When the great boxer Muhammad Ali died earlier this year (2016), several tabloid papers rushed to predict in-family fighting over the division of his estate. In fact, his heirs (and their lawyers) appear to have resolved any such issues among themselves, and there have been no follow-up stories of court actions.
Of course the potential for such disputes are not the sole preserve of the rich and famous, and the associated causes are numerous. Perhaps there has been a failure to have a Will properly prepared; a Will may have been lost; there may be the suspicion that an interested third party, possibly a relative or friend, may have unduly influenced the author of the Will; questions may arise as to the mental capacity of the author (perhaps on account of senility, dementia, or other mental health issues); or, as is becoming increasingly common, complications can arise through changes of family circumstances, such as separation, remarriage, with associated unexpected or unwanted consequences for surviving family causing disharmony.
The above examples may call for particular legal remedies and solutions, all of which are best considered with the benefit of legal advice. Some may justify the raising of Court proceedings. Nonetheless, Muhammad Ali’s family offer a worthwhile example that, where possible, attempts should be made to resolve such disputes through negotiation.
These type of disputes tend to involve family members, (a fertile ground for argument) which emphasizes the need to seek advice quickly, preferably before such tensions escalate. This may achieve a quicker resolution, leading to the desirable outcome of preserving more of the estate to be distributed.
The other lesson of the inheritance sagas of the rich and famous – from the billionaire Howard Hughes to the musician Prince – is the importance of having a properly prepared Will in the first place. Equally important is the need to review and update it to take account of major life events, such as marriage, relationship breakdown, or the birth of children.
The tabloid press may love these high profile inheritance wrangles and family feuds, but for the rest of us we can enjoy our relative anonymity, safe in the knowledge that they can easily be avoided by following these simple recommendations.
