05 August 2023 , 13:37
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Riley Keough has officially been named as the sole trustee of her mother Lisa Marie Presley's estate, according to new court documents.
The appointment was approved on Friday during a hearing before Los Angeles Superior Court Judge Lynn Healey Scaduto. Riley will now also look after the sub-trusts which were set up for her half sisters Finley and Harper Lockwood.
The settlement comes after Riley's grandmother Priscilla Presley filed a petition to challenge Lisa Marie's will. The legal drama caused a rift with her granddaughter, but it seems the pair have now worked through their issues.
Riley will now own Elvis Presley's former Graceland home in Memphis, Tennessee. It's said she has granted her grandmother the right to be buried at the property when she dies.
Riley Keough has been named sole trustee of her mother's estate (PA)
Priscilla Presley had filed a lawsuit to challenge Lisa Marie Presley's will (Getty Images North America)Priscilla is 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. The remaining 8/9 of the Trust is set to be split among Lisa Marie's daughters.
Priscilla Presley vows to 'protect' grandkids on Lisa Marie Presley's birthday
In documents obtained by People, Judge Lynn Healey Scaduto wrote: "The settlement is in the best interests of minors Harper Lockwood and Finley Lockwood, and confirm that Michael Lockwood's signature on their behalf, as Guardian Ad Litem, is valid and binding."
Riley originally filed a petition to approve her as sole trustee on June 12. Her lawyer said Riley would ensure the trust would be "safeguarded and invested in a manner consistent with the needs of the beneficiaries, and not influenced by the desires of a trustee".
The family seems to have settled their dispute (Charbonneau/REX/Shutterstock)Priscilla has spoken out about the settlement and said she was pleased she and Riley could move on from the "misunderstandings" between them. The 78-year-old actress also said her family had worked together to overcome their feud.
"My daughter's passing was both devastating and heartbreaking," she wrote in a declaration obtained by the publication. Priscilla continued: "Elvis would be proud and his and Lisa's wishes are what are most important to all of us."
Lisa died at the age of 54 after being found unresponsive at her home on January 12, 2023. She went into cardiac arrest, with paramedics performing CPR before she was rushed to hospital. The star was pronounced dead mere hours after arriving at the hospital.