What Every Millionaire Can Learn From Jimmy Buffett’s Mistake

$275M Inheritance Fight: What Every Millionaire Can Learn From Jimmy Buffett’s Mistake

Angela Mae  Tue, July 22, 2025   GOBankingRates

Renowned singer-songwriter Jimmy Buffett died in September 2023, leaving behind a $275 million estate. The bulk of Buffett’s assets went into a marital trust with his widow, Jane Slagsvol, as the main beneficiary. Slagsvol is a co-trustee, along with Buffett’s long-time business manager, Richard Mozenter.

Unfortunately, there’s been a massive legal dispute between Mozenter and Slagsvol over that trust. Specifically, Slagsvol is petitioning to remove Mozenter as co-trustee for three primary reasons.

The first is that he’s failed to generate enough income with the trust’s investments. The second is that he hasn’t kept her abreast of the trust’s various investments, expenses and income. And the third is that, according to her, Mozenter has been “openly hostile” and appears to be working against her best interests.

According to Slagsvol, the trust is estimated to receive less than a 1% return rate — not enough to cover her annual expenses. Along with this, Mozenter received $1.7 million in trustee fees in 2024.

In response to all this, Mozenter also seeks to remove Slagsvol as co-trustee.

If you’re a millionaire, you could learn a few things from the way Jimmy Buffett handled his estate so you don’t make the same mistake.

Choose Your Trustees Carefully

When you have a massive estate, it’s crucial that you choose your trustee — or trustees — carefully. It’s not always enough to pick someone you’ve known for a long time or who you’re married to.

“Choose your trustee like you’d choose a CEO; someone trustworthy, financially literate and emotionally neutral. If you don’t have that person within the family, appoint a professional or corporate trustee,” said Craig Parker, assistant general counsel at Trust & Will and a California state bar-certified specialist in estate planning, trust and probate Law.

With larger, complex estates, having co-trustees can be a good strategy. But you’ll want to make sure they trust one another and work well together. If all else fails, you could name a trust protector who will step in if either trustee can no longer perform their role.

Be Extremely Clear With Your Estate Plan

The importance of being clear with how you want your assets managed and doled out can’t be understated. While Buffett might have believed choosing his wife and business manager as co-trustees was enough, anything that’s left unclear can lead to major legal battles down the road.

“Clear, detailed estate planning is essential. That means establishing a comprehensive trust, updating it regularly and communicating intentions openly with beneficiaries,” said Parker. “Clarity reduces conflict; vagueness invites it.”

TO READ MORE:  https://www.yahoo.com/finance/news/275m-inheritance-fight-every-millionaire-160124796.html