Actor Gene Hackman and his wife Betsy Arakawa died under mysterious circumstances last month, leaving behind a complex web of estate planning issues. The investigation into their deaths revealed that Hackman was suffering from poor health and multiple ailments, including Alzheimer’s disease.
Arakawa passed away several days prior to Hackman due to hantavirus pulmonary syndrome, a rare illness transmitted through rodents. The fact that they died at the same time has raised concerns about who will inherit Hackman’s estate.
In his will, Arakawa was named as the personal representative and successor trustee of Hackman’s living trust. However, since she has also passed away, it is unclear where the money will go.
Estate planning attorney Laura Cowan explained that this situation highlights the importance of having a revised will or trust document in place. “They picked a successor trustee to manage and distribute trust assets when they’re gone,” Cowan said. “However, Hackman made a mistake by not selecting new successors who could take over if Arakawa predeceased him.”
District Judge Maria Sanchez-Gagne has approved Avalon Trust, LLC as the temporary successor of the estate. The company will now be responsible for distributing Hackman’s assets.
Cowan emphasized that this situation is not unique to wealthy individuals like Hackman. “As an estate planning attorney, what we struggle with often is people thinking wills are only for the wealthy,” she said. “This highlights the importance of having a revised will or trust document that reflects current wishes and circumstances.”
The fact that Arakawa and Hackman were 30 years apart in age may have contributed to this issue, as they did not anticipate dying together. The situation raises questions about who should inherit Hackman’s estate and how the money will be distributed.
Source: https://www.yahoo.com/news/gene-hackman-made-major-mistake-151410678.html