WealthManagement quoted Kevin Ghassomian on the latest developments surrounding Gene Hackman's estate.
According to the article, there is uncertainty surrounding the inheritance of Gene Hackman’s rumored $80 million estate. The actor is said to have left his entire estate to his wife Betsy Arakawa, who predeceased him by a week. Hackman also left behind three adult children from a previous marriage; however, his will allegedly appoints Arakawa as the sole beneficiary and personal representative of his estate and as the successor trustee of the Gene Hackman Living Trust. Notably, Arakawa does not have children and left her estate to Hackman, including a clause that directs their money to a charitable trust if they died within 90 days of each other.
Ghassomian explains what provisions fall into place when spouses pass away close to one another in time. “When spouses die close together, the '120-hour rule' under the Uniform Simultaneous Death Act, which most states (including New Mexico) have adopted, prevents assets from bouncing between their estates. A simultaneous death provision in a will or trust can override this, often requiring a spouse to survive by 30, 60 or 90 days before inheriting. If that condition isn’t met, the estate passes to alternate beneficiaries.”
Ghassomian added, “Since Arakawa died a week before him, the issue now is whether his estate plan anticipated this scenario. If his will includes a survival requirement, her inheritance would presumably lapse, and assets would instead pass to the next designated heirs.”
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