Estate Planning Blog

Can We Learn from the Presley’s Estate Fight?

Priscilla Presley, mother of the only daughter of Elvis Presley, argues that a 2016 amendment to Lisa Marie’s trust, which removed her as co-trustee, is invalid. The amendment replaced her and Lisa Marie’s former business manager as co-trustees with her children Riley and Benjamin Keough (the latter of whom died in 2020).

MarketWatch’s recent article entitled, “Lisa Marie and Priscilla Presley can teach us some estate-planning lessons,” reported that Presley said she was never told that she was being replaced, as was required. She also said her name was misspelled, her daughter’s signature was ‘inconsistent’ with her usual autograph and the amendment wasn’t witnessed or notarized. We can learn that estate planning must be meticulous, and the Presleys provide some simple lessons for anyone looking to create or amend an estate.

Follow the trust rules. Priscilla said she was supposed to be told if she was to be replaced as co-trustee, but she wasn’t. The trust sets out the rules. If you’re going to make an amendment, you must follow what the trust says. There may be consequences if the rules aren’t followed precisely. For example, Lisa Marie’s latest amendment allegedly ignored one of the rules of her trust when her mother wasn’t notified that she’d been replaced as co-trustee. This is where having an experienced estate planning attorney is critical: they can spot mistakes and understand legal language and procedures, so these important documents are upheld in court.

Update your documents when necessary . The amendment Priscilla is contesting was made in 2016 and named two of Lisa Marie’s children as the new co-trustees. However, one died four years later. If a judge deems the amendment valid, what happens next will depend on what the trust specifically says about one co-trustee predeceasing the granter of the trust. You should also review your documents every few years, or when major life events occur, such as a birth, death, marriage, or divorce.

Inform trustees. Deciding who will be trustee to an estate can be challenging. It’s not uncommon for successors to not know they were named. However, they should be notified of this critical job.

Get your paperwork witnessed or notarized – even when you don’t have to. Priscilla’s name being misspelled in the amendment raises questions because she was referring to her mother. In addition, the fact that her name is spelled incorrectly creates issues. A witness or notarization can avoid any additional legal hurdles with a misspelled name or an inconsistent signature. The court will need handwriting experts to examine Lisa Marie’s amendment and determine if it was actually her signature.

Reference: MarketWatch (Feb. 4, 2023) “Lisa Marie and Priscilla Presley can teach us some estate-planning lessons”

More Heirs Found for Pope Benedict XVI’s Estate

The archbishop who assisted Pope Benedict XVI has been trying to handle the late pontiff’s estate, but has found more heirs than he was expecting, reports Fox News’ recent article entitled, “Vatican searching for heirs to Pope Benedict XVI’s estate.”

Born in Marktl, Bavaria, Pope Benedict XVI, passed away last year at the age of 95.

Some estimates show Pope Benedict’s net worth was approximately $2.5 million. After he stepped down as the head of the Catholic Church, he continued to receive a monthly pension of about $3,300, CNBC reported in 2013.

He was buried on January 5, 2023, in St. Peter’s Basilica, Vatican City. There are 90 other popes buried under the church.

Archbishop Georg Gänswein, Benedict’s personal secretary, told Vatican News that he was surprised to find he had five individuals with claims to Pope Benedict’s estate.

“This has been very interesting for me. I thought he had two relatives, two cousins, but there are five cousins in total,” the archbishop said, according to translations from Catholic News Agency.

He continued, “By law I have to write to the cousins who are the closest relatives, and also by law I have to ask them, ‘Do you accept the inheritance, or do you not accept it?’”

What money or assets are to be inherited from the late pontiff is not publicly known.

Pope Benedict XVI spent his last few years living simply in a Vatican apartment.

Gänswein told the newspaper Il Messaggero that “other personal items, from watches to pens, from paintings to liturgical items, were included in a list meticulously drawn up by Benedict XVI before he died.”

The late pope’s vast library was willed to the Vatican and the Joseph Ratzinger Vatican Foundation.

Reference: Fox News (March 22, 2023) “Vatican searching for heirs to Pope Benedict XVI’s estate”

What’s Going on with Larry King’s Estate?

Larry King’s widow Shawn has accused the firm Blouin & Company of helping Larry King Jr. as part of the fight over the late broadcaster’s estate.

Radar Online’s recent article entitled, “Larry King’s Widow Shawn SUES HER OWN SISTER Claiming He Spent Millions On Her While They Had Secret Affair,” says that Larry Sr. died in January 2021.

Larry King Jr. asked the court to be named special administrator of his father’s estate. He presented a handwritten will that Larry Sr. had reportedly signed before his death. The amended will left his fortune to his child and not Shawn. Shawn objected to the will claiming Larry Sr. was not in the right mind to sign the amendment to the will. A settlement was eventually reached between the two.

But a few months later, Shawn sued Blouin & Company, claiming it had led a “fraudulent and malicious conspiracy to steal money from their client, Mrs. King, and deprive Mrs. King of her rights and interests in the estate of her late husband.”

Shawn brought claims against Blouin & Company and her sister Shannon Engemann Grossman, a named defendant. She claims that Shannon “received a substantial number of improper and unauthorized transfers of” her community assets. Moreover, she alleges that her sister received “unauthorized goods and services worth millions of dollars (or more subject to further investigation), including airfare, clothing and accessories, furniture, limousine services, healthcare services, dental implants, luxury automobiles, luxury hotel accommodations and numerous other goods and services.”

During their marriage, Shawn and Larry were close to divorce multiple times after marrying in 1997. In 2010, they both filed their petitions in Los Angeles Superior Court. Shawn believed Larry and her sister were having an affair.

At the time, Shannon denied having an affair with Larry. She admitted Larry was generous with gifts but said he was like that with everyone. Shannon said, “I’m tired of taking the rap for things. I did not have an affair with Larry. He’s been like a father to me.”

Blouin & Company denied all allegations of wrongdoing in their response and noted that Larry had a secret bank account that they were unaware of that he used to fund his lavish lifestyle. The firm filed a countersuit against Shawn for unpaid invoices.

Reference: Radar Online (Jan. 9, 2023) “Larry King’s Widow Shawn SUES HER OWN SISTER Claiming He Spent Millions On Her While They Had Secret Affair”

What’s the Latest on Bruce Willis’ Dementia Diagnosis?

Last year, actor Bruce Willis announced his retirement due to being diagnosed with ‘aphasia.’ However, that diagnosis was recently updated, reports Microsoft’s recent article entitled, “Bruce Willis’ wife Emma Hemming forced to dementia specialist after actor’s new diagnosis.”

Willis and Heming first met in 2007 at their mutual trainer’s gym. Heming is a British-American model and actress raised in north London and California.

“When we first met, I was surprised at how charming and how funny he was – and extremely handsome,” Heming told People. “That was my first thought of you.”

“I was already in love with her,” Willis, then 52, said. The two dated for a year before they got married in March 2009.

Willis’ diagnosis affects his communication and memory. Dr. Allison Reiss, an Alzheimer’s Foundation of America’s Medical, Scientific and Memory Screening Advisory Board Member told the media what the diagnosis means. She said the causes is a “hodgepodge of different things that have been put together” leads to “a lot of devastating consequences,” such as “difficulty saying words, understanding the meaning of words, and remembering and naming familiar objects.”

The doctor also said that everything “just gets more difficult” as “the problem spreads and gets worse”, until “you pretty much lose everything.”

However, she encouraged families to keep up hope through the challenges that come with the diagnosis. This is exactly what the Willis family seems to be doing. Heming has hired Teepa Snow, a professional who provides awareness, knowledge and hands-on skills for dementia care. Heming took to Instagram to appreciate Snow, she wrote, “I’m grateful I had the opportunity to work with @teepasnows_pac who has helped me add to my dementia care toolbox.”

“She’s a loving, compassionate and skilled leader in this space who navigates herself with pure empathy,” Heming continued. “She’s a gift.”

Snow admired Heming and appreciated how she’s been caring for her husband following his diagnosis. She said that she’s done an absolutely remarkable job of providing the right support for Bruce as his abilities have changed and created a place space and life that continues to provide him with what he needs to live well.

She added that “frontal temporal dementia is never easy but with the right programming and support, it truly is possible to continue living life. Congrats to Emma and their entire family for their very, very hard work and dedication. It is truly remarkable!”

Reference: Microsoft (March 1, 2023) “Bruce Willis’ wife Emma Hemming forced to dementia specialist after actor’s new diagnosis”