Following the passing of legendary singer and entrepreneur Jimmy Buffett in 2023, legal tensions surrounding his $275 million estate have turned a carefully constructed estate plan into a public and costly battle. Despite having a Will and establishing a Trust designed to provide for his family and protect his assets, Buffett’s estate is now the subject of ongoing litigation between his widow and co-trustee, Jane Slagsvol, and longtime financial adviser, Richard Mozenter.

Buffett’s estate plan included the creation of a Trust that would manage his wealth, intellectual property, real estate, and his 20% ownership stake in the expansive Margaritaville brand empire. The Trust was intended to benefit Slagsvol throughout her lifetime, providing her with all income generated by the estate, along with access to additional funds for health care, living expenses, and other needs, pending approval by an “independent trustee.”

This independent Trustee role was filled by Mozenter, who worked with Buffett for over three decades. However, by mid-2025, the relationship between Slagsvol and Mozenter had deteriorated to the point that both parties filed petitions, one in Los Angeles and one in Palm Beach, seeking to remove each other as Trustee. The core of the dispute lies in allegations from both sides: Slagsvol accuses Mozenter of withholding financial information and acting against her interests, while Mozenter claims Buffett had concerns about his wife’s ability to manage the estate, which allegedly influenced the restrictive structure of the Trust.

Adding to the complexity, Buffett’s estate includes significant income-producing assets such as song royalties, luxury property, investment accounts, and the brand equity of Margaritaville’s various hospitality and merchandise ventures. These holdings continue to generate substantial income and require thoughtful, collaborative management.

Buffett’s Trust also includes provisions for his three adult children, each of whom received $2 million upon his death. Upon Slagsvol’s eventual passing, she will have the authority to designate how any remaining assets are distributed among Buffett’s descendants or charitable causes.

This unfolding legal conflict highlights two important lessons in estate planning. First, the selection of Trustees and Executors is just as crucial as deciding who will inherit your assets. Whether choosing a trusted loved one or a professional fiduciary, it’s vital to consider the potential for conflict and the ability of trustees to work together effectively. In some cases, naming both a family member and a professional can provide balance, though as Buffett’s case illustrates, it doesn’t guarantee smooth administration.

Second, clearly defining the conditions under which a Trustee may be removed can help prevent or resolve disputes. While courts are generally hesitant to override a trustmaker’s original appointments, they will act if there’s evidence of mismanagement or a breakdown in cooperation that affects the Trust’s operation.

At The Estate Planning and Legacy Law Center, we help individuals and families develop thoughtful, comprehensive estate plans designed to preserve wealth and minimize the risk of future legal battles. If you have questions about your current estate plan or want to ensure your legacy is protected, we’re here to help. Contact us today!