Last week, Jimmy Buffett’s widow, Jane Buffett, filed a petition in a Los Angeles court to remove the co-trustee from a marital trust created for her benefit. She alleges that the co-trustee was openly hostile, adversarial, and refused to give her details on the trust, according to CNBC in the article “Battle over Jimmy Buffett’s $275 million estate highlights risk of family trusts.”

The co-trustee, Richard Mozenter, has filed a lawsuit of his own in Palm Beach County. He alleges that Jane Buffett has been uncooperative in his efforts to manage the trust, interfered with business decisions, refused to meet with him, and breached her own fiduciary duties.

While Jimmy Buffett’s brand is all fun and sun, he was no stranger to estate planning. His last will and testament was first written more than 30 years ago, amended in 2017, and again in 2023. It directed most of his assets to be placed in a marital trust for Jane, with the remainder beneficiaries being the couple’s three children. This means they will receive any remaining assets from the trust after their mother’s death.

Buffett also named a co-trustee to manage the trust, appointing Mozenter, who had been his business manager and financial advisor for three decades.

The Buffett estate is considerable. He was a very successful entrepreneur, building an empire and merchandising business exceeding the value of his song catalog. The court documents state that assets in the estate include $34.5 million in real property, $15 million in a company that owns his many airplanes and $12 million in investments. One of his largest assets is his share in Margaritaville, the popular chain of bars, restaurants, hotels and merchandise, estimated to be worth $85 million.

The relationship between the two co-trustees went south after Jimmy Buffett’s death. Jane says her co-trustee refused to provide her with basic information, set enormous fees to manage the trust, and, after a delay, told her she’d be receiving $2 million a year after Margaritaville had paid distributions of $14 million over the previous 18 months.

Appointing a co-trustee is considered standard practice. However, tensions between the beneficiary and the co-trustee may rise to litigation.

The first lesson: communicating estate planning decisions to beneficiaries and those in key roles should occur in advance. If Buffett had explained the co-trustee roles to Jane and Mozenter, clarified what would occur after his death, and set expectations, they might have done better together after his passing.

The second lesson: when trusts are established with co-trustees, a provision permitting a removal right is a wise move. This would have allowed Jane to remove Mozenter and replace him with a professional trustee. Friends and business associates may not always make suitable trustees, as the beneficiary may have a different relationship with the trustee.

Establishing an estate plan is the first step. Speak with one of our estate planning attorneys to determine if co-trustees is appropriate for your plan. Additionally, sharing your decisions and seeing if co-trustees can work together is best done while you’re still living to prevent dueling trustees from embroiling your estate in litigation.

Reference: CNBC (June 13, 2025) “Battle over Jimmy Buffett’s $275 million estate highlights risk of family trusts”

Many parents avoid talking to their children about finances. They may fear burdening their kids, revealing too much, or starting uncomfortable conversations. But silence can lead to confusion, mismanagement, and conflict, especially when major life events like illness, death, or inheritance occur.

Discussing your financial situation, values, and estate plan in age-appropriate ways helps children understand your intentions and prepares them to make informed decisions. Whether your children are teenagers or adults, now is the right time to open the conversation.

Why Transparency about Financial and Estate Planning Matters

An estate plan without context can leave children surprised or even hurt. Adult children who don’t understand why decisions were made may assume favoritism or hidden motives. For example, naming one child as executor or trustee without explanation may create tension if others feel excluded or mistrusted.

By explaining your decisions in life, not after death, you avoid speculation and support family unity. Transparency about how assets will be divided, what responsibilities heirs will have, and what values shaped those choices brings clarity and peace of mind.

It also encourages financial literacy. Talking about savings, investments, and long-term planning helps children, especially young adults, develop a healthy relationship with money.

What to Share with Your Kids about Your Finances (and when)

You don’t have to reveal every dollar or document. The amount and timing of what you share depends on your children’s age, maturity, and role in your plan.

For younger children, lessons may focus on budgeting, saving, and charitable giving. More detail is appropriate for adult children, especially those named in legal roles. They should understand where documents are stored, who to contact, and what responsibilities they will assume if something happens to you.

If you have concerns about how a child might handle money, such as in cases of addiction, disability, or lack of financial experience, share those concerns carefully. Explain how tools like trusts or staged inheritance distributions protect the child and your plan’s integrity.

Involving Children in Planning Conversations

In some cases, it may make sense to hold a family meeting. This doesn’t have to be a formal event, it can be a simple gathering where you share the broad outlines of your estate plan and answer questions.

This approach works well when children are expected to work together, such as managing a family property or serving as co-trustees. Knowing the plan in advance helps avoid resentment or legal battles later.

Even if you don’t disclose all financial details, letting your children know that a plan exists—and where to find it—can make all the difference during a crisis.

Working with an Estate Planning Attorney to Guide the Process

At Sims & Campbell, our experienced estate planning attorneys can help you create a plan that reflects your values and documents your decisions. They can also help guide the conversation with your family if you’re unsure how to begin.

Legal documents alone are not enough. Even the best plan can create confusion without explanation and context. Pairing strong legal tools with clear communication ensures your wishes are fulfilled and your legacy honored.

Key Takeaways

• Talking about money builds trust: Financial conversations help children understand your values and prepare them for future responsibilities.
  Transparency prevents conflict: Explaining your estate plan while you’re alive reduces confusion and resentment after death.
• Tailor conversations to your children’s roles: Share more details with those who will act as executors, trustees, or financial decision-makers.
• Context matters as much as content: Understanding the “why” behind decisions fosters family unity and respect.
• Attorneys can help structure the conversation: Legal professionals ensure your documents and discussions work hand in hand.

Reference: Cameron Huddleston (Oct. 29, 2024) “How Much Should You Tell Your Kids About Your Finances?”

Estate planning is more than just writing a will. Some of people’s most valuable assets like retirement accounts, life insurance policies, and certain bank accounts may not pass through a will at all. Instead, these assets can be controlled by beneficiary designations filed with financial institutions.

This distinction is critical. If the information in a will conflicts with what’s listed on a beneficiary form, the beneficiary designation usually takes precedence. Understanding how these two tools work together helps prevent unintended outcomes, legal disputes, and family confusion.

How Beneficiary Designations Work

Beneficiary designations are instructions you provide directly to financial institutions indicating who should receive specific assets upon your death. These forms are typically used for:

• Life insurance policies
• IRAs and 401(k)s
• Payable-on-death (POD) or transfer-on-death (TOD) accounts
• Annuities and some brokerage accounts

When you pass away, the institution distributes the asset to the named beneficiary—no probate required. Because these transfers occur outside of the will, courts and executors are not involved.

This is why it’s crucial to keep these designations updated. For example, an outdated form listing an ex-spouse can result in that person receiving your retirement account even if your will says otherwise.

When the Will and Beneficiary Form Don’t Match

If your will names your son as the heir to your IRA but your beneficiary form lists your daughter, the financial institution must follow the form, not the will. The same applies if your will states that all assets should be divided equally among your children, but a retirement account names only one of them.

These inconsistencies can create confusion, especially if family members interpret the will as the “final word.” Unfortunately, courts always side with the financial institution’s records when a valid beneficiary form is in place.

That’s why periodic reviews of beneficiary designations are essential, especially after significant life events such as marriage, divorce, birth of a child, or death of a loved one.

When the Will Takes Priority

Assets not subject to beneficiary designations typically pass through probate and are governed by the terms of the will. These may include:

• Personal property (furniture, jewelry, household goods)
• Real estate not held in joint ownership or a trust.
• Bank or investment accounts without a TOD or POD designation

In these cases, the executor follows the will’s instructions, and the assets are distributed through probate. For this reason, a will is still a vital part of every estate plan—but it is only one piece of the puzzle.

Coordinating Your Estate Plan

Your beneficiary designations, will, and trust documents should work together to avoid conflicts. An estate planning attorney can help review each component, confirm that assets are appropriately titled, and ensure your wishes are carried out consistently across all accounts and documents.

If you intend for a trust to receive retirement funds or life insurance proceeds, you must name the trust as a beneficiary or reference it in your will. Failing to do so may result in assets going to the wrong person or being subject to unnecessary taxes.

Estate planning is not a one-time event. Meet with one of our estate planning attorneys to ensure that your legal documents reflect your current wishes, relationships, and financial circumstances.

Key Takeaways

• Beneficiary designations override wills: Assets like retirement accounts and life insurance are distributed based on the forms you file, not your will.
• Conflicts can create confusion: Outdated or inconsistent documents may lead to unintended inheritance outcomes.
• Wills still govern certain assets: Property without beneficiary designations passes through probate and follows the will’s instructions.
• Coordination is key to a smooth plan: All estate planning documents should work together to reflect your full intentions.
• Regular reviews prevent mistakes: Updating designations after life changes keeps your plan accurate and effective.

Reference: Forbes (June 2, 2015) “Your Will And Trusts Aren’t Enough: Using Beneficiary Designations As An Estate Plan”

Many people want to give back to their communities or support causes that reflect their values. Including charitable giving in your estate plan is one of the most meaningful ways to do that. Whether you’re passionate about education, health, the arts, or social justice, your legacy can continue to make an impact long after you’re gone.

There’s no single right way to give. The best method depends on your financial situation, the assets you hold and your goals for your family and chosen charities. Thoughtful planning not only helps maximize your impact but can also provide tax advantages and avoid complications for your heirs.

1. Make a Bequest in Your Will

One of the most straightforward ways to give is by naming a charity in your will. This is known as a bequest. You can designate a specific dollar amount, a percentage of your estate, or a particular asset such as property or stocks. Bequests are flexible; you can update them at any time that you have capacity, and they allow you to support causes you care about without affecting your current finances.

2. Name a Charity as a Beneficiary

You can also name a charitable organization as a beneficiary on retirement accounts, life insurance policies, or payable-on-death bank accounts. This approach bypasses probate and allows the charity to receive the funds directly. It’s a simple and effective way to leave a gift without altering your will or trust. Naming a charity as the beneficiary of a retirement account also how additional tax saving benefits.

3. Create a Charitable Remainder Trust

A charitable remainder trust (CRT) allows you to provide income to a beneficiary, such as a spouse or child, for a set number of years or for their lifetime. After that period ends, the remaining assets go to a designated charity. CRTs are useful for people who want to support loved ones during their lifetime and still give back to charity in the long run.

4. Set Up a Donor-Advised Fund

A donor-advised fund (DAF) lets you make a charitable contribution now, receive an immediate tax deduction, and recommend grants to charities over time. DAFs are especially appealing for people who want to involve family members in charitable decisions or support multiple causes over several years.

5. Donate Appreciated Assets

Gifting appreciated stock, real estate, or other valuable assets directly to a charity can be more tax-efficient than donating cash. When you donate an asset that has increased in value, you may avoid capital gains taxes while also claiming a charitable deduction based on the full market value.

6. Fund a Scholarship or Endowment

If you want your gift to support a specific purpose, such as education or research, consider funding a scholarship or endowment. These gifts often come with naming opportunities and provide long-term support for institutions or programs that align with your goals.

7. Involve Your Family in Your Giving Plan

Estate planning is also an opportunity to share your values with future generations. Involving your children or grandchildren in charitable giving decisions can help them understand your priorities and foster a spirit of generosity. It also helps reduce misunderstandings and promotes unity around your legacy.

No matter how you choose to give, working with an estate planning attorney at Sims & Campbell is important to ensure that your intentions are clearly documented and legally enforceable. Contact our estate planning firm to put the right planning in place now so that your charitable legacy can live on for generations.

Key Takeaways

• Bequests offer flexibility and simplicity: Naming a charity in your will allows you to give without affecting your current finances.
• Beneficiary designations bypass probate: Retirement accounts and life insurance can be directed to charity with a simple form.
• Trusts provide income and future gifts: Charitable remainder trusts allow you to support both loved ones and charitable causes.
• Donating appreciated assets saves on taxes: Gifting stock or property may reduce capital gains, while supporting your favorite organizations.
• Family involvement strengthens your legacy: Including your heirs in charitable decisions fosters shared values and long-term impact.

Reference: Ameriprise Financial “Estate planning and charitable giving: Strategies to make an impact with your estate”

The death of a spouse brings not only grief but also significant financial and legal responsibilities. Many surviving spouses are unprepared for the number of tasks required to settle an estate, update legal documents and secure their financial future. While it may feel overwhelming, addressing these issues promptly helps prevent unnecessary complications and ensures that assets and benefits are properly managed and protected.

Immediate Steps to Take

In the first few days following a spouse’s passing, several critical steps must be completed. Obtaining multiple copies of the death certificate is essential, as financial institutions, insurance companies and government agencies will require official documentation. A funeral home or county records office typically provides these certificates.

If your spouse had a will or trust, locating these documents should be a priority. The executor or trustee will need to begin the process of distributing assets and handling the estate. If no will exists, the estate will be administered according to the state’s intestacy laws, which determine how assets are distributed.

Contacting the Social Security Administration is also necessary. If your spouse was receiving Social Security benefits, those payments will stop. You may be eligible for survivor benefits, which can provide financial support. If your spouse had life insurance, now is the time to file a claim to receive the policy’s payout.

Managing Finances and Estate Settlement

One of the most challenging aspects of losing a spouse is adjusting to financial changes. Start by notifying banks, credit card companies and investment firms to update account ownership and remove your spouse’s name. If accounts are held jointly, they may be transferred automatically. However, individual accounts may need to go through probate before funds can be accessed.

Mortgage lenders, utility companies and insurance providers should also be informed. If your spouse had outstanding debts, it is important to determine whether you are legally responsible for them. Some debts may be covered by life insurance or paid off using estate assets.

If your spouse had a trust, their assets may pass directly to beneficiaries without the need for probate. However, if they only had a will or no estate plan, probate court proceedings will be required. A probate attorney can guide you through the process, ensuring that debts are paid, and assets are distributed correctly.

Updating Legal and Financial Documents

A spouse’s death often requires updating legal documents to reflect your new situation. Suppose your spouse was listed as a beneficiary on retirement accounts, life insurance policies, or payable-on-death bank accounts. In that case, you may need to update these designations to ensure that your assets are distributed to the intended individuals.

Estate planning documents, such as your will, trust, or power of attorney, should also be reviewed. If your spouse was named as your agent, executor, or trustee, you will need to appoint a new person to handle these responsibilities. Failing to update these documents could lead to confusion or disputes in the future.

Property ownership should also be reviewed. If you and your spouse owned a home together, you may need to update the deed to reflect sole ownership. Some states allow property to transfer automatically, while others require filing new paperwork with the county.

Planning for the Future

Beyond handling immediate legal and financial matters, it is important to consider long-term financial planning. Adjusting to a single income may necessitate adjustments in budgeting, investment strategies, or retirement planning. If your spouse had pension benefits, annuities, or employer-sponsored retirement plans, determine whether you are eligible for continued payments or survivor benefits.

Your spouse’s passing may also impact taxes. Filing a final tax return for your spouse is required, and additional estate or inheritance taxes may be due, depending on the estate’s value. Consulting with a financial advisor or estate attorney can help you navigate these complexities and make informed decisions about managing assets moving forward.

Reach Out for Legal Guidance

The loss of a spouse is life changing. However, taking the right steps can help ease the burden. Seeking legal and financial guidance ensures that assets are handled correctly and that your financial future remains secure. Get in touch today to schedule a consultation with our estate administration team and find the assistance you need.

Key Takeaways

• Gather essential documents immediately: Death certificates, wills and trust documents are needed to settle financial and legal matters.
• Notify financial institutions and government agencies: Social Security, banks and insurance providers must be informed to update accounts and process benefits.
• Review estate planning and beneficiary designations: Updating wills, trusts and account beneficiaries prevents complications in the future.
• Manage property ownership and debts carefully: Contact mortgage lenders, creditors and utility companies to settle outstanding obligations.
• Plan for financial stability: Adjusting to a single income requires reviewing budgets, investments and tax considerations.

Reference: Principal Financial Group (Dec. 19, 2023) “What to do when your spouse dies: a financial checklist”