Like his father and his older brother Zikmund, Vilém supported the Bohemian King George of Poděbrady.
After George's death in 1471, they stood politically on the side of the newly elected king Vladislav II In 1472, they vouched for by George of Poděbrady's son Victor of Münsterberg-Oels, who was to be bought free from being held captive by the Hungarian king Matthias Corvinus for 100000ducats.
That same year they received from King Vladislav II more rights over the convents in Oslavany and Tišnov.
Vilém and his father were, however, unable to buy the freedom of his brother Sigmund, who was also held captive by Matthias Corvinus since 1470.
Vilém signed an agreement to this effect, in order to obtain the Sigmund's release, on 14 November 1472 in Sopron.
Vilém acquired extensive estates in Bohemia through his marriage with Johanka of Liblice; he sold these shortly after the wedding.
Vilém kept Zubštejn Castle and the remaining villages in the Pernštejn area for himself and his youngest brother Emmeran, who was still a minor.
Already in 1483, Vilém had arranged a marriage between Eliška of Kravaře, Lípa's widow, and Peter IV of Rosenberg.
As part of the guardianship, Vilém had become High Marshall of the Kingdom of Bohemia, an office held hereditarily by the Lords of Lipá.
In 1487, he transferred, with permission of both Kings involved, the office of High Treasurer of Moravia to his younger brother Vratislav.
In the same year, Vladilav pledged him the lands of the Monastery of Třebíč,[3] the Castle and Lordship of Hluboká nad Vltavou and in 1491, Kunětická hora Castle in East Bohemia, and the surrounding villages, which had belonged to the Monastery at Opatovice, which had perished in the Hussite Wars.
During his reign, Pardubice experienced an economic boom, encouraged by trade, commerce, agriculture and mining.
Since he now held office mainly in Prague, Vienna and Pardubice, his family headquarters at Pernštejn Castle lost its importance.
Around this time, he also acquired Rychnov nad Kněžnou and he purchased Častolovice and the lordship of Potštejn with Litice Castle and several villages from Duke Henry the Elder of Münsterberg.
He also acquired the East Bohemian dominions of Lanškroun and Lanšperk Castle by marrying his two sons Jan IV and Vojtěch I to two daughters from the House of Kostka of Postupice.
[4] Vilém died on 8 April 1521 in Pardubice, and was buried in the Church of the Holy Cross in Doubravník.