As the world commemorates the life of one of the 20th century’s greatest icons, sadly the fallout over the fortune of Muhammed Ali looks set to be significant.
With an estimated fortune of over £50m and his legacy expected to attract huge sums in the future there will be winners and losers in his family.
Married four times, with nine children from his first three wives, Ali’s family life, when he was in his sporting prime was less than straightforward.
However, for the past 30 years his fourth wife Lonnie was with him as his health deteriorated and she was given Power of Attorney over his finances as his own abilities diminished.
Already some of the press have seized on Ali’s complex family structure and the natural dynamics that come with this, and we believe this demonstrates how important it is to review your Will regularly and look into how powers of attorney might help you in your own life.
As we have said before, there is an increase in disputes over peoples’ estates in the UK due mainly to the deceased never having made a Will or failing to keep an existing Will up to date as circumstances changed.
This has led to a staggering increase in legal disputes over contested estates and Wills in the High Court.
Ensuring your estate is as you want it to be is vital for all those left behind. It is also important whilst you are alive to consider making a Lasting Power of Attorney, where you can appoint someone to take on financial responsibilities for you if you become incapacitated is also a sensible step.
It would be sad if the fallout over Muhammed Ali’s wealth attracted too many negative headlines, which detracts from his incredible life, but we hope that those who read about it will learn lessons