After the desperately sad news emerged about the death of Gene Hackman and his wife, Betsy Arakawa, the drama seemingly continues with media reports circulating about the contents of his will.
According to various sources, Hackman left a will dated 1995 (which was updated in 2004) and left his entire estate to his wife. No provision was made for what should happen if his wife either predeceased him or died shortly after him. Hackman had three children from his previous marriage, but they were not included within his will.
However, as Arakawa died a week before her husband, his entire estate is left without any surviving beneficiaries. According to media reports, it is now possible that Hackman’s children could benefit from his estate on the basis that his estate will need to be administered in accordance with the intestacy laws and they are his direct heirs.
It is also reported that whilst Arakawa left her entire estate to her husband, her will included a clause stating that if Hackman predeceased her or died within 90 days of her, then her estate was to pass into a trust that would ultimately benefit various charities.
It is extraordinary to think that an individual of such extensive wealth (approximately $80 million/£62million) did not make provision for what would happen if his wife predeceased him. There was a 30-year age difference between Hackman and his wife, so it is possible that he simply did not consider it was a likely scenario. However, clearly this was something that Arakawa considered, which is why her estate will now benefit various charities.
The purpose of will is to set out in detail what will happen to your estate upon your death. To simply name one beneficiary, regardless of the value of the estate, creates a significant risk that your wishes cannot be fulfilled if something happens to that one individual. It is a stark reminder to ensure that you both have a valid will, which provides for alternative situations, and that it is kept up to date.
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