Gene Hackman’s large estate could cause issues, according to an expert, following the deaths of the Hollywood icon and his wife, Betsy Arakawa at their home last month
Gene Hackman is said to have made a grave error prior to his tragic death.
The legendary actor, 95, was found dead at his Santa Fe home in New Mexico last month, along with Betsy, 65, and their dog Zinna. Their bodies were discovered in separate rooms of the property, decomposed and partially mummified.
Authorities said Hackman died of coronary artery disease, with his advanced Alzheimer’s listing as a contributing factor. They believe he likely died on February 18, around seven days after Arakawa, who died from Hantavirus Pulmonary Syndrome, a rare virus caused by exposure to infected rats.
The actor’s death has sparked a potential legal battle over his huge $80million (£61.8million) fortune. The two-time Academy Award winner left his entire estate to his wife Betsy in 1995 and did not name his three children.
The last update to the will was in 2005. However, it’s believed they could now inherit the fortune as the musician died just days before her husband.
Although Gene and Betsy did not have children together, the actor has three children – son Christopher Allen, 65, and daughters Leslie Anne, 58, and Elizabeth Jean, 62 – from his previous marriage to Faye Maltese.
The Hollywood star had a living trust at the time of his death, but all of the people he listed as successory trustees were dead by the time that he passed. It has led to a representative of Hackman’s estate filing a request for a new temporary successor trustee to be appointed.
On Thursday (March 20), District Judge Maria Sanchez-Gagne reportedly approved this request. Avalon Trust, LLC, has been made a temporary successor at the recommendation of the representative of Hackman’s estate, Julia Peters.
It means Avalon Trust will be tasked with splitting the actor’s estate and it’s believed it will be divided between his children. However, an estate-planning attorney has claimed his mistake with the trusts could lead to some serious complications.
Speaking to Mail Online, founder of the 2-Hour Lifestyle Lawyer, Laura Cowan, said the first problem was that Gene didn’t change his will for years and this could complicate things. “The first problem is that his will was 20 years old,” she said. “And now there’s the question about whether it really reflects his wishes.”
She added that the fact both he and his wife died around the same time could cause issues, too. “‘Also, it is interesting since they are 30 years apart in age,” she added. “So they probably didn’t think they would die so closely, and now it could cause some legal problems.”
Cowan also highlighted the large age gap between Gene and Betsy, adding: “It is interesting since they are 30 years apart in age, so they probably didn’t think they would die so closely, and now it could cause some legal problems.”
She explained Avalon Trust, LLC, being brought in will ensure that “taxes are filed, beneficiaries are notified, and nothing slips through the cracks”. Cowan said: “While most details of a revocable living trust remain private, court filings related to disputes, trustee appointments, or probate of assets left outside the trust could reveal some information.
“While the full trust is unlikely to be made publicly available, key details like trustee powers or asset distributions could become part of the court record under specific circumstances.”
The expert said Hackman’s heirs contesting the trust would be one of these “special circumstances” and that part of it may be submitted as evidence in court. She explained that if some assets weren’t properly transferred into the trust, it could go via probate.
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Source: Celebrities - dailystar.co.uk
