Riley Keough Files to Become Sole Trustee of Lisa Marie Presley's Estate After Settlement With Priscilla

Riley Keough is set to become the sole trustee of her mom Lisa Marie Presley's estate after settling her nasty court battle with grandmother Priscilla Presley, according to legal documents.

In the documents filed on Monday, June 12, in Los Angeles, Riley reportedly petitioned the court to approve the settlement agreement reached in May between herself, Priscilla and Michael Lockwood — the Guardian Ad Litem for her two younger half-sisters: 14-year-old twins Harper and Finley.

Riley will serve as the sole trustee of her late mother's estate, and the twins will be the sub-trusts, per the settlement terms. Lisa Marie's three daughters will split 8/9 of the trust while the remaining 1/9 will be granted to Lisa Marie's half-brother, Navarone Garibaldi.

Priscilla will serve as trustee of the sub-trust for her son, it was reported, as well as receive a lump sum one-time payment from the trust for an undisclosed amount.

The legal docs also confirmed that a life insurance policy existed at the time of Lisa Marie's death after OK! previously reported she took out two life insurance policies, one for $25 million and another for $10 million, to pay off her $4 million debt, owing $2.5 million to the IRS right before her passing.

Riley's lawyer, Justin Gold, noted that his client will not charge for her services as trustee, which "will save money that would have gone to Priscilla who was going to charge a trustee fee." He added in the documents that the actress will safeguard and invest the money "in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee."

Priscilla was removed as a trustee of Lisa Marie's estate on May 11 after the late star made an amendment to her will in 2016 that removed her mom and her former business manager, Barry Siegel, as co-trustees, replacing them with Riley and her late son, Benjamin Keough — who died by suicide in 2020.

Priscilla found out about the change to Lisa Marie's will after her daughter died on January 12 and soon after challenged the amendment in court.

Riley's formal request to the court comes one month after lawyers for both parties confirmed a settlement had been reached.

ET reported on Riley filing to become sole trustee of the estate.