Battle Brewing Over Lisa Marie Presley's $35 Million Life Insurance

When the Now What singer was alive, she took out two life insurances. The first insurance was for $25 million while the second was for $10 million. Family sources shared that it was unclear if there is a third $10 million policy. As TMZ reports, the sources also revealed that Lisa was trying to pay off her $4 million debt from the $25 million policy. The Lights Out singer already notified the insurance company.

She also filled out the paperwork to get $2 million. However, there was a problem with the paperwork and the policy did not go through. Out of the $4 million debt, the singer owed the IRS $2.5 million. Sources also revealed that during Lisa's adult years, she spent $100 million. 

After the debts are paid, around $30 million or more will be available for distribution. Lisa has three daughters, Riley Keough, 33, and 14-year-old twins, Finley and Harper Lockwood. They were all named beneficiaries and are to receive equal shares. The twins' money will be going into trust since they are minors. This is where the battle arises from.

In 2010, Lisa created a trust and named her mom, Priscilla Presley as a trustee. Also, her former business manager, Barry Siegel, was named trustee. However, in 2016, the singer amended the trust, removing Priscilla and Siegel. Lisa then named her son Benjamin and her daughter Riley as trustees in their place. On Friday, Priscilla filed legal documents challenging the validity of Lisa's trustee amendment. 

The memorial service of Lisa was held at Graceland in Memphis, Tennessee on January 22nd. The driveway from the street was filled with fans and mourners. The emotional memorial started with a eulogy from Pastor Wayne Hunt. He talked about the singer's strength and tenacity through hard times.

Former Memphis mayor AC Wharton also talked about how Lisa was loved by the city. After Wharton, one of the singer's closest friends, Billy Corgan sang To Shelia by Smashing Pumpkins. Corgan's performance brought many to tears including Riley. Another performance was rendered by Alanis Morissette who sang Rest. Axl Rose also took to the piano and performed November Rain by Guns N' Roses.

More emotional tributes poured in during the memorial service. Sarah recited a poem from the program titled A Tribute To Their Children. The poem was written by George Frost for his father David Frost's memorial service in 2014.

Riley's husband, Ben Smith-Petersen took the podium next. He read a letter Riley wrote of her memories with Lisa while the actress was in tears in the front row. Lisa's mother, Priscilla, mounted the podium and spoke about Lisa's love for her children. She also read a message from the twins expressing their love for their mother.

After that, The Blackwood Brothers performed How Great Thou Art. The service was closed by Jason Clark & The Tennessee Mass Choir singing Revelation 19:1.