Lisa Marie Presley’s daughter Riley Keough is set to become the sole trustee of her late mother’s estate.
The singer-songwriter, the only child of Elvis and Priscilla Presley, died on 12 January at the age of 54 after suffering a heart attack.
Her eldest daughter Riley and mother Priscilla subsequently became embroiled in a dispute over the authenticity of her will, however, they announced in mid-May that they had reached an undisclosed agreement.
Details emerged on Monday when the Daisy Jones & The Six actress filed a petition in Los Angeles County Superior Court to ask the court to approve the settlement.
The agreement puts her in sole control of the estate, which includes the proceeds of a life insurance policy and Elvis’ Graceland mansion.
The legal documents also revealed that her grandmother Priscilla agreed to not be a co-trustee but will instead get a one-off lump sum, which TMZ claims is worth seven figures.
“In settling the claims pending in Priscilla’s petition, the parties are saving significant legal fees by avoiding litigation and they are likewise avoiding the spectacle of intra-family litigation that would have been inimical to Lisa’s wishes and not in the best interests of the family,” Riley’s attorney Justin Gold wrote in the petition, reports the Los Angeles Times.
Gold also stated that Riley will not charge for carrying out the role, which “will save money that would have gone to Priscilla who was going to charge a trustee fee”.
According to Entertainment Tonight, he insisted that his client plans to safeguard and invest the money “in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee”.
The settlement also confirmed Lisa Marie’s ex-husband Michael Lockwood as the guardian as litem regarding estate matters for their 14-year-old twin girls Harper and Finley.
In a statement to People when the settlement was announced, Priscilla insisted they had “resolved all confusion” related to the case.
“As a family, we are pleased that we resolved this together,” she said. “My family and I hope that everyone will grant us the privacy we have needed to properly grieve Lisa Marie and spend personal time together.”