Two heads are better than one, it’s said. But when it comes to managing your estate, maybe not. Case in point, and a high profile one at that: The continuing battle between the co-trustees for the estate of late singer-songwriter, Jimmy Buffet.
We first wrote about the Buffet estate battle in last year’s post, There’s Trouble in Margaritaville. We told you that Buffet, a Florida resident who died in 2023, left $275 million in trust for the benefit of his wife, Jane. She and his longtime financial advisor, Richard Mozenter, were named as co-trustees. But far from cooperating to handle estate matters, the two fiduciaries have been battling for control from start. Each has sued in an attempt to remove the other as co-trustee.
Jane has argued that Mozenter is mismanaging the trust; has not provided her with sufficient funds to meet her needs; fails to answer her questions promptly; and is rude and dismissive towards her. Mozenter has claimed that Jane is not fulfilling her fiduciary duties; does not work with him on the necessary administrative tasks and interferes with the tasks he has undertaken; and has even pressured him to change her late husband’s trust beneficiaries.
Last year the Palm Beach County Court refused to remove Mozenter as trustee, ordering the squabbling parties into mediation so that “each party fully understands their fiduciary duties with regard to the administration of this trust and to specifically address the issues surrounding this litigation.”
Update
Jane recently petitioned the court to prevent Mozenter from using trust funds to pay for the litigation. She argued that he is “raiding” the trust and dissipating the funds, and should pay back the $2 million he had already used to cover legal expenses.
But in February 2026, the court ruled that Mozenter is entitled to use the the trust funds for litigation. Palm Beach County Circuit Court Judge Charles Burton wrote that “…a trustee may pay his legal fees from the trust and the burden is on the beneficiary to prove to the Court that should not be allowed.” Not surprisingly, a week later Jane filed an appeal with the Florida Fourth District Court of Appeals, asking that the ruling be reversed.
It looks like the issue has many legal tentacles. It will probably not be resolved anytime soon.
Lessons
Doubtless Buffet never anticipated that having his wife and financial advisor serve as co-trustees would spark such bitter conflict. The Buffet case highlights the importance of making absolutely certain that your co-trustees can work together amicably. This is important no matter who the co-trustees are – but if they are your children and preserving their relationship is of paramount importance to you, you need to be especially cautious. That principle applies not just to the people you name as co-trustees, but to all your co-fiduciaries , including your personal representatives and agents under your durable power of attorney.
If you have a scintilla of doubt as to whether your fiduciaries can cooperate with one another, consider naming one person only. Or, name a third-party, impartial fiduciary. Yes, there will be a cost to a third-party trustee, but the payoff is that it will prevent your estate from getting bogged down in legal battles, and keep your loved ones from becoming adversaries.
We have clients whose co-fiduciaries have handled their tasks efficiently, with mutual respect and cooperation. But that is not always the case. Be sure to get input from our estate planning attorneys when you are deciding who to put in charge of your estate! Call us for a consultation at 561-625-1100.
