Lisa Marie Presley's daughter, Riley Keough, will serve as the sole trustee of her late mother's estate under the terms of a proposed new settlement with her grandmother, Priscilla Presley.

According to the Hollywood Reporter, Keough has moved to approve a settlement filed on Monday (June 12) in Los Angeles Superior Court. The terms of that settlement would name her sole trustee of her mother's estate, while Priscilla Presley would receive an undisclosed amount of money to drop her legal challenge to a 2016 amendment to her daughter's will that replaced her as one of the trustees of the estate.

“In settling the claims pending in Priscilla’s Petition, the parties are saving significant legal fees by avoiding litigation, and they are likewise avoiding the spectacle of intra-family litigation that would have been inimical to Lisa’s wishes and not in the best interests of the family,” the proposed settlement states.

Keough's filing states that she does not intend to receive any financial compensation for her role as trustee, and that the “money will be safeguarded and invested in a manner consistent with the needs of the beneficiaries, and not influenced by the desires of a trustee.”

In addition to Keough, the beneficiaries of Lisa Marie Presley's trust include her two other children, Harper and Finley Lockwood, and her half-brother, Navarone Garibaldi.

Priscilla Presley will no longer serve as a trustee whether or not the settlement is approved, according to the filing. Keough is requesting a court order identifying her as the sole trustee. The proposed agreement would also allow Priscilla Presley to be buried in the Meditation Garden at Graceland, where her former husband, Elvis Presley, and her daughter Lisa Marie were both laid to rest.

Lisa Marie Presley died on Jan. 12 at the age of 54 after suffering full cardiac arrest at her home in California.

Her mother shared the news of her death in a statement later that day.

"It is with a heavy heart that I must share the devastating news that my beautiful daughter Lisa Marie has left us," she told People. "She was the most passionate strong and loving woman I have ever known."

"We ask for privacy as we try to deal with this profound loss," Priscilla added. "Thank you for the love and prayers. At this time there will be no further comment."

Lisa Marie Presley was Elvis Presley's only child. She launched a musical career of her own in 2003 with the release of To Whom It May Concern, and followed that with Now What in 2005 and Storm & Grace in 2012.

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