What Does the Estate of a Legendary Musician and Yours Have in Common?  

What does the estate of a legendary musician and yours have in common? “Nothing,” you may think.  

Well, not so fast.  

The Estate of Jimmy Buffet – a famous singer, businessman, and cultural icon of the 70s and 80s known as the “guru of the goodlife” – may be worth over $275 million, a number that most of us can only dream being worth upon our death. But the legal disputes surrounding his Estate are far more common than you may think.  

The legal dispute surrounding the Estate of Jimmy Buffet involves the two Estate Trustees named in his Will: his wife, Jane Buffet, who is also a beneficiary, and his lifelong financial advisor, Richard Mozenter.  

An estate trustee is mainly responsible for managing the assets and liabilities of an estate in accordance with the will of the deceased, or where no will exists, under the intestacy rules. This usually involves ensuring that the beneficiaries named in the will receive what they are entitled to. The duties of an estate trustee can range from simply paying off debts and taxes and distributing liquid assets, to managing complex beneficiary structures requiring professional judgement and ongoing administration for the benefit of others.  

Disputes between co-estate trustees (like Jane Buffet and Richard Mozenter) are extremely common. These disputes can arise for a number of reasons: difficulty in making joint decisions, resentment by one estate trustee for doing most of the work, differing interpretation of the will. This can easily lead to a deadlock in administering the estate.  

Disputes between estate trustees and beneficiaries are even more common. They may arise when estate trustees fail to provide proper records, charge unjustified fees, or misappropriate estate funds.  

In the litigation concerning the Estate of Jimmy Buffet, we see elements of both kinds of disputes. Jane Buffet has commenced litigation against Richard Mozenter for failing to manage a marital trust – in which she is a beneficiary – in her best interest. The trust reportedly generated a yearly return of less than 1%, while Richard Mozenter charged unjustified fees in the yearly amount of $1.7M. In turn, Richard Mozenter had brought a claim against Jane Buffet for being uncooperative and acting in her own best interest rather than that of the Estate.  

This litigation, which would cost thousands if not millions to the Estate in legal fees if it took place in Ontario (where such costs are typically paid out of the Estate) could have been avoided by carefully choosing neutral or professional trustees, limiting co-trusteeships to people who work well together, and drafting a will explicitly authorizing majority decision-making where an uneven number of estate trustees are appointed.  

But litigation is now unavoidable. If this matter were before an Ontario court, one option would be the removal of both Estate Trustees and the appointment of an Estate Trustee During Litigation to take over the administration.    

At Peffers Law, our lawyers have successfully drafted wills that anticipate and avoid these types of disputes; represented estate trustees and beneficiaries in complex estate litigation; and successfully acted as Estate Trustee During Litigation to preserve the integrity of the estate while disputes are resolved. 

Please book a FREE Case Assessment Call today to find out how we can help!