Gene Hackman’s estate is facing uncertainty after the Oscar-winning actor’s death last month at 95. The main issue lies with his trust, which was created when he was younger and left his wife, Betsy Arakawa-Hackman, everything in his will.
A key problem with the trust is that all of its successor trustees have already passed away. This makes it complicated for Hackman’s estate to move forward without a new trustee being appointed.
According to New Mexico law, if the couple had died within 120 hours of each other, their deaths would have been considered simultaneous. However, investigators found that Hackman outlived his wife by seven days, which could lead to his estate being divided among his remaining beneficiaries.
To address this issue, Hackman’s estate filed a petition to appoint a new temporary successor trustee, which was recently approved. The Avalon Trust, LLC, has been appointed as the temporary sole trustee of Hackman’s trust.
Estate planning attorney Laura Cowan says that this is a common step in high-stakes estates with complex family dynamics or multiple deaths involved. However, she notes that Hackman’s estate may face complications such as delays, tax burdens, and additional probate costs due to its outdated will, which was 20 years old.
Attorney John Budagher adds that given Hackman’s Alzheimer’s diagnosis, the dates of any legal documents or wills he signed could raise questions about potential updates, leaving them vulnerable to challenges. Additionally, prenuptial or postnuptial agreements and potential beneficiaries may try to make claims on his estate, including possibly omitted children from his will.
As a result, Hackman’s estate is uncertain about its future, with many unknowns yet to be resolved in the coming weeks.
Source: https://www.thedailybeast.com/gene-hackman-made-a-big-mistake-ahead-of-80m-estate-battle