The recent passing of Hollywood legends Gene Hackman and Betsy Arakawa sent shockwaves worldwide. Hackman, aged 95, is reported to have died on February 18, with his wife Betsy, 65, passing away almost a week prior.
Following their deaths, it has come to light that all the individuals listed as successor trustees in Hackman’s $80 million estate have already deceased. Consequently, a petition was filed to appoint a new temporary successor trustee, which was approved by District Judge Maria Sanchez-Gagne. Avalon Trust, LLC has been appointed as the temporary successor trustee.
Laura Cowan, an estate-planning attorney, highlighted the issues arising from Gene Hackman’s trusts. She emphasized the significance of involving Avalon Trust, LLC to ensure proper management of taxes, beneficiary notifications, and estate administration.
Cowan expressed concerns about potential complications due to the outdated nature of Hackman’s will, which could lead to tax burdens, delays, and increased probate costs. She also noted the unique circumstances of both Hackman and his wife passing away around the same time, potentially causing legal challenges.
Recent revelations of Hackman’s will indicate his fortune was left to his wife Betsy, but it remains unclear if his three children from a previous marriage are named as beneficiaries. The situation underscores the importance of regularly updating estate plans to avoid complications and ensure that one’s wishes are accurately reflected.