In February, Oscar-winning actor Gene Hackman and his wife, Betsy Arakawa, died at home. We’re not going to discuss the cause of death here. News reports suggest that Mr. Hackman’s will included trust arrangements that hadn’t been updated in some time. We’re going to consider how that could impact his estate and what you can do to keep your will up to date.

Trusts in Gene Hackman’s will

Reports suggest that Gene Hackman’s will included trust arrangements. We don’t know what these trusts were for, but you might include trust arrangements in your will for several reasons. It can help you protect your home from care fees, leave an inheritance for a vulnerable person, e.g. a relative who is under 18 or not mature enough to manage their inheritance, or to allow the next generation to manage their inheritance tax liability.

A trust must have trustees who ensure the trust rules and procedures are followed. Keeping your will up to date ensures you have suitable trustees and executors. You might choose a trustee only to lose touch with them later. If your will names relatives who’ll care for your children, you may need to change this if they’re older or less able to help. In Mr. Hackman’s case, his nominated trustees may have died.

What happens if your trustees have died?

You can change your will to name new trustees whenever you like. However, if you die and your executors discover that your named trustees have also died, they can only change them by going to court. They must apply to appoint replacement trustees, as only the court can grant this. There are two potential disadvantages to this. Firstly, going to court costs money. Secondly, the new trustees may not be the people you would have chosen.

Reviewing your will lets you check whether you’re still happy with your original choice. You can remove people if you’ve changed your mind or your nominated trustees have died.

The time of death can be important

The time of death isn’t relevant when it comes to trusts, but it’s worth mentioning, as there was some confusion over the timing of Gene Hackman and Betsy Arakawa’s deaths. It’s worth considering whether your will reflects your wishes if you die before your spouse or partner. For example, you might make wills leaving everything to each other and your children after the second death. If you share children, that shouldn’t be a problem. However, if you have a blended family, you might want to leave something for your children to avoid the risk that everything ends up going to your partner’s family instead of your own.

Review your will regularly

There are many reasons to review your will regularly. Your circumstances may change over the years, whether because you’ve divorced or remarried, come into money, or your children have grown up. A provision nominating guardians and a trust leaving money to care for your children isn’t needed once they’re independent adults.

When you review your will, you might find it includes people who have died or you no longer see. If you lose capacity as you age, you can no longer change your will, so reviewing and updating it regularly helps you ensure your family are aware of your last known wishes.

If you need to review and update your will or want to create a Lasting Power of Attorney, we can help. Get in touch using the form below or call us on 0116 380 0752.