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Yahoo
30-07-2025
- Business
- Yahoo
Gene Hackman Had a Will, But We May Never Know Who Inherits His $80 Million Fortune
Gene Hackman was found dead inside his New Mexico home on Feb. 26, 2025, at the age of 95. The acclaimed actor's wife, Betsy Arakawa, had also died of a rare virus a week before his death from natural causes. Details about the couple's plans for Hackman's reportedly $80 million fortune are only starting to emerge, months after the discovery of their tragic demise. While their wills have not yet been made public, we have seen them through a reputable source. What is the difference between a will and a trust? Both documents are short and sought to give the bulk of their assets to Hackman's trust — a legal arrangement that allows someone to state their wishes for how their assets should be managed and distributed. Wills and trusts are similar in that both can be used to distribute someone's property. They differ in that a trust can take effect during someone's lifetime and continue long after their death. Wills take effect only upon someone's death, for the purpose of distributing assets that person had owned. Both trusts and wills can be administered by someone who does not personally benefit from the property. Hackman, widely revered for his memorable roles in movies such as The French Connection, Bonnie and Clyde, and The Birdcage, made it clear in his will that he wanted the trust to manage his assets, and he apparently named Arakawa as a third-party trustee. But that plan was dashed by Arakawa's sudden death. The person managing Hackman's estate asked the court to appoint a new trustee, a request that the court approved, according to public records. But the court order is not public, and the trust itself remains private, so the public doesn't yet know who will manage his estate or inherit his fortune. U.S. courts vary in how much access they provide to case records. As law professors who specialize in trusts and estates, we teach courses about the transfer of property during life and at death. We believe that the drama playing out over Hackman's assets offers valuable lessons for anyone leaving an estate, large or small, for their loved ones to inherit. It is also a cautionary tale for the tens of millions of Americans in stepfamilies. 'Pour-over' wills are a popular technique The couple signed the wills in 2005, more than a decade before Hackman was diagnosed with dementia. There's no reason to doubt whether Hackman was of sound mind at that time. Although he had retired from acting and led a very private life for a public figure, after the last film he starred in, Welcome to Mooseport, was released in 2004, Hackman continued to write books and narrate documentaries for several more years. Based on the wills that we have been able to review, Hackman and Arakawa used a popular estate planning technique that combined two documents: a lifetime trust and a will. The first document, sometimes called a 'living trust,' usually contains the most important details about who ultimately inherits a person's property once they die. All other estate planning documents, including wills, all financial and brokerage accounts, and life insurance policies can pour assets into the trust at death by naming the trustee as the death beneficiary. The trust is the only document that needs to be updated when life circumstances change, such as divorce, the death of a spouse, or the birth of a child. All of the other planning documents can be left alone because they already name the trustee of the trust as the property recipient. Hackman also signed a second document, known as a 'pour-over' will. A pour-over will is a catchall measure to ensure that anything owned at death ends up in the trust if it wasn't transferred during life. Hackman's pour-over will gave his estate at death to Arakawa as the designated trustee of the trust he had created. The combination of a trust coupled with a pour-over will — a technique that Michael Jackson also used — offers many advantages. One is that, if the trust is created during life, it can be administered privately at death without the cost, publicity, and delay of probate — the court-supervised process for estate administration. That is why, while Hackman's personal representative filed his will in probate court to administer any remaining property owned at death, the trust created during Hackman's life can manage assets without court supervision. Who will inherit Gene Hackman's money? The trust document has not been made public, but Hackman's personal representative stated that the trust 'contains mainly out-of-state beneficiaries' who will inherit his assets. Hackman's beneficiaries are unlikely to be publicly identified because they appear in the trust rather than the pour-over will. His will does not leave anything directly to any relatives. Even Arawaka was not slated to receive anything herself, only as trustee, but the will does mention his children in a paragraph describing his family. Hackman had three children, all born during his first marriage to Faye Maltese: Christopher, Elizabeth, and Leslie. Hackman had acknowledged that it was hard for them to grow up with an often-absent celebrity father, but his daughters and one granddaughter released a statement after he died about missing their 'Dad and Grandpa.' It is possible that Hackman's children, as well as Arakawa, are named as beneficiaries of the trust. Arakawa had no children of her own. Little is known about her family, except that her mother, now 91, is still alive. Arakawa's will gave the bulk of her estate to Hackman as trustee of his trust, but only if he survived her by 90 days. If he failed to survive by 90 days, then she instructed her personal representative to establish a charitable trust 'to achieve purposes beneficial to the community' consistent with the couple's charitable preferences. Her will refers to charitable 'interests expressed … by my spouse and me during our lifetimes.' But it offers no specific guidance on which charities should benefit. Because Hackman did not survive Arakawa by 90 days, no part of her estate will pass to Hackman's trust or his children. Christopher Hackman has reportedly hired a lawyer, leading to speculation that he might contest some aspect of his father's or stepmother's estates. Research shows that the average case length of a probate estate is 532 days, but individual cases can vary greatly in length and complexity. It is possible that the public may never learn what happens to the trust if the parties reach a settlement without litigation in court. Takeaways for the rest of us We believe that anyone thinking about who will inherit their property after they die can learn three important lessons from the fate of Hackman's estate. First, a living trust can provide more privacy than a will by avoiding the publicity of a court-supervised probate administration. It can also simplify the process for updating the estate plan by avoiding the need to amend multiple documents every time life circumstances change, such as the birth of a child or end of a marriage. Because all estate planning documents pour into the trust, the trust is the only document that requires any updating. You don't need a multimillion-dollar estate to justify the cost of creating a living trust. Some online platforms charge less than $400 for help creating one. Second, remember that even when your closest loved ones are much younger than you are, it's impossible to predict who will die first. If you do create a living trust, it should include a backup plan in case someone named in it dies before you. You can choose a 'contingent beneficiary' – someone who will take the property if the primary beneficiary dies first. You can also choose a successor trustee who will manage the trust if the primary trustee dies first or declines to serve. Finally, it's important to carefully consider how best to divide the estate. Hackman's children and some of his other relatives may ultimately receive millions through his trust. But parents in stepfamilies must often make difficult decisions about how to divide their estate between a surviving spouse and any children they had with other partners. Naomi Cahn, Professor of Law, University of Virginia and Reid Kress Weisbord, Distinguished Professor of Law and Judge Norma Shapiro Scholar, Rutgers University – Newark This article is republished from The Conversation under a Creative Commons license. Read the original article. The post Gene Hackman Had a Will, But We May Never Know Who Inherits His $80 Million Fortune appeared first on Katie Couric Media. Solve the daily Crossword
Yahoo
30-07-2025
- Business
- Yahoo
Gene Hackman had a will, but the public may never find out who inherits his $80M fortune
Gene Hackman was found dead inside his New Mexico home on Feb. 26, 2025, at the age of 95. The acclaimed actor's wife, Betsy Arakawa, had also died of a rare virus – a week before his death from natural causes. Details about the couple's plans for Hackman's reportedly US$80 million fortune are only starting to emerge, months after the discovery of their tragic demise. While their wills have not yet been made public, we have seen them through a reputable source. Both documents are short and sought to give the bulk of their assets to Hackman's trust – a legal arrangement that allows someone to state their wishes for how their assets should be managed and distributed. Wills and trusts are similar in that both can be used to distribute someone's property. They differ in that a trust can take effect during someone's lifetime and continue long after their death. Wills take effect only upon someone's death, for the purpose of distributing assets that person had owned. Both trusts and wills can be administered by someone who does not personally benefit from the property. Hackman, widely revered for his memorable roles in movies such as 'The French Connection,' 'Bonnie and Clyde' and 'The Birdcage,' made it clear in his will that he wanted the trust to manage his assets, and he apparently named Arakawa as a third-party trustee. But that plan was dashed by Arakawa's sudden death. The person managing Hackman's estate asked the court to appoint a new trustee, a request that the court approved, according to public records. But the court order is not public, and the trust itself remains private, so the public doesn't yet know who will manage his estate or inherit his fortune. U.S. courts vary in how much access they provide to case records. As law professors who specialize in trusts and estates, we teach courses about the transfer of property during life and at death. We believe that the drama playing out over Hackman's assets offers valuable lessons for anyone leaving an estate, large or small, for their loved ones to inherit. It also is a cautionary tale for the tens of millions of Americans in stepfamilies. 'Pour-over' wills are a popular technique The couple signed the wills in 2005, more than a decade before Hackman was diagnosed with dementia. There's no reason to doubt whether Hackman was of sound mind at that time. Although he had retired from acting and led a very private life for a public figure, after the last film he starred in, 'Welcome to Mooseport,' was released in 2004, Hackman continued to write books and narrate documentaries for several more years. Based on the wills that we have been able to review, Hackman and Arakawa used a popular estate planning technique that combined two documents: a lifetime trust and a will. The first document, sometimes called a 'living trust,' usually contains the most important details about who ultimately inherits a person's property once they die. All other estate planning documents, including wills, all financial and brokerage accounts, and life insurance policies can pour assets into the trust at death by naming the trustee as the death beneficiary. The trust is the only document that needs to be updated when life circumstances change, such as divorce, the death of a spouse, or the birth of a child. All of the other planning documents can be left alone because they already name the trustee of the trust as the property recipient. Hackman also signed a second document, known as a 'pour-over' will. A pour-over will is a catchall measure to ensure that anything owned at death ends up in the trust if it wasn't transferred during life. Hackman's pour-over will gave his estate at death to Arakawa as the designated trustee of the trust he had created. The combination of a trust coupled with a pour-over will – a technique that Michael Jackson also used – offers many advantages. One is that, if the trust is created during life, it can be administered privately at death without the cost, publicity and delay of probate – the court-supervised process for estate administration. That is why, while Hackman's personal representative filed his will in probate court to administer any remaining property owned at death, the trust created during Hackman's life can manage assets without court supervision. Who might get what The trust document has not been made public, but Hackman's personal representative stated that the trust 'contains mainly out-of-state beneficiaries' who will inherit his assets. Hackman's beneficiaries are unlikely to be publicly identified because they appear in the trust rather than the pour-over will. His will does not leave anything directly to any relatives. Even Arawaka was not slated to receive anything herself, only as trustee, but the will does mention his children in a paragraph describing his family. Hackman had three children, all born during his first marriage, to Faye Maltese: Christopher, Elizabeth and Leslie. Hackman had acknowledged that it was hard for them to grow up with an often-absent celebrity father, but his daughters and one granddaughter released a statement after he died about missing their 'Dad and Grandpa.' It is possible that Hackman's children, as well as Arakawa, are named as beneficiaries of the trust. Arakawa had no children of her own. Little is known about her family, except that her mother, now 91, is still alive. Arakawa's will gave the bulk of her estate to Hackman as trustee of his trust, but only if he survived her by 90 days. If he failed to survive by 90 days, then she instructed her personal representative to establish a charitable trust 'to achieve purposes beneficial to the community' consistent with the couple's charitable preferences. Her will refers to charitable 'interests expressed … by my spouse and me during our lifetimes.' But it offers no specific guidance on which charities should benefit. Because Hackman did not survive Arakawa by 90 days, no part of her estate will pass to Hackman's trust or his children. Christopher Hackman has reportedly hired a lawyer, leading to speculation that he might contest some aspect of his father's or stepmother's estates. Research shows that the average case length of a probate estate is 532 days, but individual cases can vary greatly in length and complexity. It is possible that the public may never learn what happens to the trust if the parties reach a settlement without litigation in court. Takeaways for the rest of us We believe that anyone thinking about who will inherit their property after they die can learn three important lessons from the fate of Hackman's estate. First, a living trust can provide more privacy than a will by avoiding the publicity of a court-supervised probate administration. It can also simplify the process for updating the estate plan by avoiding the need to amend multiple documents every time life circumstances change, such as the birth of a child or end of a marriage. Because all estate planning documents pour into the trust, the trust is the only document that requires any updating. You don't need a multimillion-dollar estate to justify the cost of creating a living trust. Some online platforms charge less than $400 for help creating one. Second, remember that even when your closest loved ones are much younger than you are, it's impossible to predict who will die first. If you do create a living trust, it should include a backup plan in case someone named in it dies before you. You can choose a 'contingent beneficiary' – someone who will take the property if the primary beneficiary dies first. You can also choose a successor trustee who will manage the trust if the primary trustee dies first or declines to serve. Finally, it's important to carefully consider how best to divide the estate. Hackman's children and some of his other relatives may ultimately receive millions through his trust. But parents in stepfamilies must often make difficult decisions about how to divide their estate between a surviving spouse and any children they had with other partners. This article is republished from The Conversation, a nonprofit, independent news organization bringing you facts and trustworthy analysis to help you make sense of our complex world. It was written by: Naomi Cahn, University of Virginia and Reid Kress Weisbord, Rutgers University - Newark Read more: Legal wrangling over estate of Jimmy Buffett turns his widow's huge inheritance into a cautionary tale Gene Hackman will be remembered as the Hollywood actor's actor Hantavirus: here's what you need to know about the infection that killed Gene Hackman's wife, Betsy Arakawa The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment. Solve the daily Crossword
Scottish Sun
01-06-2025
- Entertainment
- Scottish Sun
Albanian Laura Woods stuns in plunging Champions League final outfit as fans label her ‘simply exceptional'
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) EVA MURATI put it all on red - but was a sure-fire winner with her Champions League final outfit. The sports presenter wore a plugging crimson trouser suit for Paris Saint-Germain's 5-0 romp against Inter Milan. Sign up for Scottish Sun newsletter Sign up 19 Eva Murati strode out confidently for final coverage Credit: Instagram @evamurati 19 She signalled more than once to her huge following Credit: Instagram @evamurati 19 She was red-dy and prepared for the showpiece match Credit: Instagram @evamurati 19 Eva's popularity spreads well beyond her native Albania Credit: Instagram @evamurati And while celebrations were at fever pitch on the Munich turf, it was scarlet fever online for the broadcaster's admirers. Eva, 30, has been labelled Albania's version of TNT Sports' Laura Woods. But she's also a model and an actress, having appeared in movies, TV drama and classic plays on the stage. Her outfits are as varied as her CV, keeping her Instagram following of 1.3million fans guessing. Never more so than this month. The Tring TV and Vizion Plus host went braless in a pink strappy top for coverage of the Giro d'Italia cycle race. She then opted for a glittering, low-cut gown to front an awards ceremony in her home country. And on Saturday night, just as PSG got everything right out in the middle, Eva's fans reckon she was flawless in the studio. 19 Even Eva's feet got special attention from some fans Credit: Instagram @evamurati The law graduate shared a clip of herself perched on a stool, writing notes and walking around as she prepared for the final. Eva topped off the video by blowing two kisses to the camera. Meet glam Champions League host Eva Murati One fan responded by calling her "The most beautiful lady on earth". And many followers believes she added a perfect touch by choosing sparkly high heels. "What beautiful feet, what a beautiful and sexy woman," declared one viewer. "Goddess," said another, while she was also described as "simply exceptional". Eva's cherry-coloured outfit might have hinted at half a link to PSG - as the first-time Champions League winners play in red and blue. But if the sometime film actress did get The French Connection spot on, it was a case of The Italian Sob for poor Inter and their dejected supporters. A glimpse into the broadcaster's colourful life 19 Eva is often joined by an all-star panel Credit: INSTAGRAM / @evamurati 19 Eva also works as a model Credit: INSTAGRAM / @evamurati 19 The Albanian star is a Juventus fan and recently met Fabio Cannavaro Credit: INSTAGRAM / @evamurati 19 Eva is a fans' favourite on Champions League nights Credit: INSTAGRAM / @evamurati 19 Eva recently presented coverage of PSG's win over Barcelona Credit: INSTAGRAM / @evamurati 19 She also hosts magazine show Sports Week Credit: INSTAGRAM / @evamurati 19 The popular star also works as a lingerie model Credit: INSTAGRAM / @evamurati 19 Eva has a huge following on social media Credit: INSTAGRAM / @evamurati 19 Eva building a huge fanbase across the globe thanks to her many talents Credit: INSTAGRAM / @evamurati 19 The presenter has nearly one million Instagram followers Credit: INSTAGRAM / @evamurati 19 She has been presenting Champions League action since 2017 Credit: INSTAGRAM / @evamurati 19 Eva has also tried her hand at acting Credit: INSTAGRAM / @evamurati 19 While she would also like a go at singing Credit: INSTAGRAM / @evamurati
The Irish Sun
01-06-2025
- Entertainment
- The Irish Sun
Albanian Laura Woods stuns in plunging Champions League final outfit as fans label her ‘simply exceptional'
EVA MURATI put it all on red - but was a sure-fire winner with her Champions League final outfit. 19 Eva Murati strode out confidently for final coverage Credit: Instagram @evamurati 19 She signalled more than once to her huge following Credit: Instagram @evamurati 19 She was red-dy and prepared for the showpiece match Credit: Instagram @evamurati 19 Eva's popularity spreads well beyond her native Albania Credit: Instagram @evamurati And while But she's also a model and an actress, having appeared in movies, TV drama and classic plays on the stage. Her outfits are as varied as her CV, keeping her Instagram following of 1.3million fans guessing. READ MORE IN FOOTBALL Never more so than this month. The Tring TV and Vizion Plus host She then opted for a glittering, low-cut gown to And on Saturday night, just as Most read in Football 19 Even Eva's feet got special attention from some fans Credit: Instagram @evamurati The law graduate shared a clip of herself perched on a stool, writing notes and walking around as she prepared for the final. Eva topped off the video by blowing two kisses to the camera. Meet glam Champions League host Eva Murati One fan responded by calling her "The most beautiful lady on earth". And many followers believes she added a perfect touch by choosing sparkly high heels. "What beautiful feet, what a beautiful and sexy woman," declared one viewer. "Goddess," said another, while she was also described as "simply exceptional". Eva's cherry-coloured outfit might have hinted at half a link to PSG - as the first-time Champions League winners play in red and blue. But if the sometime film actress did get The French Connection spot on, it was a case of The Italian Sob for poor A glimpse into the broadcaster's colourful life 19 Eva is often joined by an all-star panel Credit: INSTAGRAM / @evamurati 19 Eva also works as a model Credit: INSTAGRAM / @evamurati 19 The Albanian star is a Juventus fan and recently met Fabio Cannavaro Credit: INSTAGRAM / @evamurati 19 Eva is a fans' favourite on Champions League nights Credit: INSTAGRAM / @evamurati 19 Eva recently presented coverage of PSG's win over Barcelona Credit: INSTAGRAM / @evamurati 19 She also hosts magazine show Sports Week Credit: INSTAGRAM / @evamurati 19 The popular star also works as a lingerie model Credit: INSTAGRAM / @evamurati 19 Eva has a huge following on social media Credit: INSTAGRAM / @evamurati 19 Eva building a huge fanbase across the globe thanks to her many talents Credit: INSTAGRAM / @evamurati 19 The presenter has nearly one million Instagram followers Credit: INSTAGRAM / @evamurati 19 She has been presenting Champions League action since 2017 Credit: INSTAGRAM / @evamurati 19 Eva has also tried her hand at acting Credit: INSTAGRAM / @evamurati 19 While she would also like a go at singing Credit: INSTAGRAM / @evamurati 19 Eva loves to share snaps from her holidays Credit: INSTAGRAM / @evamurati
Daily Mirror
30-05-2025
- Entertainment
- Daily Mirror
Gene Hackman had 'huge fight with drivers who recognised and harrassed him'
In the months following Gene Hackman's tragic death at age 95, a previously unknown altercation from his later years has come to light from a former pal Months after Gene Hackman 's tragic death at 95, a wild story from his final years has come to light involving a minor car crash, a roadside brawl, and a surreal moment of self-awareness. Doug Lanham, a close friend who met Hackman in 2004 at his Santa Fe restaurant, revealed the incident in a new interview. He recalled: 'There was a time Gene was coming down where he was living [in LA]. These guys recognised him, and they started harassing him a little bit.' According to Lanham, after being rear-ended at a light, Hackman refused to back down: 'Gene being Gene, puts it in drive, goes forward, puts it in reverse and then whacks them.' Things escalated at the next light. 'Two of them get out of the car and Gene gets out of the car, and they go for it.' When Lanham later asked how he fared, Hackman gave a typically dry, cinematic reply: 'Well I was on my back and I kinda looked up over my head and there's a bus stop with a poster and there I was on the poster! And I was like, 'Hackman what the hell are you doing?'" he told the Daily Mai l. Hackman, best known for The French Connection and Unforgiven, retreated from public life after retiring in 2004. He and his wife Betsy Arakawa were found dead in their Santa Fe home earlier this year. Autopsy results painted a picture of a man in declining health: Hackman had long battled congestive heart failure, had a bi-ventricular pacemaker since 2019, and suffered from advanced-stage Alzheimer's. He also had 'severe atherosclerotic and hypertensive cardiovascular disease,' with multiple heart surgeries and damage from earlier heart attacks. Tragically, Arakawa passed first, likely around February 12, due to complications from Hantavirus - a rare illness linked to rodent droppings. A report confirmed she had been researching flu-like symptoms in the days before her death. Hackman, who tested negative for the virus, died days later, on February 18, likely unaware his wife had already gone. A heartbreaking scene awaited police: their dog guarding Betsy's body, notes exchanged between the couple scattered through their home, and photographs of their beloved German Shepherds throughout the house. A subsequent health inspection found rodent infestations across eight outbuildings on their property, including sheds, garages, and even vehicles. Inspectors also discovered traps throughout, indicating the couple had been struggling with the issue for some time. Authorities later confirmed the property posed a hantavirus risk to first responders who entered it.
