Chicago Business Attorney Blog
The recent deaths of Hollywood legend Gene Hackman and his wife of the past three decades, Betsy Arakawa, very close in time to one another have led to a potentially messy situation in which one of Hackman’s children might be contesting his will. The scenario highlights why it’s important that trust and estate documents account for all possible outcomes and give those you leave behind an unambiguous path to disbursing your assets.
Official reports appear to show that Arakawa died from the rare disease hantavirus and that Hackman—suffering from Alzheimer’s disease and likely not lucid enough to have called police about his wife’s death—passed away about a week later from cardiovascular disease.
Hackman’s 2005 Living Trust names Arakawa as his sole beneficiary for his $80 million estate, but since she appears to have died first, it’s not entirely clear what happens next. His daughters Leslie and Elizabeth and son Christopher are not named anywhere in the documents.
As his most direct living heirs, the children, ages 58 to 65, could receive Hackman’s share, although that’s not automatic. They might have to prove that he either lacked capacity to understand the will or had “undue influence” exerted upon him, or that the signature on it was forged or otherwise fraudulent. Christopher reportedly has hired a prominent trust and estate attorney, which could mean he’s planning to contest the will.
Arakawa’s will is another matter, partly because Hackman’s children are from his first marriage, to Faye Maltese. The document leaves most of Arakawa’s assets to Hackman, unless they die within 90 days of one another. In that case, considered a “simultaneous” death—assuming no prenuptial agreement exists, and given that New Mexico is a community property state where marital assets are assumed to be 50-50—her assets all go to charity. Had she pre-deceased Hackman by more than 90 days, her estate would pass to him. Illinois is not a community property state and the results would differ had they died in Illinois.
This scenario demonstrates the importance of having a thoughtful and thorough estate plan. So if you haven’t already, be sure to contact your Chicago estate planning attorney to make sure that you are accounting for all possible scenarios and have crystal clarity. That way, you can ensure that your heir(s) aren’t facing an ambiguous, potentially contested situation upon your passing, adding to their stress at an already difficult time. Contact Attorney Tracy Ries for more information.