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Well, you can’t libel the dead. You can add the usual disclaimer at the start – “This movie depicts historic events but some characters have been created, some events totally made up and much of the dialogue totally invented …….”
The very successful ‘The Crown’ created all kinds of events that may or may not have happened, and no way would Buckingham Palace ever confirm or deny them. To my non-legally trained mind, the only real thing is defamation – if they decide your product impacted negatively, and they have more money than you – you are stuck! Excluding the young soon to be ex-royals, taking a pop at our royal family is pretty safe, they don’t use the courts and just suck it up. Doing the same thing to a celebrity would be very different. You could risk showing them the script, but what if they complain? I suppose it saves an after action court battle, but wrecks the project.