Gene Hackman's death 7 days after wife Betsy Arakawa could affect division of his $80M fortune: Experts
SANTA FE, NEW MEXICO: The seven-day gap between the deaths of Gene Hackman and his wife Betsy Arakawa, while tragic, may help in a smooth transition of the Oscar-winner’s $80 million Hollywood fortune, shared the lawyers.
As reported by Daily Mail, had the Hollywood star, 95, and his classical pianist wife, 65, died within 120 hours of each other, the deaths would have been considered as occurring "simultaneously." This, in turn, would have posed major implications in dividing up the couple’s estimated $80 million fortune along with their $3.8 million Santa Fe mansion.
Lawyers weigh in on the fate of Gene Hackman's $80M fortune
The world was left shaken when the news came out that the bodies of Gene Hackman and Betsy Arakawa were discovered in their luxury home on February 26, along with the body of their 12-year-old dog, Zinna.
Following a probe into the tragic deaths, the authorities revealed last Friday, March 7, that while Arakawa died around February 11, her husband was alive for another week (as found from his pacemaker recording) before breathing his last around February 18.
According to the lawyers, however, the time frame is important in the sense that the week-long gap in their passing should facilitate the winding up of the fortune somewhat complication-free.
As reported by the outlet, the latest findings by the investigative authorities could have implications for the inheritance of Hackman’s three children from his previous marriage to Faye Maltese - son Christopher and daughters Elizabeth and Leslie.
Arakawa, on the other hand, had no children.
Under New Mexico law, the couple’s deaths would have been classified "simultaneous" had they passed away within five days or 120 hours of each other. Had it been the case, it would have impacted how their joint estates would have been divided.
However, experts suggested that since Hackman lived for around a week after his wife’s death, his estate may get divided among his beneficiaries other than Arakawa.
Legal expert Kevin Holmes from Holmes Law Firm said, “In a lot of states, including New Mexico, there's a kind of presumptive triggering deadline of five days before you're considered having survived under the terms of most wills.”
Holmes claimed that while many details about Hackman’s (or Arakawa’s) wills are not known, it is possible that - given their Hollywood connection - they might have used a more tax-friendly trust.
The legal experts claim that in many cases, the spouses leave their entire estate to the surviving spouse as well.
However, attorney John Budagher from Budagher & Tann shared that with the information being extremely private, the terms of the ‘French Connection’ actor's will are not known.
Thus, the experts claimed that it is not yet known who the couple have named as their beneficiaries in their wills.
While it can be anyone from the actor’s children to caretakers, more preposterous options can also not be dismissed yet.
Budagher emphasized, “It's your money,” before joking, “You're allowed to give it to whomever you want, including a donkey sanctuary in Connecticut.”
The lawyer also could not dismiss the possibility of a more recent will by Hackman. The attorney pointed out that if a document was signed on a recent date, it might get under scrutiny owing to the double Oscar-winner’s advanced Alzheimer’s.
“If it's more recent, that doesn't mean it's invalid; it just means it's riper for a potential challenge — especially if it's doing something like leaving everything to a caretaker,” shared Budagher.
The attorney further highlighted that several other factors may also determine how the property might be distributed among the beneficiaries, including whether the late couple had any pre or post-nuptial agreements.
Gene Hackman’s daughters were ‘devastated’ by actor’s death
Just a few days after the ‘Bonnie and Clyde’ star and his wife’s bodies were found, Hackman’s two daughters, Elizabeth, 62, and Leslie, 58, and granddaughter Annie, shared in a statement that they were “devastated” by the loss.
They said, “He was loved and admired by millions around the world for his brilliant acting career, but to us, he was always just Dad and Grandpa,” as per Daily Mail.
Leslie also shared that while she had been “close” with her father, they did not speak for “a couple of months” before his tragic death.
“We were close… I hadn’t talked to them for a couple months, but everything was normal and everything was good,” she said, according to Men’s Journal.
