Riley Keough Becomes Sole Trustee of Lisa Marie Presley's Estate After Agreement With Priscilla

Riley Keough has become the sole trustee of her mother Lisa Marie Presley's estate, after coming to an agreement with her grandmother, Priscilla Presley. According to PEOPLE, Keough's legal reps have petitioned the court to approve a settlement between the two women, which will see Keough not charge money to serve as the estate's trustee. "The beneficiaries all save money that would have gone to Priscilla who was going to charge a trustee fee," explained Keough's lawyer, Justin Gold.

In the legal paperwork, Gold went on to detail, "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." As a result of the agreement, Keough will be the sole trustee of her mother's estate, as well as of the sub-trusts for her 14-year-old twin sisters Harper and Finley Lockwood. Keough intends to protect and invest estate money "in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee," per Gold.

Additionally, Priscilla will serve as the Trustee of the sub-trust of her son Navarone Garibaldi, Lisa Marie's half-brother. Garibaldi is reportedly being awarded 1/9 of the trust. The remainder of the trust will be split among Keough, her two sisters, and Priscilla, who is also set to receive a one-time, lump sum payment from the Trust. The amount is not being disclosed at this time. Priscilla was officially removed as Trustee of Lisa Marie's estate on May 11. Per the legal documents, this will continue to be the case whether Riley's petition is approved or not, as Priscilla signed a binding settlement agreement.

On Thursday, Jan. 12, Presley was rushed to the hospital after suffering a medical emergency. She died sometime later. No official cause of death has been reported, Presley was 54 at the time of her death. In a statement announcing the terrible news, Presley's mother, Priscilla Presley, wrote, "It is with a heavy heart that I must share the devastating news that my beautiful daughter Lisa Marie has left us. She was the most passionate strong and loving woman I have ever known. We ask for privacy as we try to deal with this profound loss. Thank you for the love and prayers. At this time there will be no further comment."