On March 21 2025, the legendary boxer George Foreman passed away leaving behind an estimated $300 million estate (equating to around £230 million), amassed through his boxing success and the highly lucrative George Foreman Grill, which brought in approximately $200 million.
During his lifetime, Foreman was married five times, eventually marrying Mary Joan Martelly from 1985 until he passed away. From his five marriages, the boxer had twelve children and eleven of his children have survived him. This includes his two adopted daughters, Isabella and Courtney, whom he adopted in 2009 and 2012.
It is currently unknown whether Foreman had a Will and with a large and complex family dynamic and a multimillion-dollar legacy, this begs the question, who would inherit his estate under English Law?
What would happen if Foreman didn’t make a Will?
When a person passes away without a Will and they are married with children and an Estate is worth more than £322,000, the inheritance is divided between the spouse and the children. The spouse will inherit all the personal property and belongings of the deceased, the first £322,000 of the Estate and the remaining half of the Estate. The children will inherit the other half of the remaining Estate and if the deceased had more than one child, this amount will be divided equally between them. Mary Martelly would therefore be entitled to the first £322,000 of Foreman’s Estate. The remaining £229 million would be split into two equal shares and one half would go to Mary and the other half would be shared equally between Foreman’s eleven surviving children.
Under the Inheritance (Provision for Family and Dependants) Act 1975, a ’child’ includes both biological and adopted children. This also includes step-children adopted by their step-parent. Therefore, Foreman’s children Isabella and Courtney would be treated the same as any of his biological children and would have equal entitlement to his Estate.
What happens to the George Foreman Grill under the intestacy rules?
A business, or any ownership interest in a business forms part of any individual’s estate. Additionally, when a company owner or creator passes away, their royalties and brand ownership are deemed as intellectual property and would be treated just like any other asset under the intestacy rules.
What would happen if Foreman did make a Will?
The main benefit of making a Will versus relying on the intestacy rules is that you have control over the asset distribution. A Will allows an individual to state who they wish to inherit their Estate. This includes specific legacies for family members, friends and charities. For example, Foreman may have chosen to include his business and royalties as a specific legacy to one of his children, if he didn’t want it to form part of his residuary estate. Specifying your chosen beneficiaries in a Will helps prevent family disputes after your passing and minimises potential legal complications.
Additionally, many philanthropists including Foreman may have used his Will to give to charity, not only to support meaningful causes but to take advantage of tax benefits. This is because charitable donations in a Will are exempt from inheritance tax and if you donate 10% or more of your estate, your inheritance tax rate will reduce from 40% to 36%.
A Will can also be used to protect beneficiaries through the creation of a Trust. A Trust in a Will can provide valuable protection for beneficiaries against external claims or personal financial mismanagement. If a beneficiary is bankrupt, an outright inheritance would be used to pay their creditors. Similarly, if the beneficiaries are going through a divorce, the inheritance may be considered in the financial settlement.
A Discretionary Trust in Foreman’s Will would mean that he could appoint trustees to control the Trust fund and gives his trustees the power to manage the Trust’s assets and distribute to the beneficiaries to them as they see fit.
Finally, there are also non-financial benefits to writing a Will rather than relying on intestacy rules. A Will allows you to specify your funeral wishes and appoint executors to ensure your instructions are carried out. This provides clarity and reassurance for loved ones, offering peace of mind about the future.
In summary
The future of the Foreman Empire would heavily rely on whether a Will was created and if made, the wishes Foreman expressed in it.
Writing a Will is very important especially when there are complex family dynamics, business assets and vulnerable beneficiaries. This is to ensure your wishes are followed, protect family members and to prevent unwanted legal battles.
For further information, or to discuss the issues raised within this case, please contact us to speak to a member of our Private Wealth and Inheritance Team.
