Lisa Marie Presley Seeks an Accounting from her father’s trust’s former trustee

Los Angeles, California – Probate Court

Barry Siegel was the former trustee to Elvis Presley’s fortune.  Lisa Marie Presley, in a Petition filed in Probate Court in Los Angeles, alleged that Elvis Presley’s trust assets went from $100 Million Dollars, down to five figures, while Siegel acted.

While Siegel’s attorney argued that the case should have been brought in the civil court, Presley’s lawyer argued that trust matters and accountings regarding such trusts belong in probate court.  Judge Robert Wada agreed with Presley’s counsel and has kept the case in Probate Court.

The next hearing on the matter is set for July 30, 2018.

When business managers act as trustee, there is an inherent conflict of interest.   As a business manager, the manager’s job is to juggle projects in a way that maximizes the gross financial gain, from which gross gains, they get compensated.  As a trustee, however, the trustee must balance risk with prudent investments to insure that the assets of the trust do not unreasonably decrease.   The fiduciary duties of a trustee are broad and when not watched, can get overlooked when a business manager is simply looking to maximize the income.   Generally, an increase in the income, increases the risk to the principal.   It remains to be seen what the court will decide in this case.

Call Mina Sirkin, Media Expert Trust attorney for legal commentary on the Elvis Presley Trust matter, as well as for advice regarding trust accountings in Los Angeles.  Call: 818.340.4479