Gene Hackman’s £62 million fortune is in limbo following the discovery of a serious oversight in his estate planning.
The Hollywood legend, who passed away last month, made a critical error before his death. The mistake has now left his considerable assets without clear management.
A chilling mistake uncovered
© GettyGene was found dead at his home alongside his wife, Betsy Arakawa on February 26. Authorities believe Gene died around February 18 from heart disease and complications related to Alzheimer’s disease.
However, Betsy is thought to have died several days earlier, around February 12, from the rare hantavirus. This timeline has created serious issues with Gene’s estate.
Documents revealed that Gene had established a living trust, naming Betsy as the primary trustee. He also appointed attorney Michael G. Sutin as a backup.
Unfortunately, Michael passed away in 2019, and Gene failed to update the trust. With Betsy believed to have died before Gene, there was no living trustee left to manage the estate.
Court intervenes to protect estate
© GettyDue to the confusion, a representative for Gene’s estate filed an emergency petition last week. The petition asked the court to urgently appoint a new trustee to manage the actor’s estate.
On Thursday, 20 March, District Judge Maria Sanchez-Gagne in New Mexico approved Avalon Trust, LLC, as temporary successor trustee. This appointment will allow the trust to continue functioning, ensuring taxes are filed and beneficiaries notified.
Estate planning expert Laura Cowan explained the potential complexity to DailyMail.com: “Because the couple died around the same time and there is so much ambiguity, it could cause legal problems.”
Future of Gene’s fortune uncertain
© GettyGene’s estate primarily consists of two trusts: the Gene Hackman Living Trust and the GeBe Revocable Trust. His original intention was for his fortune to pass to his wife, Betsy, upon his death.
Now, with Betsy’s earlier death complicating matters, questions remain over how Gene’s assets will be distributed. It is also unclear whether Gene’s three children from his previous marriage are included in his inheritance.
The potential for family disputes over the estate remains high. If any of Gene’s heirs contest the trust, a lengthy legal battle could follow.
Ensuring stability for now
© GettyAvalon Trust’s appointment offers temporary stability to the management of Gene’s fortune. The trust firm will oversee administration of the estate until a permanent solution is found.
Their role will include identifying beneficiaries, valuing assets, and ensuring compliance with tax obligations.
Despite these measures, significant uncertainty remains regarding who will ultimately inherit Gene’s vast wealth. The failure to name living trustees is now a stark lesson in estate planning.
Lessons from Gene’s oversight
© Ron Galella Collection via GettyGene’s chilling mistake highlights the importance of regularly updating estate documents. His oversight now serves as a reminder to others about keeping their affairs in order.
Had Gene revised his documents after Michael’s death, the current situation might have been avoided. Instead, his £62 million fortune remains in a precarious position.
