14 June 2023 , 20:49
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Riley Keough it to become the sole trustee of her late mum Lisa Marie Presley's estate, according to reports.
It's said the Daisy Jones & the Six star filed the legal documents required to be sole trustee to a court on Monday in Los Angeles.
Reports claim Riley, 34, has asked the court to approve the settlement agreement which was reached between herself and her grandmother, Priscilla Presley.
The settlement is also said to have been agreed by Michael Lockwood, the Guardian Ad Litem for Riley's two younger siblings.
Terms in the agreement would see Riley serve as the sole trustee of her mother's estate as well as being the sub-trusts for her sisters, 14-year-old twins Harper and Finley Lockwood.
Priscilla Presley vows to 'protect' grandkids on Lisa Marie Presley's birthday
Riley Keough and Lisa Marie Presley (Getty Images for ELLE)
Riley will become the sole trustee of her late mum's estate (Getty Images for SXSW)According to ET Online, Riley's lawyer states that she intends 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 publication says that documents handed into the courts also confirmed that a life insurance policy existed at the time Lisa Marie died in January at the age of 54.
Priscilla is reportedly set to serve as Trustee of the sub-trust for her son and Lisa Marie's half-brother, Navarone Garibaldi, who is said to be ready to be granted 1/9 of the Trust.
Priscilla Presley, Lisa Marie Presley and Riley Keough (Charbonneau/REX/Shutterstock)The remaining 8/9 of the Trust is set to be split among Lisa Marie's daughters, Riley, Finley and Harper, reports suggest.
While Riley is set to own Graceland, which was her mum's family home as a youngster, it's said she has granted her grandmother the right to be buried at the property.
However, ETC says the location of the burial will "be at the location closest to Elvis Presley without moving any existing gravesite."
Lisa Marie was hospitalised following an apparent cardiac arrest at her California home in January, but later died.
What followed regarding her multi-million dollar estate appeared to threaten to tear apart the famous family, but the latest reports suggest they are back on track.