the 2016 amendment that named Lisa Marie's children -- Riley and Benjamin Keough -- as co-trustees. In the docs, Priscilla claims she and Lisa Marie's former business manager, Barry Siegel, were appointed co-trustees on Jan. 29, 1993 when Lisa Marie "executed a revocable living trust, which she amended and completely restated on Jan. 27, 2010." Priscilla added "both the 1993 original trust and 2010 restatement appear to be carefully drafted by competent estate planning attorneys." 

Fast forward to after Lisa Marie's death on Jan. 12, Priscilla claims she found a document dated March 11, 2016, that pertained "to be an amendment" to Lisa Marie's trust, a "purported" amendment that ousted her and Siegel as co-trustees and installed Riley and Benjamin instead.

Benjamin died in 2020, meaning Riley, 33, was left as the lone trustee to her late mother's estate, according to the "purported" document Priscilla claims she found. 

As for why she feels the 2016 amendment is invalid, Priscilla says "there are many issues surrounding the authenticity and validity of the purported 2016 amendment," such as Priscilla's name is misspelled and that the "purported" amendment "was never delivered to [Priscilla] during Lisa Marie Presley's lifetime as required by the express terms of the Trust."

Then there's this -- Priscilla claims Lisa Marie's signature on the amendment "appears inconsistent with her usual and customary signature."

ET spoke to entertainment lawyer Mitra Ahouraian, who talked about the legal filing.

"I would think that the primary reason why Priscilla would want to maintain control of this trust is really to protect the interests of the children," Ahouraian says. "You know, we also we have the 14-year-old twins ... We have, you know, a large sum of money which the life insurance, even though there were some assertions that the estate itself wasn't really valuable or potentially was even at a loss. There is a 35 million dollar life insurance policy that would be to the benefit of the children, and that's a lot of money that can easily go away very quickly if it's not being managed properly."

"Priscilla doesn't really stand to gain financially in some significant way by becoming the trustee," she also says. "Certainly she will be entitled to some sums of money for actually doing the job of the trustee and expenses associated with that. But as far as the money that is being inherited, it doesn't really affect the money that's going to the beneficiary. So, she doesn't stand to gain in a in a very big financial way."

Priscilla's filing comes less than a week after a public service memorial was held at Graceland in Memphis, Tennessee for Lisa Marie, the only child of Elvis Presley.

Priscilla spoke to the masses who congregated to pay their respects by reading a message and poem from one of her granddaughters, who spoke about their love for their mom. 

"I'm going to read something that my granddaughter wrote, for all of you. And this says it all," Priscilla shared, reading from her phone. "I have no idea how to put my mother into words. The truth is, there are too many. Lisa Marie Presley was an icon, a role model, a superhero to people all over the world. But mama was my icon, my role model, my superhero, in much more ways than one."

"Even now, I can't get across everything there is to be understood or known about her. But as she always said, 'I'll do my best,'" Priscilla continued reading, before getting to the poem itself, titled "The Old Soul."

"In 1968 she entered our world, born fragile, tired, yet strong. She was delicate, but was filled with life. She always knew she wouldn't be here too long. Childhood passes by with a glimpse of her green eye. She then grew a family of her own. Then came her second child, leading her to suspicion. Could this be the angel who takes me home?" Priscilla read, fighting back tears.

"Time, of course, flew by. It was time for a tragedy. She knew it was close to the end. Survivors guilt, some would say, but a broken heart was the doing of her death," she continued. "Now she is home where she always belonged, but my heart is missing her love. She knew that I loved her. I fear I'll never touch her. But the old soul is always with me. She doesn't drift above."

"That says it all, and thank you all for being here," Priscilla concluded, speaking to the audience. "Our heart is broken, Lisa, and we all love you."

Lisa Marie also shares twin 14-year-old daughters Harper and Finley with ex-husband, Michael Lockwood. Just days after her death, Lisa Marie's rep has confirmed to ET that Graceland, the former home of her father, will go to her three daughters.

Lisa Marie was laid to rest at Graceland alongside her son, her father and other family members, including Elvis' parents, Vernon and Gladys, and his grandmother, Minnie Mae. There is also a smaller memorial stone for Elvis' twin brother, Jessie, who died at birth.