The deaths of actor Gene Hackman and wife Betsy Arakawa have raised questions about what could potentially happen to their estates.
The couple, ages 95 and 64, were both discovered deceased at their Santa Fe ranch in February, with New Mexico officials later saying Arakawa died around Feb. 11 and the Oscar-winning actor passed about a week after her.
Hackman’s death was attributed to hypertensive atherosclerosis cardiovascular disease, with Alzheimer’s disease as a contributing factor, Fox News Digital reported. His wife’s cause of death was hantavirus pulmonary syndrome.
Court documents did not appear to be publicly available, but People reported Friday that the Oscar-winning actor’s estate was directed to Arakawa in his June 2005-dated will.
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His will referenced a 1995 trust agreement, according to the outlet.
Arakwa also had a will of her own, with Hackman meant to serve as the “personal representative” of her assets, People reported.
She reportedly indicated in her will that she wanted her estate to move into a charitable trust “to achieve purposes beneficial to the community, consistent with the charitable preferences and interests expressed or indicated by my spouse and me during our lifetimes” after covering funeral and estate-related legal costs, according to the outlet.
FOX Business reached out to Avalon Trust chief counsel Julia Peters, who is now representing their estates according to People, for comment.
She submitted documents to the Santa County court with Hackman’s children listed as heirs for Hackman, according to the outlet. Their filing reportedly coincided with the submission of his will.
Hackman’s three children are all adults.
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Celebrity Net Worth pegged Hackman’s net worth, amassed from his decades-long career in Hollywood and book-writing, at a reported $80 million.
Jafari Law & Mediation Office CEO Padideh Jafari told FOX Business Hackman’s will likely “includes a provision specifying that if his wife was not alive at the time of his death, his estate would pass to his children.”
“Such contingency clauses are standard part of estate planning and ensure that when the primary beneficiary – here, the spouse – dies first, the assets then go to the next intended recipients, commonly the children,” she said.
“When you have a married couple die, the issue is who dies first, and in this case, Betsy died first, so she left everything to the Gene Hackman trust,” a lawyer, David Esquibias, told People. “He outlives her. So he theoretically inherits from Betsy into his trust, and then when he dies, his trust goes to whoever his trust beneficiaries are.”
“In this case, we don’t see who the beneficiaries are of the Gene Hackman trust because the Gene Hackman trust hasn’t either been publicly released or it’s not part of the probate proceeding. Typically though, the probate proceeding, at least in California, the trust is usually included,” he reportedly continued.
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News of Hackman and Arakawa’s deaths first broke in late February, prompting multiple Hollywood stars to express their sorrow.
“The loss of a great artist, always cause for both mourning and celebration: Gene Hackman a great actor, inspiring and magnificent in his work and complexity,” Francis Ford Coppola said at the time. “I mourn his loss, and celebrate his existence and contribution.”
“I am crushed by the sudden deaths of Gene Hackman and his wife Betsy Arakawa (and their dog),” Josh Brolin said in a social media post. “Crushed. He was always one of my favorites. Not many who beat to their own drums like he did. Rest in Peace.”
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