One month after Riley Keough and grandmother Priscilla Presleyreached an agreement over the late Lisa Marie Presley’s estate, the Daisy Jones & the Six star has become its sole trustee, PEOPLE confirms.
Riley, 34, petitioned the court to approve last month’s settlement agreement in documents filed Monday in Los Angeles and obtained by PEOPLE. Entertainment Tonight was first to report the news.
The actress’s lawyer Justin Gold writes that if the court approves the petition that Riley will not charge for her services as a trustee; therefore, “the beneficiaries all save money that would have gone to Priscilla who was going to charge a trustee fee.”
In the documents, Gold adds: “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 — who will be the sole trustee of her mother’s estate and of the sub-trusts for her 14-year-old twin sisters Harper and Finley Lockwood— will also safeguard and invest the money “in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee,” according to Gold.
Priscilla, meanwhile, will be Trustee of the sub-trust of her son (and Lisa Marie’s half-brother) Navarone Garibaldi, who will be granted 1/9 of the Trust, the documents reportedly state. The rest will be split among Riley, Finley and Harper, and Priscilla will also receive a one-time, lump sum payment from the Trust for an undisclosed amount.
Per the documents, Priscilla, 78, was officially removed as Trustee of her late daughter’s estate on May 11, and that the change will remain in place whether Riley’s petition is approved or not, as Priscilla signed a settlement agreement.
Reps for Priscilla and Riley had no comment.
Legal counsel for Priscilla and Riley reached an agreement over Lisa Marie’s trust in May, and Priscilla said at the time that the “Presley family is stronger than ever.”
“They have reached a settlement. Families are happy,” Ronson Shamoun, Priscilla’s lawyer, told reporters. “Everyone is happy. Unified and together and excited for the future.”
Gold added, “[Riley] would not have agreed to the settlement if she was not happy with it.”
Priscilla had filed a petition in January questioning the “authenticity and validity” of a 2016 amendment to Lisa Marie’s trust that removed her as co-trustee and put Riley in charge.
The trust — which includes Elvis Presley’s beloved Graceland property and a 15 percent stake in Elvis Presley Enterprises (EPE) — had previously listed Priscilla and Lisa Marie’s former business manager Barry Siegel as co-trustees
Priscilla alleged that she didn’t know about the 2016 amendment until after Lisa Marie’s death, and argued it should be voided because of several factors, including the fact that Lisa Marie had not informed her of the changes as required by the terms of the trust. But Lisa Marie’s friend told PEOPLE in March that there was “zero question” what the star’s wishes were: “Lisa wanted Riley and [late son] Ben to be the trustees” — and for all her children to be the beneficiaries.
Multiple sources said the legal proceedings caused Riley and Priscilla to stop speaking to each other. “They do not see eye to eye,” said a Presley family insider.
Still, in Priscilla’s statement following the May agreement, she said her family had “resolved all confusion as it relates to our plea to the court and request for document interpretation after my daughter Lisa Marie’s untimely passing.”
“As a family, we are pleased that we resolved this together,” she wrote. “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. We love and appreciate all of you and the Presley family is stronger than ever.”
Riley Keough Becomes Sole Trustee of Lisa Marie Presley’s Estate. Riley Keough Becomes Sole Trustee of Lisa Marie Presley’s Estate