The world was stunned when the two-time Oscar-winning star Gene Hackman, 95, was found dead last month along with his 65 year-old wife Betsy Arakawa. Sadly, one of their three dogs was found dead with them.
Now, Hackman’s one huge mistake before his death has been revealed to the world. Indeed, this only makes his passing even more tragic.
Hackman’s Huge Mistake
Documents obtained by Daily Mail show that Hackman had a living trust at the time of his death. However, all of the people that he listed as trustees were dead when he passed away.
Hackman reportedly left everything he had to Arakawa, who he had been married to since 1991. Unfortunately, it is believed that she died around a week before he did.
Last Monday, a representative from Hackman’s estate filed a petition asking that a new temporary successor trustee be appointed. District Judge Maria Sanchez-Gagne approved the request on Thursday. She then instituted Avalon Trust, LLC, as a temporary successor at the recommendation of the estate’s representative.
Avalon Trust will now have the task of dishing out Hackman’s $80 million fortune. It is believed that the money will be distributed between his three children from a previous marriage.
Despite this, the award-winning estate planning attorney Laura Cowan does not believe that this process will be smooth sailing. She explained that when someone creates a living trust, “they pick a successor trustee to manage and distribute the trust assets when they’re gone.”
Cowan Doubles Down
Cowan went on to highlight the mistake that Hackman made that could complicate this process.
“Mr. Hackman did [pick successor trustees], but the people he picked all passed away before he did,” she said.
Cowan then said that when the court appointed Avalon Trust, LLC, as the temporary sole trustee of Hackman’s trust, it ensured that “taxes are filed, beneficiaries are notified, and nothing slips through the cracks.”
“It’s a common, proactive step in high-stakes estates, especially when multiple deaths or complex family dynamics are involved,” she stated. “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,” Cowan continued.
Related: Gene Hackman, 95, Was ‘Murdered,’ Hollywood Legend Randy Quaid Alleges
Hackman Hadn’t Changed His Will In Years
According to Cowan, more tax burdens could become a factor in this, since Hackman hadn’t changed his will in years.
“As an estate planning attorney, what we struggle with so often is people think wills are only for the wealthy,” she said. “And I think what’s interesting about Gene Hackman’s estate is that the problems he had has nothing to do with him being wealthy.”
“The first problem is that his will was 20 years old. And now there’s the question about whether it really reflect his wishes,” Cowan added. “And then there is also the issue that he and his wife died around the same time. Who died first and where will the money go? That has nothing to do with being rich and famous.”
“Also, 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,” Cowan concluded.
Hackman And Arakawa Found Dead
Hackman and Arakawa were found dead on February 26. It has since been revealed that Arakawa died of Hantavirus, a rare flu-like virus transmitted through rodent droppings. She likely passed away on February 12, which was when she made her last phone call. Until this phone call came to light, officials had believed that Arakawa died on February 11, which is when she was last seen on surveillance footage driving back into her gated community.
Full Story: Gene Hackman’s Wife’s Final Phone Call Revealed
Hackman was then in the mansion with her body for many days. He was suffering from advanced Alzheimer’s, meaning that he likely wasn’t fully aware of the situation. Hackman eventually succumbed to heart disease sometime around February 18.
This has clearly been an extremely difficult month for Hackman and Arakawa’s loved ones. Please join us in saying a prayer for them!
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