Attorney reveals huge mistake Gene Hackman made with his will that could spark battle over $80M fortune
SANTA FE, NEW MEXICO: Gene Hackman’s sudden death has left the fate of his $80 million fortune uncertain.
The veteran actor and his wife Betsy Arakawa were found dead in their Santa Fe home on February 26.
Though probes into the deaths reveal some facts behind the unexpected tragedy, a major issue has also surfaced regarding Hackman’s huge fortune.
The Hollywood legend had a living trust when he died at the age of 95. He had named successor trustees but the Daily Mail has now revealed that all of those listed are already dead.
Gene Hackman died without listing new successor trustees
The publication also reported that on the request of Julia Peters, a representative of Hackman's estate, District Judge Maria Sanchez-Gagne has appointed a new temporary successor trustee.
Avalon Trust, LLC, has been given the responsibility. It will ensure “taxes are filed, beneficiaries are notified, and nothing slips through the cracks.”
Laura Cowan, an award-winning estate planning attorney and the founder of the 2-Hour Lifestyle Lawyer, shared that normally people launching a living trust “pick a successor trustee to manage and distribute the trust assets when they're gone.”
“Mr Hackman did [pick successor trustees], but the people he picked all passed away before he did,” she said.
Regarding Avalon Trust, LLC, being chosen as the temporary successor, Cowan stated, “It’s a common, proactive step in high-stakes estates, especially when multiple deaths or complex family dynamics are involved.”
Gene Hackman’s old will likely to cause unnecessary issues
The lawyer further added, “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 also disclosed to the Daily Mail that ‘The French Connection’ star also did not revise his will before his sudden passing, which may result in unnecessary issues, especially since his three children—Christopher Allen, 65, Leslie Anne, 58, and Elizabeth Jean, 62—whom he had with his ex-wife Faye Maltese, were not included in the will.
She noted, “As an estate planning attorney, what we struggle with so often is people think wills are only for the wealthy. And I think what’s interesting about Gene Hackman’s estate is that the problems he had 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 reflects his wishes. 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,” she added.
Cowan also pointed out that Hackman and his wife were “30 years apart in age, so they probably didn’t think they would die so closely, and now it could cause some legal problems.”
