Gene Hackman's $80M Estate Faces Legal Battle After Death

Gene Hackman's recent death has raised significant concerns regarding the management of his estimated $80 million estate due to a critical oversight in his living trust. At the time of his passing, all named successor trustees had predeceased him, prompting a court to appoint Avalon Trust, LLC as a temporary successor trustee to handle essential estate matters. Estate planning attorney Laura Cowan pointed out that Hackman's failure to update his trust after the deaths of his chosen successors could lead to legal complications and disputes over his assets. Additionally, questions have emerged about the validity of Hackman's will, which primarily named his wife, Betsy Arakawa, as the sole beneficiary. Following their tragic deaths, there is uncertainty over whether his three children from a prior marriage may inherit any of his fortune. The situation underscores the importance of regularly updating estate planning documents to reflect personal circumstances.