By Robert Frank, CNBC
Updated June 16th, 2025
A court battle over the late singer Jimmy Buffett’s $275 million estate has highlighted the growing litigation over the trillions of dollars in wealth being passed down to spouses and families, experts said.
Buffett planned carefully for the afterlife. His will, first written more than 30 years ago, was amended in 2017 and again in 2023… [and yet] the late singer’s widow and the co-trustee of the estate have filed lawsuits against one another.
The case has put a spotlight on the estate plans and business empire left by Jimmy Buffett, the singer famous for hits like “Margaritaville,” “Cheeseburger in Paradise” and other breezy, beach-vibe hits. Along with his song catalogue, Buffett left homes, cars, planes and a multimillion-dollar stake in his brand business.
Jimmy Buffett’s widow, Jane Buffett, filed a petition last week in a Los Angeles court to remove her co-trustee, Richard Mozenter, from the marital trust created to support her after the singer’s death in 2023.
Jane Buffett, who married Jimmy in 1977, alleged that Mozenter has been “openly hostile and adversarial” toward her and has refused to give her details on the trust and its financials. She alleged Mozenter is collecting “excessive fees” of $1.7 million a year and that he’s mismanaging the trust assets, projecting income of only $2 million, implying annual returns of less than 1%.
Mozenter has filed his own lawsuit in Palm Beach County, Florida, alleging that Jane has been “completely uncooperative” in his efforts to manage the trust. He said Jane has interfered in business decisions, refused to meet with Mozenter and breached her fiduciary duties by “acting in her own interest.”
Attorneys said the Buffett case offers important lessons for families planning wealth transfers… wealth holders should communicate the plans for their estates before they die so no one is surprised. If Buffett had explained the co-trustee roles to both Jane and Mozenter, perhaps tensions would have been minimized.
Trust lawyers said the case is part of a growing wave of lawsuits related to inheritances and trusts. Over $100 trillion of wealth is expected to be passed down from older generations to spouses and families over the next 25 years, according to Cerulli Associates. More wealth being passed down means more litigation, since families often fight over who gets what.
Robert Frank, Wealth Editor, CNBC
The Buffett case has reflected a different, but equally common, source of disputes: dueling trustees. Estate attorneys said Buffett could have made Jane the sole beneficiary as well as the sole trustee. Yet he chose to have Mozenter as co-trustee to help manage and direct the trust.
