As we all know, reknowned boxer Muhammad Ali passed away just last week on June 3,2016. Media outlets report that his estate may be worth around $80 million. Who will inherit this? What is the exact amount that his estate is worth? What will the beneficiaries of his will recieve? What will they have to do to inherit? What is probating a will in Florida?
The Probate Process in Florida
- “Probate” is a term often used to refer to the official, court supervised, administration of one’s estate.
- In other words, it is the legal proceedings which occur to your property after you die.
- Trust and estates lawyers West Palm Beach know that a “probate” is often “opened up” by the filing of a Florida resident’s last will and testament.
- In addition, a court document known as a “petition for administration” needs to be filed.
- Do you need assistance from a Palm Beach probate lawyer to administer an estate?
Muhammad Ali’s Estate
- According to an article in The Guardian, the beneficiaries of Muhammad Ali’s estate may inherit millions.
- However, it seems the exact worth of his estate is still in question.
- Ali’s fourth wife, Lonnie Ali, is the executor of his estate.
- His estate is in Arizona but a probate process, like the probate process in Florida, will occur.
- What is the executor of an estate?
- In Florida, an executor is called a “personal representative.”
- To read the entire article regarding Ali’s worth and estate, click here.