Conflict in Jimmy Buffett’s $275 Million Estate

Known for his beachside anthems and Margaritaville brand, Jimmy Buffett left behind a $275 million estate when he passed in 2023. His estate plan appointed co-trustees to administer the estate, established a marital trust for his spouse and included provisions for managing his various business ventures.

Despite his planning efforts, Jimmy’s widow and business advisor are now locked in a multi-state legal dispute over control of his estate. Allegations of excessive trustee fees, poor communication and withheld information have pushed what should have been an orderly plan into chaos and public conflict.

For high-net-worth families, this case offers a clear takeaway: Well-drafted estate planning documents are not enough. The parties named to carry out your wishes matter just as much.

This article breaks down the details of Buffett’s estate battle and why a corporate trustee can help prevent similar problems for other families.

Estate structure: trusts, assets and planning strategy
Jimmy Buffett structured his estate using a standard tool for affluent families: a marital trust. This type of trust provides income and access to assets for a surviving spouse during their lifetime, with the remaining balance eventually passing to heirs. In Buffett’s case, the trust was created for the sole benefit of his wife Jane, with the remainder intended for their three children.

Buffett named two individual co-trustees to oversee the marital trust: his wife Jane and his longtime accountant and business advisor Richard Mozenter. By pairing a family member with a trusted advisor, Buffett likely hoped to balance personal insight with professional oversight. Legal experts note that Buffett could have named Jane as sole trustee, but he deliberately appointed Mozenter alongside her, likely to reinforce oversight, provide financial expertise and reduce control risks. It’s unclear whether Jimmy discussed the inclusion of a co-trustee with Jane prior to his death.

The assets placed in the trust reflected Buffett’s diverse and highly valuable holdings. According to court filings, they included:

• A 20% equity stake in Margaritaville Holdings, the sprawling lifestyle brand with 30+ restaurants and bars, 20 hotels, vacation clubs, casinos, cruise ships and merchandise
• Real estate valued at more than $34 million
• Aircraft interests held through an entity called Strange Bird Inc.
• Music rights and personal property
• Additional investments and vehicles

Media coverage from CNBC and Barron’s confirms that Buffett’s estate plan was thorough on paper, originally drafted more than 30 years ago and amended in both 2017 and 2023.

Many high-net-worth families use a combination of tools in their estate planning, such as LLCs, family limited partnerships (FLPs) and trusts to manage privacy, taxes and business succession. Buffett’s plan included several of these strategies to support long-term control and asset preservation. However, even with a sophisticated structure in place, the effectiveness of a trust often depends on how it is administered. That responsibility falls squarely on the trustees. And not long after the two trustees assumed control, cracks started to show.

Escalating tensions between trustees
In June 2025, Jane Buffett filed a petition in Los Angeles Superior Court to remove Richard Mozenter as co-trustee.

In her complaint, she alleged that Mozenter had been “openly hostile and adversarial,” withheld financial information about the trust, and failed to respond to reasonable requests for projections and distributions. She also objected to the fees he was collecting — over $1.7 million annually to manage the trust — and questioned the trust’s performance. According to her filings, Mozenter projected just $2 million in annual income from the trust, implying a return of less than 1% on the $275 million estate.

Jane further claimed that she only received financial information after enlisting the help of a family friend, former Time Warner CEO Jeff Bewkes. Even then, she was advised that the trust, despite its size, might not be able to support her annual expenses and that she should consider “adjustments.”

Mozenter responded with a petition of his own, filed in Palm Beach County, Florida, where Buffett’s estate is in probate. His filing claimed that Jane had been “completely uncooperative,” interfered in business decisions and breached her fiduciary duties by acting in her own interest. He also alleged that Buffett “repeatedly expressed concerns” during his lifetime about Jane’s ability to manage the estate and deliberately limited her authority as a result.

The trust’s legal issues now include:

• Competing petitions filed in separate jurisdictions, creating a conflict over where the case will be heard.
• Allegations of breach of fiduciary duty by both trustees.
• Legal motions seeking the removal of each co-trustee from their role.

What was designed to be a co-trustee collaboration has now turned into a standoff. Dueling lawsuits in different states have added procedural complexity to an already tense interpersonal situation, leading to negative publicity and costly legal expenses for all involved.

Four takeaways from a disrupted estate plan
Jimmy Buffett’s estate plan included many of the tools and decisions commonly used in high-net-worth planning. Still, as the current dispute shows, conflict can emerge even when the preferred legal structure is in place. Let’s look at a few reasons estate plans can break down:

Takeaway 1: Well-intended roles can still create tension. Naming trusted individuals, such as a spouse or long-time advisor, often seems like a sound approach. But when responsibilities overlap or decision-making approaches differ, co-trustees may end up working against each other instead of together for the benefit of the beneficiaries. The risk increases further when a beneficiary serves as trustee, as was the case with Jane Buffett. She struggled to access timely information about the trust’s income and projections, creating uncertainty around expected distributions and ultimately leading to legal action.

Bottom line: Without clear expectations, defined responsibilities and performance guidelines, even the most familiar relationships can become strained.

Takeaway 2: Many trusts lack fallback options when conflict arises. Some trust documents include mechanisms for trustee removal, structured reporting or outside audits. These tools don’t guarantee harmony, but they can give families a way forward when tensions arise. Without them, the default path is often litigation.

Takeaway 3: Complex estates may need active, experienced oversight. Business interests, intellectual property and illiquid assets will require more than basic trust or estate administration knowledge. Trustees need time, financial fluency and specialized expertise to manage all the moving parts. Without those, even well-intentioned decisions can come under scrutiny.

Takeaway 4: Complex dynamics benefit from an objective perspective. When trustees are personally connected to the estate or trust, emotions and long histories can influence decision-making. A neutral third party, such as a corporate trustee, brings consistency and objectivity. Their impartial presence can help ensure decisions are made in the best interest of the estate and all beneficiaries, not shaped by interpersonal friction.

The value of professional oversight in estate planning
Many of the pressure points in the Buffett estate, such as conflicting roles, lack of objectivity and long-term oversight, are the kinds of issues that lead families to consider appointing a corporate trustee.

A corporate trustee is a professional institution responsible for administering a trust. Unlike an individual trustee, who may be juggling personal responsibilities or emotionally involved in family dynamics, a corporate trustee brings dedicated personnel, consistent processes, subject-matter expertise and continuity to the role.

Corporate trustees provide administrative support, maintain fiduciary oversight and help ensure that decisions are handled consistently over time. They’re often most valuable in situations that involve:

• Ongoing trust administration for multiple beneficiaries or multiple generations.
• High-value, unique or illiquid assets, such as real estate or business interests.
• The need for objectivity when personal dynamics are involved.

In short, for families with significant or unusual assets or complex dynamics, professional oversight can help avoid many of the problems that disrupt even the most thoughtful plans. In similar disputes to the Buffett case, courts often resolve impasses by replacing conflicted trustees with a neutral corporate fiduciary, reinforcing the value of independent oversight.

Practical steps to strengthen your estate plan
Every estate dispute that ends up in court sends a powerful message: This can happen to anyone. In the case of Jimmy Buffett’s estate, the dispute highlights how even a well-documented plan can run into trouble without the right oversight. Here are four ways to help keep your plan on course:

1. Choose trustees with insight and experience and communicate roles during lifetime. Buffett paired his spouse and his longtime advisor as co-trustees. This is a common structure meant to balance personal understanding with financial expertise. But in high-value estates, it often helps to bring in a third party who can serve as a neutral voice. A corporate trustee, either alone or alongside a family member, can provide structure, continuity and impartial decision-making. In addition, bringing together the advisors to the estate during lifetime provides an opportunity to clarify the intended roles and how they will work together.
2. Require ongoing reporting and accountability. Jane Buffett cited a lack of financial transparency as a core frustration. Families can reduce that risk by embedding into the trust document mechanisms for independent oversight of trustee activities, including naming of a trust protector, requiring regular independent third-party audits or scheduled periodic performance check-ins. It’s also wise to include provisions that carefully define each trustee’s responsibilities, clarify how fees will be assessed and establish a clear process for addressing disputes or requesting a trustee’s removal. These guardrails provide clarity and a path forward when expectations aren’t met.
3. Include mechanisms for change. Buffett’s estate is now tied up in competing removal petitions filed in two states. Trust documents that outline clear processes for trustee removal and replacement can make these transitions smoother and less litigious. Flexibility matters, especially over longer time horizons.
4. Separate control of business assets where needed. Margaritaville Holdings was one of the most valuable and complex assets in the trust. In similar situations, families often use tools like family limited partnerships (FLPs) or appoint a special trustee to oversee business holdings separately from other assets. These structures reduce the risk of conflict by keeping operational control in professional hands while preserving the family business legacy.

We’re here to make sure your plan works when it matters most
Every estate plan is built on intention. But success depends on execution. Jimmy Buffett’s case is a reminder that even strong plans can unravel without the right oversight. If your estate involves family business assets or long-term trusts, don’t wait for conflict to surface. Speak with a Comerica advisor today to help ensure your estate plan has the right structure, governance and long-term stability.