Priscilla Presley will receive a one-time payout from the Trust.
In the docs obtained by ET, Riley petitions the court to approve the settlement agreement reached between her, her grandmother, Priscilla Presley, and Michael Lockwood, the Guardian Ad Litem for her two younger siblings. The settlement terms will see Riley serve as the sole trustee of her mother's estate and the sub-trusts for her sisters, 14-year-old twins Harper and Finley Lockwood.
Riley will not charge for her services as trustee, which her lawyer, Justin Gold, writes "will save money that would have gone to Priscilla who was going to charge a trustee fee." Her lawyer also states in the docs that Riley 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 docs also confirm that a life insurance policy existed at the time of Lisa Marie's death.
For her part, Priscilla will serve as Trustee of the sub-trust for her son -- Lisa Marie's half-brother, Navarone Garibaldi -- who will be granted 1/9 of the Trust. The remaining 8/9 of the Trust will be split among Lisa Marie's daughters -- Riley, Finley and Harper.
Additionally, Priscilla will receive a lump sum, one-time payment from the Trust for an undisclosed amount. Priscilla was removed as trustee of Lisa Marie's estate on May 11, 2023. Per the docs, this change is binding from the moment she signed the settlement agreement, whether it is approved in court or not. The new docs reveal that Priscilla will now serve as a "Special Advisor to the Trust," with Riley paying her an undisclosed monthly amount for the role.
Riley will own Graceland -- the home of Elvis Presley, which he gave to his daughter, Lisa Marie, when he died -- in Memphis, Tennessee, and will allow Priscilla to retrieve any personal belongings she has at Graceland or in any storage units controlled by Graceland.
Riley will also "to the extent of her authority" allow Priscilla to be buried on the property at the Meditation Garden upon her death. The doc notes that Priscilla's burial location "will be at the location closest to Elvis Presley without moving any existing gravesite."
Priscilla's future gravesite had reportedly been a point of contention in the negotiations, with TMZ reporting last month that she had requested to be buried next to the King of Rock and Roll. However, Elvis is already buried between his grandmother, Minnie Mae, and his father, Vernon Presley. Elvis' mother, Gladys Presley, Lisa Marie and her son, Benjamin, who died in 2020, are also buried at the Meditation Garden.
Lisa Marie died on Jan. 12, 2023. She was 54.
The formalized request for court approval comes one month after lawyers for Riley and Priscilla confirmed that an agreement had been reached. At the time, Priscilla shut down any speculation of a rift between the family members in a statement.
"My family has resolved all confusion as it relates to our plea to the court and request for document interpretation after my daughter Lisa Marie's untimely passing," Priscilla said in a statement to ET. "Although some media identified such a plea as a lawsuit, I want to make clear that there was never any lawsuit filed against my beloved granddaughter."
"As a family, we are pleased that we resolved this together," Priscilla continued. "My family and I hope that everyone will grant us the privacy we have needed to properly grieve Lisa Marie and spend personal time together. We love and appreciate all of you and the Presley family is stronger than ever."
In January, just weeks after Lisa Marie's death, her rep told ET that Graceland would go to Riley, Harper and Finley.
It later came to light that Riley and her late brother, Benjamin, 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 could represent the twins' interests.
Aside from contesting the trust, Priscilla has denied any feud with Riley.