Priscilla Presley, the former wife of Elvis Presley and mother to Lisa Marie Presley, has reached a settlement agreement with her granddaughter, Riley Keough, regarding Lisa Marie's estate.
The agreement, approved by L.A. Superior Court Judge Lynn H. Scaduto, officially appoints Keough as the sole trustee of her mother's irrevocable trust.
In exchange for stepping down as co-trustee, Priscilla will receive several benefits.
One of the provisions in the settlement is that when Priscilla passes away, she will be buried in the Meditation Garden at Graceland, alongside her ex-husband Elvis.
She will also have a memorial service on the Memphis property, which is now owned by Keough.
Additionally, Priscilla will receive a lump-sum payment of $1 million, funded by Lisa Marie's $25 million life insurance policy.
The specifics of Priscilla's payout were recently made public in a court filing.
According to the filing, she will also receive $100,000 annually for her role as a nonfiduciary special advisor on a trust related to Elvis Presley Enterprises.
These monthly payments are guaranteed for 10 years or until Priscilla's death, regardless of any changes made by Keough.
The settlement agreement also names Priscilla's son, Navarone Garibaldi, as one of the beneficiaries of Lisa Marie's trust, along with Keough and Lisa Marie's twin daughters, Harper and Finley Lockwood.
Attorney Martin Singer has been appointed as the trustee for Garibaldi's sub-trust, while Lisa Marie's ex-husband, Michael Lockwood, will serve as guardian ad litem for their daughters' sub-trusts.
The court confirmed that Keough will be the sole trustee of Lisa Marie's trust to avoid any future complications with third parties.
The request was made due to the complex history of the trust, which involved multiple co-trustees and resignations over the years.
The agreement stated that Keough simply wants a court order to clarify her role as the sole trustee and prevent any delays.
The legal dispute over Lisa Marie's estate and Elvis' legacy began after her death in January at the age of 54.
Priscilla contested her daughter's will, questioning the authenticity and validity of Lisa Marie's appointment of Keough and her late brother as co-trustees.
The trust includes Elvis' famous Graceland property and Lisa Marie's 15% ownership of his estate.
Recently, Lisa Marie made headlines for expressing her dissatisfaction with the upcoming film “Priscilla,” directed by Sofia Coppola.
In letters written before her death, Lisa Marie criticized the film's portrayal of her parents' courtship and relationship.
She expressed concern that the movie would bring unwanted attention to her children, who were already dealing with the loss of Lisa Marie's son, Benjamin.
The cause of Lisa Marie's death was determined to be complications from a small-bowel obstruction, linked to previous bariatric surgery, according to the L.A. County medical examiner's autopsy report.
