Gene Hackman recently died in tragic circumstances at his home in the United States of America. His death, and that of his spouse of 30 years, received extensive news coverage.
The will of this legendary actor Gene Hackman has been released, but uncertainty lingers over his $80m fortune. The two-time Academy Award winner left his entire estate to his wife of 30 years, Betsy Arakawa. However, Arakawa, 65, was found dead alongside her husband in their New Mexico home. Legal experts have now said that, because authorities say Arakawa died seven days before her husband, Hackman’s children could now potentially inherit his fortune, despite not being named in the will.
His three children with his late ex-wife, Faye Maltese – Christopher, 65, Elizabeth, 62, and Leslie, 58 were not mentioned at all in their father’s will as potential heirs. Legal documents obtained by the BBC show Hackman, 95, named Arakawa as his sole beneficiary in 1995, with the last update to the will in 2005. However, California attorney Tre Lovell told the BBC that the estate could default to them under succession laws, as long as there was no other beneficiary named. “The estate will actually be probated in accordance with intestate succession laws and the children would be lawfully next in line to inherit,” he said. They would also need to prove that the will is invalid because Arakawa died before Hackman, he added.
Authorities say Arakawa passed away on 11 February after contracting a rare virus, days before Hackman died of natural causes. The couple were found dead in separate rooms of their $4m Santa Fe home on 26 February after neighbourhood security conducted a welfare check and saw their bodies on the ground through a window. Arakawa was found in the bathroom with pills scattered nearby, while Hackman was in the back of the house, wearing sweatpants and slippers, his cane and sunglasses beside him. Officials determined he died seven days after his wife due to severe heart disease, with advanced Alzheimer’s listed as a contributing factor.
Arakawa’s own will left her assets to Hackman, with a provision that if they died within 90 days of each other, her estate would go to a trust and later be donated to charity after covering medical expenses.
None of us know the timing of our demise or the circumstances under which we will die. This makes it all the more important to review your will on a regular basis, obtain professional advice on the drafting thereof and seek to cover the various circumstances under which the will be executed and administered.
Make contact with your Activ8 advisor to schedule an estate planning review of your affairs.
Contact Us today!