Attorney James Wagstaffe said Friday that Susan Schneider Williams reached an agreement with Cody, Zelda and Zachary Williams, according to the Associated Press.
He said Schneider Williams will receive sentimental items, including a watch the late actor often wore, a bike they bought on their honeymoon and wedding gifts, the AP reported.
The settlement is subject to a judge's approval.
Wagstaffe had argued in court documents that Robin Williams intended to provide an allowance to cover the expenses for Schneider Williams to reside in the home the couple shared in Tiburon, which the children will inherit.
The children maintained that she was negotiating for more money than required to maintain the home.
The actor committed suicide at the home in August 2014 and left most of his estate to his children: Cody, 23; Zelda, 25; and Zachary, 31. The mother of the younger two is Williams' second wife, Marsha Garces; Zachary Williams' mother is the actor's first wife, Valerie Velardi.
According to court documents, Williams ensured that his children receive any future income from his acting career, life insurance proceeds, a property in Napa, liquid assets and valuable pieces of personal belongings.
Williams' estate is estimated at more than $100 million, Wagstaffe said.
The parties had been meeting to resolve the dispute, but there appeared to be little movement until Friday's announcement.
Williams also made sure his widow and her two sons received substantial gifts, including the home they shared.
Schneider Williams maintained in court documents that the estate's trustees calculated the value of the property and its associated expenses -- which she would be responsible for -- but have not explained how they came up with those numbers. She asked the court to rule on the issue.
The Williams children say Schneider Williams is seeking more than what was discussed as part of the trustee agreement. In documents filed in San Francisco Superior Court, they said that Schneider Williams was "seeking to increase her share of the trust assets at the expense of the Williams children."
The children are also entitled to receive his clothing as a part of his trust, an issue particularly sentimental to the actor's widow.
Schneider Williams asked to keep some items, such as his slippers and old T-shirts he often wore, because they remind her of him.