Gene Hackman and Betsy Arakawa Relied on Trusts in Estate Plans- The wills of actor Gene Hackman and his wife, Betsy Arakawa, were obtained by USA Today from their probate estate in Santa Fe shortly after their deaths. However, because the couple had engaged in estate planning and used trusts, how the trust’s assets will be distributed remains private—one of the primary reasons for establishing a trust.
An article from USA Today, “Gene Hackman and wife Betsy Arakawa named each other in their wills,” states that both estates will be placed into a trust. The terms of the trust will bind the trustee and require them to carry out the directions in the trust, which will occur privately and without court involvement.
In his will, executed in June 2005, Hackman appointed the remainder of the trust estate of a separate trust, dating back to September 1994, to the GeBe Revocable Trust. He also acknowledges three children from his prior marriage, Christopher Hackman, Elizabeth Hackman and Leslie Allen.
Julia Peters was named as the second successor of Hackman’s estate and has been appointed the personal representative of both Hackman’s and Arakawa’s estates. She took over the duties because the first successor, Michael Sutin, predeceased both Hackman and Arakawa. The day after the court agreed to her appointment and admitted Hackman’s will to probate, notices of her appointment were mailed to Hackman’s three children.
Gene Hackman and Betsy Arakawa Relied on Trusts in Estate Plans
A successor trustee is the person who assumes the responsibility of managing a living trust in the event the original trustee dies or becomes incapacitated. A personal representative is responsible for managing the decedent’s estate. They are responsible for paying debts and taxes, collecting assets and distributing the remaining property to heirs or beneficiaries. This is an unfortunate but accurate illustration of why it is crucial to appoint more than one trustee.
The court documents state the trust assets in the GeBe Revocable Trust and the Gene Hackman Living Trust are to be administered, and the GeBe trust passes through the will to the Gene Hackman Living Trust.
Arakawa’s will details her wishes for her own estate. She wanted all tangible personal property to be distributed to the designated individuals listed in a separate document from her will. The remainder of her estate was then to be transferred to the trustee for Hackman’s trust, if she outlived him.
While the couple certainly expected Hackman, 30 years older than his wife, to die first, their estate plan served them well. So far, this is an excellent example of an estate plan that maintains privacy and honors wishes after death.
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Gene Hackman and Betsy Arakawa Relied on Trusts in Estate Plans
Reference: USA Today (March 15, 2025) "Gene Hackman and wife Betsy Arakawa named each other in their wills"
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