Today we’re diving into the estate of the late, great Gene Hackman. Now, Hackman was the kind of iconic actor who could make you root for a bank robber. So, naturally, his passing, along with that of his wife Betsy around the same time, has folks wondering: how does a Hollywood legend handle his final act?The recent deaths of Hackman and his wife, Betsy Arakawa, have sparked considerable interest in the complexities of estate planning. Hackman, who passed away in February of this year, was beloved by many for remarkable performances in a wide range of iconic films. As an attorney focusing on estate planning and administration, I’ve observed how this high-profile case highlights important considerations for all of us, regardless of the size of our estates.One of the most intriguing aspects of the Hackman case is how the order of their deaths impacts the distribution of their assets. This scenario, known as “simultaneous death” in legal terms, can significantly affect how an estate is handled. In the Hackmans’ situation, it appears (with new reports still coming out as this is written) that Betsy passed away first, followed by Gene about a week later. This timing is crucial because it determines how their assets flow through their respective estate plans.Married for more than 30 years, Gene and Betsy reportedly have what are called “pour-over wills.” These documents essentially direct that upon death, all assets should be transferred or “poured over” into a living trust. In Gene’s case, his will directed his assets to the trustee of his living trust. This arrangement is common, and can offer benefits such as potential tax advantages and privacy. This privacy component is frustrating for Hackman’s fans, who are curious whether his children from his prior marriage will inherit any portion of the assets in the trust. It’s possible, though, that more details about the trust could become public if his children contest any of its provisions.Betsy’s will, in turn, reportedly left everything to Gene’s living trust if Gene died after she did. However, if Gene died before she did, her will apparently expressed a desire for her estate to benefit charitable causes aligned with the couple’s interest. Therefore, given the sequence of their deaths, it would initially appear that Betsy’s assets would have first transferred to Gene’s trust. Then, upon Gene’s passing shortly after, the combined assets in his trust would be distributed according to the trust’s terms, and Betsy’s charities would be left out in the cold, not receiving anything.However, wills and trusts often have a “survivorship clause” in them to account for this exact scenario, where a beneficiary of a decedent’s estate plan dies at the same time as the decedent, or very soon thereafter. These survivorship clauses would make sure that Gene’s assets go to whoever he wanted to receive them after he and Betsy had both died, and Betsy’s assets would go to whoever she had wanted. Reportedly, Betsy’s will has a survivorship clause stating that a person who dies within 90 days of her death is treated as though he died before she did. If this is the case, then Betsy’s assets would go to her charities after all, since evidence suggests that Gene died less than 90 days after she did.This assumes, though, that Gene and Betsy’s assets will be passing through their respective wills. If Gene was named as Betsy’s beneficiary on any accounts (such as retirement accounts or life insurance policies), it will be up to each of the financial institutions who manage those accounts to decide whether Gene outlived Betsy by long enough that her accounts now belong in his estate, or whether the accounts should pass to her secondary, or contingent, beneficiaries.As we reflect on the Hackman case, it serves as a reminder of the importance of comprehensive estate planning. You don’t need to be a Hollywood star to need a will or a trust in place. Having a well-crafted estate plan can ensure your wishes are carried out and provide peace of mind for your loved ones. At Gross McGinley, we’re committed to guiding our clients through these complex decisions with compassion and expertise, helping to create plans that reflect their unique circumstances and values. For personalized guidance on crafting your estate plan, connect with our experienced attorneys. We’re here to help you create a strategy that aligns with your unique needs and goals.