Priscilla Presley, Riley Keough and Michael Lockwood Come to an Agreement on Lisa Marie Presley's Estate

Michael Lockwood also signed on to the agreement.

An agreement over Lisa Marie Presley's estate has been reached. Following Lisa Marie's January death, ET confirms that her mother, Priscilla Presley, her daughter, Riley Keough, and the father of her two minor children, Michael Lockwood, have all come to an agreement regarding her estate.

"All parties have reached a settlement and the families are happy," Priscilla's lawyer, Ronson J. Shamoun, tells ET. "They are very excited for the future."

Riley's lawyer, Justin Gold, agrees, telling ET, "Riley is very happy. She's a remarkable woman and her future is bright."

The terms of the settlement were not disclosed. The lawyers have until June 14 to file the terms and they also plan to file a motion to seal those terms. The judge is expected to rule on that motion on Aug. 4.

Following news of the agreement, ET spoke with entertainment attorney Mitra Ahouraian, who noted that the settlement likely fell "somewhere in the middle" of what all the parties were requesting.

"A settlement means that both parties have agreed on some terms. They're no longer leaving it up to the judge to decide what the outcome of the case is," she explained. "They've come together and said, 'This is what we're gonna agree to and we're gonna enter this settlement in with the court, so that the court can enforce it, so that it is on the record and we can sort of walk away.'"

Ahouraian noted that "the heart of the matter" in this particular battle was "not about who gets what money," but rather "who's gonna play this key role in protecting the estate."

"This case is about who the trustee is gonna be, who's gonna administer the money, who's gonna sort of dole it out, but also who's gonna make sure that it's invested properly, that basically the money is protected," she added.

As for what the agreement may stipulate, Ahouraian speculated, "Maybe they've decided to be joint trustees. Maybe they've decided that Priscilla's gonna be in charge of X, Y and Z and maybe Riley is gonna be in charge of other aspects of managing the money. This coming together and both working together, I think, would be part of what a settlement looks like."

"I would think that a settlement is the best outcome," Ahouraian added. "And [that] this would be a relief for everyone to have this resolved, and to be able to move on, and to come to some sort of agreement that everyone is happy with."

The drama started the same month as Lisa Marie's death, when her rep confirmed to ET that Graceland would go to her three daughters: 33-year-old Riley, and 14-year-old twins, Harper and Finley.

It later came to light that Riley and her brother, Benjamin (who died in 2020), were named co-trustees of Lisa Marie's trust in 2016. However, Priscilla decided to contest "the authenticity and validity" of Riley's appointment, claiming that "there are many issues surrounding" it. Lockwood also joined the battle, asking the court to appoint him as guardian ad litem so he can represent the twins' interests.

Amid the legal challenge, Joel Weinshanker, a Managing Partner at Elvis Presley Enterprises, spoke out in favor of Riley maintaining her trustee role. In a statement to ET, Priscilla addressed the situation.

"There is an individual that bought their way into the family enterprise that is trying to speak on behalf of our family. This person is not a representative of Elvis or our family," she said, without sharing who she was referring to. "Please allow us the time we need to work together and sort this out. Please ignore 'the noise.' As I have always been there for Elvis' legacy, our family and the fans, I will continue to forge a pathway forward with respect, honesty, dignity, integrity and love."

Later, a source told ET that Riley and her grandmother "aren't communicating at this time," adding that while "they are both gearing up for court, Riley would prefer to settle this dispute privately."

"She is heartbroken that this has turned into a public matter and knows her mother would never want this. Riley is very stressed at the moment and has been trying to keep a positive attitude and outlook ahead of her new series coming out," the source said. "Her daughter and husband have been keeping her in good spirits."

Before an agreement was reached, Priscilla's camp denied that she was locked out of Graceland, and the former wife of the late Elvis Presley herself denied there was a feud with her granddaughter.