Author: Tiffany Wingo, JD
When Jimmy Buffett passed in 2023, he left behind a $275 million estate consisting of $34.5 million of real property, $15 million of equity in Strange Bird Inc., which held Buffett’s interests in various planes, $2 million in musical equipment, $5 million in vehicles and $12 million in other investments. One of the largest assets was Buffett’s equity in Margaritaville, estimated to be worth $85 million. Margaritaville is a large chain consisting of 30 restaurants and bars, 20 hotels, and vacation clubs, casinos, cruise ships, and merchandise. Jimmy also left behind his widow Jane, whom he married in 1977.
Unlike many cautionary tales that involve someone with substantial assets never completing an estate plan, Buffett did extensive estate planning before he passed, even updating his will in 2023. Buffett’s estate plan named two co-Trustees to serve after his passing – Jane and Richard Mozenter, his longtime accountant who served as his business and financial advisor. The trust was designed to provide for Jane’s needs during her lifetime and then pass to their three children. Jane is the sole beneficiary of the trust during her lifetime.
In June 2025, Mozenter filed a lawsuit to have Jane removed as co-Trustee, and then in July 2025, Jane filed a lawsuit to remove Mozenter as co-Trustee. Jane alleges that Mozenter is hostile to her and refuses to provide her with basic information about the trust. She also accuses him of collecting excessive fees of $1.7 million per year as trustee and of mismanaging the assets. Meanwhile, Mozenter’s petition states that Jane has been uncooperative and has interfered with his decisions regarding management of the assets. Mozenter maintains that Buffett appointed him as a co-Trustee because Buffett did not want Jane to have absolute control due to concerns over her ability to manage the assets. Mozenter has now filed another motion with the court asking to “decant” Jane’s marital trust into a new separate trust “to protect the assets.” Jane alleges that decanting the trust would give Mozenter “a functional license to steal” because there would be no guardrails on his authority.
Appointing co-Trustees is common, but litigation often results when the beneficiary/co-Trustee feels like they do not have any say over the trust, and the other co-Trustee is being too authoritarian and does not provide sufficient information to the beneficiary. The fact that Jane became angry over her lack of control over trust assets suggest that Buffett never clearly explained or discussed the co-Trustee situation with her before he passed. Similarly, if Buffett did intend for Jane to be the primary decision-maker for her trust, that should have been made clear to Mozenter and in the trust document itself. Now this battle between Jane and Mozenter will be heard by a judge who may remove both co-Trustees and name a new professional or corporate trustee to replace them both. Most recently in the court case, the judge ordered the parties to mediation to attempt to resolve their differences.
The public battle over Buffett’s estate illustrates the importance of both communication with your heirs regarding your estate plan and choosing the right trustee to administer your assets after you pass. You can have the most expertly drafted estate plan, but the plan can still ultimately fail if the people named in the documents do not clearly understand your wishes or their roles. If you can communicate your decisions and the “why” behind your decisions to your family and others you name in your plan in advance, they are more likely to work together instead of being hostile to each other. Likewise, lack of communication and naming the wrong trustee to serve after you pass can result in costly litigation for the trust.
The attorneys at Great Plains Trust are not able to draft your estate planning documents, but they are able to review your current estate plan and provide you with a summary of your estate plan. Our attorneys can also make recommendations and discuss the roles that each person named in your estate plan will play, including the pros and cons of naming co-Trustees or co-Executors. Please contact your wealth advisor if you would like your estate plan to be reviewed.
