Lisa Marie Presley is the daughter of music legend Elvis Presley and has inherited his fortune, estimated to be worth around $71 million. However, despite her wealth, Presley has made some estate planning mistakes that have led to a complicated and public legal battle.
One of Presley’s main mistakes was failing to regularly update her estate plan. In 2012, she had a comprehensive estate plan prepared, but did not update it despite major changes in her life, such as divorces and the birth of two children. As a result, when Presley passed away in 2023, her estate plan did not reflect her current wishes and family circumstances.
Another mistake made by Presley was not properly funding her trust. She established a trust, but failed to transfer her assets into it. This meant that her assets did not pass through the trust, and instead were subject to the probate process, which is costly and time-consuming. Additionally, this meant that her assets were not protected from creditors or other legal claims.
Presley’s estate planning mistakes have resulted in a lengthy and public legal battle, which could have been avoided if she had taken the time to update and properly fund her estate plan. This serves as a reminder of the importance of regularly reviewing and updating estate plans to reflect changes in personal circumstances and the law, as well as properly funding trusts to protect assets and avoid probate.
At Shah Total Planning, we will give you all the guidance needed so that not only is your estate plan created but it can be properly funded as well.