When Jimmy Buffett died in 2023, he left behind more than a legendary brand and loyal fans. He left a $275 million estate, and a trust designed to manage it. But instead of bringing peace to his family, the trust has sparked a bitter legal battle.
Buffett named his wife, Jane, and longtime adviser, Richard Mozenter, as co-trustees. Now, they are suing each other.
Jane claims Mozenter withheld financial information for over 16 months, collected $1.7 million in trustee fees, delivered returns under 1%, and used trust assets to pay for lawsuits she never approved. Mozenter argues that Buffett didn’t want Jane in control because she struggled with money. He filed to have her removed as co-trustee.
The situation involves two lawsuits in two different states. Millions are at stake. But the real cost may be the damage to relationships and Buffett’s legacy.
This is a powerful reminder that estate planning involves much more than tax strategies and legal documents. It centers on people.
Here are four lessons from this estate dispute:
✅ Pick trustees who can work together.
Competence matters, but so does chemistry. Trustees must collaborate, communicate, and stay aligned.
✅ Set clear expectations.
Outline duties, reporting standards, and oversight in writing. Ambiguity invites conflict.
✅ Include conflict resolution plans.
Disagreements happen. A good plan includes a process to resolve them before they escalate.
✅ Acknowledge the emotional side of wealth.
Families often fracture not over the money itself, but over how others handle it. Feelings of exclusion, distrust, or disrespect can lead to permanent damage.
Jimmy Buffett inspired millions to relax and enjoy life. Yet his estate now serves as a cautionary tale. Without a plan that anticipates people problems, even the most detailed legal documents can fall short.
If your estate plan doesn’t address what happens when people don’t agree, it’s not done.
Let’s fix that, while everyone is still on the same team.