The recent passing of actor Gene Hackman and his wife, Betsy Arakawa, has highlighted several crucial aspects of estate planning. The couple, who led a private life in Santa Fe, New Mexico, were found deceased in their home in late February 2025. Hackman, aged 95, died of heart disease complicated by advanced Alzheimer’s, while Arakawa, 65, succumbed to hantavirus pulmonary syndrome.
Key Estate Planning Lessons:
- Regular Updates to Estate Documents: Hackman and Arakawa signed their wills twenty years ago, in 2005, designating each other as sole beneficiaries. Although statistically Gene should have predeceased his wife, we can all tell stories about situations where statistics went out the window.
- Contingency Planning: The couple’s Wills named each other ONLY as beneficiaries. They did not account for the contingencies, such as Betsy dying before Gene so their assets may default to intestate succession laws, potentially leading to unintended distributions or legal disputes.
Hackman’s three adult children from a previous marriage were not mentioned in his will, raising questions about their inheritance rights. Explicitly including or excluding potential heirs can prevent ambiguities and familial conflicts.
- Comprehensive Beneficiary Designations: If neither Hackman or Arakawa had beneficiary designations on their retirement or life insurance accounts these may cause significant tax liabilities to the estate.
- Health and Cognitive Considerations: Hackman’s advanced Alzheimer’s disease at the time of his death could have implications for the validity of his estate documents if contested. At diagnosis of any debilitating disease, it is recommended that you come in and establish or update your estate plans while in good health which ensures decisions are made competently and reduces the risk of future disputes.
- Charitable Intentions: Arakawa’s will indicated that her assets would go to Hackman and subsequently to charity if they died within 90 days of each other. Clearly articulating charitable intentions and structuring them appropriately within the estate plan can ensure these wishes are honored without legal complications. The issue here of course, is that she did NOT survive Hackman so none of her charities will benefit. Or will they?
This case emphasizes the necessity of meticulous and regularly updated estate planning, considering ALL potential scenarios and ensuring that all documents align with current wishes and legal standards.
Contact your experienced attorney at Thrash, Carroll & Sanchez Law Group at 512-263-5400 or email us at [email protected] to set up your initial complimentary consultation.