Gene Hackman and his wife Betsy Arakawa were found dead in their New Mexico home on Feb. 26. The couple had signed their wills in June 2005.
According to legal expert Adam Esquibias, the order of their deaths will have a big impact on how their estates are given out. The Hackmans used “pour-over wills,” which are common for married couples. In this setup, Betsy’s will leaves everything to the Gene Hackman Living Trust, and Gene’s will does the same for Betsy.
Since Betsy died first, she left everything to Gene’s trust. Then, when Gene died, his trust would give out the assets to the people named in it. However, it is not known who is named as a beneficiary in Gene’s trust.
Legal experts say this will make things more complicated if anyone tries to challenge the will, especially since Gene and Betsy signed these documents 20 years ago. Gene and Betsy named each other as representatives of their estates.
Hackman estate succession complexities unveiled
Betsy was also listed as the next trustee of the Gene Hackman Living Trust. Since they both died, some people are wondering who will inherit their estate. Esquibias said that no concrete information about the trust’s beneficiaries is public.
Julia L. Peters, the chief counsel at Avalon Trust Co., has been named as the personal representative for the estates. Betsy’s will also set up a charitable trust to benefit the community based on her and Gene’s wishes.
On March 7, authorities reported that Betsy died of hantavirus pulmonary syndrome. Gene, who was found later, died of severe heart disease and high blood pressure. As the investigation continues, legal and estate experts have shared their thoughts on how the couple’s deaths will affect their wills and trusts.
While most of the estate planning seems solid, not knowing who the trust beneficiaries are adds some uncertainty. This situation shows how complicated estate planning can be, especially when it involves trusts and people dying at the same time. The future of the Hackman estate is now in the hands of trusts, legal representatives, and possibly the courts.
Image Credits: Photo by Tierra Mallorca on Unsplash
