It’s been revealed that Gene Hackman made a chilling mistake before his death last month that now leaves his £62million fortune in limbo. The 95-year-old actor, who is believed to have died around February 18 from heart disease and complications from Alzheimer’s, had a living trust in place. However, every person he appointed to manage it had already passed away when he died. With no one left to oversee the trust, a representative for Hackman’s estate has now filed an emergency petition to appoint a new trustee.
Gene and his wife, Betsy Arakawa, 65, were discovered dead in their home on February 26 but the timeline of their deaths has thrown the matter of their wills into question. It is believed that Arakawa died first, most likely on February 12, from a rare disease called hantavirus.
Due to the lack of living trustees, on Thursday 20 March, District Judge Maria Sanchez-Gagne in New Mexico approved Avalon Trust, LLC, as a temporary successor to manage the estate. It’s still not clear how things will be dealt with. Estate planning attorney Laura Cowan revealed to DailyMail.com that because the couple died around the same time and there is so much ambiguity, it could cause legal problems.
According to papers, Hackman initially appointed his wife, Betsy Arakawa, as his successor, with attorney Michael G. Sutin as a backup. However, Sutin passed away in 2019, and authorities believe Arakawa died about a week before Hackman due to complications from the rare hantavirus. Since Hackman never updated the trust, there was no one left in charge.
Hackman’s estate is primarily held in two trusts: the Gene Hackman Living Trust and the GeBe Revocable Trust. With the designated trustees deceased, the court’s decision to appoint Avalon Trust ensures that taxes are filed, beneficiaries are notified, and the estate remains properly managed.
Hackman’s will left his fortune to his wife, but it remains unclear whether his three children from a previous marriage were included in the inheritance. If any heirs contest the trust, the situation could lead to a prolonged legal battle over the late actor’s estate.
