Published by Cel Manero from Global One Media, Inc.
A judge has formally approved Keough’s June request to ratify a settlement arrangement, thereby granting the actress the authority to oversee not only the estate but also the sub-trusts belonging to her sisters, Finley and Harper Lockwood.
According to court documents obtained by PEOPLE, Riley Keough has now been officially designated as the exclusive trustee of her late mother Lisa Marie Presley’s estate. The decision follows a settlement proposed by Keough, who is the eldest grandchild of Elvis Presley, in June. This settlement comes after a legal disagreement with her grandmother Priscilla Presley.
In addition to overseeing her mother’s estate, the court ruling also empowers Keough, aged 34, to manage the sub-trusts belonging to her half-sisters, 14-year-old Finley and Harper Lockwood. These girls are Lisa Marie’s daughters from her marriage to musician Michael Lockwood.
“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,” stated Judge Lynn H. Scaduto in the ruling.
On June 12, Keough submitted a comprehensive 73-page petition to the court seeking approval for a prior settlement arrangement that had been reached between herself, Lockwood, and Priscilla. As previously reported by PEOPLE, this legal settlement marked a significant step towards the current decision.
As the process moves forward, Riley Keough, recognized for her role in “Daisy Jones & the Six,” will take ownership of Graceland, Elvis Presley’s former estate located in Memphis, Tennessee. The iconic residence had been bestowed upon Elvis’ sole child, Lisa Marie, upon his passing in 1977.
In the initial filing of the agreement, Keough’s attorney Justin Gold conveyed that if the court were to endorse the petition, his client would not impose any charges for her services as a trustee. Consequently, this arrangement would save the beneficiaries from expenses that would have otherwise been directed to Priscilla, who had initially planned to charge a trustee fee.
Gold further emphasized that the funds allocated to Keough through the trust “will be managed and invested in a manner that prioritizes the needs of the beneficiaries and remains unaffected by the preferences of a trustee.” This pertains specifically to the sub-trusts established for Harper and Finley.
The trust arrangement reportedly permits Priscilla to retain a position as a special adviser and receive a regular monthly payment for her contributions to the trust’s affairs.
As reported by Deadline, Priscilla has been granted the right to access her personal belongings stored within any facility under the jurisdiction of the Graceland estate. Additionally, she has been granted the privilege to be interred on the estate grounds in the Meditation Garden. Her final resting place will be beside Elvis, Lisa Marie, and her late grandson Benjamin Storm Presley Keough, who tragically passed away by suicide at the age of 27 in 2020.
After the unexpected passing of Lisa Marie Presley at the age of 54 in January, a legal development unfolded. In the same month, Priscilla Presley submitted a petition challenging the “genuineness and legality” of a 2016 alteration to her daughter’s living trust. This modification had effectively replaced Priscilla and former business manager Barry Siegel as co-trustees.