Should I Have a Trust, Will, or Both in My Estate Plan?- The deaths of actor Gene Hackman and his wife, Betsy Arakawa, illustrate the differences between using wills and trusts in an estate plan. The issue, according to a recent Forbes article, “How To Decide If The Foundation of Your Estate Plan Should Be A Will Or A Trust,” is which tool to use to control the assets and serve as the underpinning of the estate plan.
For Gene Hackman, most assets were apparently held in a living trust. “Apparently,” because another advantage of a trust is that It is private, so Hackman, his estate planning attorney, and family members he told about his estate plan are the only ones who will ever know the details of the trust.
Hackman also had a will that gave his assets to the living trust. We know this because the will becomes part of the public record upon probate.
On the other hand, his wife, Betsy Arakawa, had a will. She left her estate to Hackman; however, her will had a “simultaneous death” clause. If she and Hackman died within 90 days of each other, her estate was to be placed in a charitable trust.
Both a will and a trust are useful tools, with pros and cons. The will is filed with the local probate court, and an executor is named in the will or appointed by the court. An inventory of assets and liabilities is prepared and filed with the court. All this information is public. The will can be challenged, as can the executor’s plan of action. The estate pays a fee to the court, the executor and to any professionals retained to help the executor.
Should I Have a Trust, Will, or Both in My Estate Plan?
Probate costs and time frames vary by jurisdiction. Some states have streamlined probate processes, while others are choked with long delays and higher costs. Your estate planning attorney will know how your local probate court works.
There’s less known about Hackman’s estate plan because the living will remains private. Many celebrity wills can be found online, including singer Bing Crosby. However, after the death of his first wife, Bing Crosby is said to have moved most of his assets to living trusts to prevent any further personal information from being made public.
There are some advantages to public scrutiny, depending on your role in the estate. Heirs and potential heirs may review the will and challenge asset distributions. Challenging trusts is far more difficult.
Many people have trusts created, but fail to transfer title to the trust, making the trusts worthless. A living trust is theoretically better at providing a smooth transition in the management and ownership of property.
Your estate planning attorney will be able to craft a plan for you using these best tools for your own situation. Consider the makeup of your estate, your wishes for its distribution and make an informed decision.
Schedule your phone consultation: THE LAW OFFICES OF CLAUDE S. SMITH, III
Should I Have a Trust, Will, or Both in My Estate Plan?
Reference: Forbes (Oct. 17, 2025) “How To Decide If The Foundation of Your Estate Plan Should Be A Will Or A Trust”
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