Lisa Marie Presley reportedly had $35 million in life insurance before she passed away on January 12th. According to TMZ, Lisa Marie had taken out 2 life insurance policies — one for $25 million and one for $10 million. Family sources say there may be a third policy worth $10 million but it's currently unclear if it's lapsed.

TMZ also reports that Lisa was trying to cash in the $25 million policy to pay off some of the $4 million in debt she owed. She had reportedly notified the insurance company and filled out paperwork to get a lump sum of $2 million but there was a mistake in the paperwork so the policy was never cashed in.

Lisa Marie was $4 million in debt when she died and owed $2.5 million to the IRS, according to TMZ's sources. Once the debts are taken care of, there will still be around $30 million, without the possible third life insurance policy, to distribute. Lisa's three children, Riley Keough and 14-year-old twins Finley and Harper Lockwood were named beneficiaries and will receive equal amounts.

As her official cause of death remains deferred, a battle is brewing over financial matters. TMZ reports that Lisa created a trust in 2010 but amended it in 2016 to remove her mother Priscilla as a trustee. Riley, who recently revealed that she and her husband Ben Smith-Petersen welcomed a daughter, is currently the sole trustee of Lisa Marie's estate since the death of her brother, Benjamin.

Last week, Priscilla contested her late daughter's will and says this new amendment has issues when it comes to the "authenticity and validity" of her daughter's signature. She said the penmanship doesn't match her "usual style."

Michelle Fay