Happy Sunday!

Today I wanted to talk about what happens when your estate plan isn’t set up properly – and show you in real life how that has consequences that you can’t fix after the fact.

Gene Hackman spent a lifetime playing iconic characters (Hoosiers is literally one of my all-time favorite movies).

When it came to his estate plan, though, he left the final act unfinished.

At 95, Hackman passed away this February.

His wife, Betsy, was the sole heir in his will.

Tragically, though, she died just a week before him.

And because his estate plan hadn’t been updated in nearly 20 years, that was the whole plan—one beneficiary, no backup.

Now?

His $80 million estate is in legal limbo.

His children – left out of the will entirely – on purpose – might inherit by default.

Charities named in his wife’s plan could try to claim a piece, but because she died first, it’s going to be VERY difficult, even though it’s likely what Gene would have wanted (she was significantly younger than he was so it’s safe to assume he thought she’d inherit everything and distribute it according to her wishes).

And the people stuck sorting this out are doing it in courtrooms, not around a dinner table.

Here’s the real takeaway:

Even if you’re not sitting on an $80 million estate, this kind of mess can happen to anyone.

• Life changes fast. Update your plan every 3–5 years or when big life events hit – births, deaths, marriages, divorces.
• Name backups. Always. A solid plan doesn’t just ask, “What do I want?” It also asks, “What if things don’t go as planned?”
• Consider a trust, not just a will. Wills go through probate. Trusts keep things private, faster, and more controlled.
• Plan for incapacity. Rumors say Hackman had Alzheimer’s near the end. Who was making decisions? A good plan answers that.
• Address family dynamics head-on. If you know someone’s going to be unhappy with your decisions, document your intentions. Better yet, talk to them.

Bottom line? A good estate plan isn’t about how much money you have. It’s about protecting the people you love from the chaos of figuring it out without you.

If that’s not reason enough to dust off your plan… well, Hollywood loves a sequel. Just make sure this isn’t one your family stars in.

Cheers,
Christopher Small
Founder/CEO
CMS Law Firm LLC

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