Graceland in Memphis, Shelby County, United States | Museum

Elvis Presley died at Graceland, Memphis in the United States,  on August 16, 1977.   His will appointed his father, Vernon Presley, who had long handled Elvis's personal, non-career business affairs, as executor and trustee. The beneficiaries were Elvis's grandmother, Minnie Mae Presley; his father, Vernon Presley; and his only child, Lisa Marie Presley. The will provided that Vernon Presley could, at his discretion, provide funds to other family members as needed. Vernon Presley died in 1979. Minnie Mae Presley died in 1980. This left Lisa Marie Presley as the sole heir to the estate. Elvis's will stated that her inheritance was to be held in trust for her until her twenty-fifth birthday, February 1, 1993.

Elvis Presley could have left one of the great fortunes of entertainment history, had he been one to worry about financial planning, rather than freely enjoying and sharing his wealth as he did. While the estate he left was by no means broke, there was a cash flow problem, especially with Graceland costing over half a million dollars a year in maintenance and taxes. It seemed logical for Priscilla and the executors to open Graceland in Memphis to the public. In late 1981, they hired Jack Soden, at the time a Kansas City, Missouri investment counselor, to plan and execute the opening of Graceland to the public and oversee the total operation. Graceland opened for tours on June 7, 1982.