LOS ANGELES, Nov 2, (Agencies): Months following the resolution between Riley Keough and Priscilla Presley regarding Lisa Marie Presley's estate, the agreement has received official approval from a judge in the Los Angeles Superior Court.

On Monday, Judge Lynn Scaduto formally endorsed the settlement agreement, which encompasses several key provisions. Notably, Priscilla, aged 78, will be granted a lump-sum payment of $1 million, funded by Lisa Marie's $25 million life insurance policy. Additionally, her son Navarone Garibaldi will become a beneficiary of Lisa Marie's trust, and it has been established that upon Priscilla's passing, she will be interred near her former spouse, Elvis Presley, at Graceland.

While much of the settlement's terms had been previously disclosed in June when Riley, aged 34, assumed the sole trustee role for her late mother's estate, an unredacted version of the agreement has now been filed by Riley's attorney, Justin Gold.

The unredacted settlement, initially negotiated in May, outlines that in addition to the lump-sum payment, Priscilla will also receive an annual payment of $100,000 as a special advisor to the Promenade Trust, a position related to its shareholder interests in Elvis Presley Enterprises. These payments will be distributed in monthly installments and are guaranteed for 10 years or until Priscilla's demise, irrespective of whether Riley decides to terminate her role as a special advisor.

Lisa Marie Presley, the sole child of Elvis Presley, passed away in January at the age of 54 due to a small bowel obstruction. Following her death, Priscilla raised concerns about the "authenticity and validity" of a 2016 amendment made by Lisa Marie, which removed Presley and her former business manager as co-trustees and designated Lisa Marie's children as successors.

Ultimately, Priscilla and Riley reached an agreement, which also placed Riley in charge of the sub-trusts for her 15-year-old half-sisters, Harper and Finley Lockwood. Michael Lockwood, Lisa Marie's ex-husband, consented to this arrangement on their behalf.

The documents specify that Riley and Lockwood insisted on the court's approval of the settlement agreement because Harper and Finley are represented by a Guardian Ad Litem, and any settlement agreement on their behalf is contingent upon court approval.

As beneficiaries, Riley, Harper, and Finley will equally share 8/9 of Lisa Marie's trust, while Priscilla's son, Navarone Garibaldi, will inherit the remaining 1/9.