ESTATE PLANNING AND CHOOSING A TRUSTEE; COULD JIMMY BUFFET’S $275MILLION DOLLAR ESTATE BEEN HANDLED DIFFERENTLY?
Choosing your trustee is one of the most important decisions you can make in creating your estate plan. The process can be peaceful or a huge legal battle, you get to choose. For example, Jimmy Buffet’s surviving wife, Jane Buffet, is in a huge legal battle with Richard Mozenter, Jimmy’s friend and financial advisor. Maybe he wasn’t the best choice for a trustee?
WHAT IS JANE BUFFET FIGHTING ABOUT AND WHY IS SHE A CO- TRUSTEE?
Jimmy, through his estate planning attorneys, set up a bunch of trusts to direct and distribute assets among his loved ones. One trust is a marital trust, often used with a second or third spouse. The marital trust was intended to give his surviving wife financial security and uphold her lavish lifestyle, yet it is all being controlled by the co-trustee/financial planner who has withheld financial information, distributions, and is also accused of transferring properties out of the marital trust that were intended to remain and provide income for life. Similarly, the co-trustee financial planner claims that Jane is negotiating deals for documentaries, and thus is accused of breaching her fiduciary duties. So, now they have a major money mess that could have been prevented.
WHY IS CHOOSING MY TRUSTEE IMPORTANT? HOW SHOULD I CHOOSE MY TRUSTEE?
- Be Perceptive- Is the person you chose a good fit for your family?
- Be Picky- Do not rush and give someone undeserving this important title.
- Be Prepared- If you notice you made a mistake, change the trustee and always be prepared to select a new person.
- Be Pro-active- Will this person get along with the co-trustee and have their best interest at heart?
- Be Protective-How will this relationship look after I am gone? If I appoint co-trustees, will they get along well or have differences of opinion? Can I add in special language to protect my wife? Could the Jimmy Buffet war be prevented with these 5 standards?
ARE THERE ANY OTHER WAYS TO PROTECT MY WISHES? WHAT IS A TRUST PROTECTOR AND HOW CAN I APPOINT ONE?
A trust protector is a neutral third party appointed in your trust document who has the power to oversee or even override trustees under certain circumstances. Unlike a trustee, the trust protector isn’t responsible for daily administration, but they can remove or replace a trustee, resolve disputes, amend the trust for changes in the law, or stop actions that go against your intent. This built-in safeguard can be a game-changer—especially in blended families, second marriages, or high-net-worth estates like Jimmy Buffett’s. By naming a trust protector, you add a layer of protection to ensure your wishes are honored, your spouse is secure, and your trust doesn’t become a battleground.
WHY SHOULD I USE ALLY M. GLASER, PA TO HANDLE MY WILLS AND TRUSTS, ESTATE PLANNING, AND PROBATE MATTERS?
I sell peace of mind and protect my clients and their loved ones with my holistic approach to estate planning. I am authentic, knowledgeable, and caring. As an Estate Planning, Wills and Trusts and Probate Attorney in Miami Beach, Florida with over twenty-eight years of experience and both a Psychology and Law degree, I handle these matters with knowledge and sensitivity. I am familiar and comfortable with both the Miami-Dade probate court system and Broward County probate court and I know how to get things done. I handle both estate planning and probate cases, thus, I am familiar with the challenges of each and provide my clients with additional protections. Call or email me today to discuss your matters. I am happy to help you and your loved ones during this important process.