The $275M Estate Duel that’s Shining a Light on Trustee Removal
In matters of massive financial effect, things are rarely simple. Years after billionaire Jimmy Buffett passed away, his widow and former financial advisor are embroiled in a legal battle over control of his 275-million-dollar estate. The issues are not WHO should inherit under the large estate – but rather, who should manage it. And if those named to administer the estate have truly acted in the estate and beneficiaries’ best interests.
If a trustee needs to be removed from a Florida trust – how should that be approached? What do you need to do, what evidence should you have? This article will briefly go over the recent developments in the Buffet case, and some general areas of probate and trustee removal law implemented in Florida. For specific advice and official legal counsel, contact an experienced wills & probate attorney at Suncoast Civil Law.
Buffet Case: Who is in Charge?
Jimmy Buffett’s widow and his former financial advisor were both named as co-trustees over a 275-million-dollar estate. Both parties have now filed lawsuits (in different states, California and Florida, respectively) each accusing the other of mismanaging the trust and asking the judges in each jurisdiction to remove the other co-trustee. As (currently) co-trustees, each party is allegedly, presumably, working toward the best interests of the trust’s beneficiaries: Buffett’s widow (life estate) and their children (remainder beneficiaries).
The lawsuit will, presumably, go forward in the appropriate jurisdiction where both sides will be afforded the opportunity to present their evidence that the other co-trustee should be removed.
Removing Trustees in Florida
There are multiple ways to remove a Florida trustee. These include processes under:
Florida Statutes § 736.0706: a court may remove a trustee under certain listed circumstances. These include instances where the trustee has committed a serious breach of trust. Also recognized are instances where a trustee is unfit, unwilling, or persistently fails in administering the trust effectively.
Common red flags might include a trustee failing to provide information or engaging in self-dealing. Pursuing these grounds of removal will, of course, require petitioners to provide evidence as to the merits of their claim.
Florida has also adopted § 706(b)(4) of the Uniform Trust Code (UTC). This is a “no fault” trustee removal provision. This means that Florida courts are empowered to remove a trustee without cause if:
- There has been a substantial change in circumstances, or removal is requested by all qualified beneficiaries,
- The court finds that removing the trustee best serves the interests of the beneficiaries and is not inconsistent with a material purpose of the trust, and
- A suitable trustee is available to serve appropriately in the role.
Note that this route requires unanimous consent by all of the beneficiaries of the trust.
Contact Suncoast Civil Law
The trustee placed in charge of administering an estate might have more of an impact than you realize. In estate planning and carrying out probate, it is important to be mindful of the trustee, what they are meant to be doing, and whether they are being held accountable. Contact Suncoast Civil Law’s experienced Sarasota wills & probate legal counsel to discuss how to set your own estate plan up for success, or whether you have a potential case.
Sources:
law.justia.com/codes/florida/title-xlii/chapter-736/part-vii/section-736-0706/
nytimes.com/2025/06/05/arts/music/jimmy-buffett-jane-estate-lawsuit.html