Riley Keough asks court to approve settlement over mom Lisa Marie Presley's estate

LOS ANGELES -- Riley Keough is asking the court to approve a previously announced settlement over her late mother Lisa Marie Presley's estate.

Keough's attorney Justin Gold filed the legal paperwork Monday in Los Angeles, nearly one month after an agreement was reached in the matter between Keough, her grandmother Priscilla Presley and Michael Lockwood, Lisa Marie Presley's ex-husband who is serving as Guardian Ad Litem for their twin 14-year-old daughters Finley and Harper.

According to Monday's court documents, Keough is petitioning the court to approve of the agreement, which sees her serving as sole trustee of her late mother's trust and the sub-trusts for her younger sisters.

The documents note that Keough will not charge for her services as trustee of her late mother's trust which "will save money that would have gone to Priscilla who was going to charge a trustee fee."

Priscilla Presley, in signing the agreement last month, resigned as trustee of her late daughter's estate -- a move that is binding whether or not this agreement is approved in court. She will receive an undisclosed, one-off payment from the trust and will serve as a "Special Advisor" to the trust moving forward, with Keough paying her an undisclosed monthly amount for her new, "non-fiduciary" role.

Priscilla Presley will also serve as trustee of her son Navarone Garibaldi's sub-trust. Garibaldi, the half-brother of Lisa Marie Presley, would receive 1/9 of the trust.

Keough and her sisters would split the remaining 8/9 of their mother's trust.

Additionally, the docs note that the trust's funds "will be safeguarded and invested in a manner consistent with the needs of beneficiaries, and not influenced by the desire of a Trustee."

Per the agreement, Keough would become the owner of Graceland and agree to let Priscilla Presley obtain any of her personal belongings at the Memphis estate or any storage units it controls. Keough will also, "to the extent of her authority," allow Priscilla Presley to be buried in the Meditation Garden at Graceland and have a memorial service on the grounds, with her burial location being "at the location closest to Elvis Presley without moving any existing gravesite."

Lisa Marie Presley, the only child of music legend Elvis Presley, died Jan. 12 at the age of 54. She was buried at Graceland's Meditation Garden on Jan. 19 and a memorial service was held at the estate on Jan. 22.

At the time of the agreement last month, Priscilla Presley's lawyer, Ronson Shamoun, told reporters outside the court on May 16 that the "families are happy" and that "everybody is happy and unified and together and excited for the future."

Priscilla Presley had previously contested what she characterized as a "purported 2016 amendment" to her late daughter's trust earlier this year.

It is expected that the court will approve of the settlement at the next hearing.

"Good Morning America" has reached out to Priscilla Presley for comment. A representative for Keough did not comment.