Judge Approves Settlement Between Priscilla Presley & Riley Keough

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Priscilla Presley And Riley Keough’s Settlement Over The Late Lisa Marie Presley’s Estate Earns Judge’s Approval

Lisa Marie Presley passed away unexpectedly on January 12. Following her death, her mother, Priscilla Presley, and daughter, Riley Keough, entered a legal back-and-forth over the terms of her estate.

Priscilla and Riley reached a settlement in May. Riley was named as the sole trustee of her mother’s estate.

In August, Riley was also confirmed to be the sole heir of her grandfather Elvis‘ Graceland property in Memphis, Tennessee. It was determined she would oversee the sub-trusts established for her younger twin sisters, Harper and Finley Lockwood.

Priscilla Presley, Riley Keough, Lisa Marie Presley, and Harper and Finley Lockwood
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The Details Of Priscilla Presley & Riley Keough’s Settlement Revealed

Many of the terms in Priscilla and Riley’s settlement were previously reported when it was first agreed upon. But Riley’s attorney, Justin Gold, recently filed an unredacted copy of the agreement, which PEOPLE obtained.

Here are some of the details PEOPLE uncovered in the agreement:

  • Priscilla will receive a $1 million lump-sum payment, which will be funded by Lisa Marie’s $25 million life insurance policy.
    • Priscilla will also receive $100,000 per year for serving as the special advisor “of the promenade trust related to its shareholder interest in Elvis Presley Enterprises.”
      • These payments will be issued in monthly installments. They are guaranteed for 10 years, or until Priscilla’s death.
  • Riley will oversee the sub-trusts for her sisters Harper and Finley.
    • Their father, Michael Lockwood, signed the agreement on their behalf.
  • Riley, Harper, and Finley will equally spilt 8/9s of their mother’s trust.
    • Priscilla’s son (Lisa Marie’s half brother) Navarone Garibaldi will receive the remaining 1/9 of the trust.
  • Per her wishes, Priscilla will be buried near Elvis at Graceland after she dies.
    • The documents also show Riley has a “desire for Priscilla to be buried at Graceland.”
    • Priscilla will be buried in the Meditation Garden “as close to Elvis as possible without moving any existing gravesite.”
    • Riley agreed to include Navarone in the planning of a memorial service for Priscilla upon her death.

As PEOPLE reports, Los Angeles Superior Court Judge Lynn Scaduto approved and signed the agreement on Monday (October 30).

Riley previously opened up about her relationship with Priscilla in an interview with Vanity Fair in August. She told the publication, “Things with Grandma will be happy. They’ve never not been happy.”

Learn more about where Riley stands with Priscilla these days by checking out the video below.