When my father passed away, as I was the attorney in the family, it was less controversial for my father to leave me as the executor for his estate. However, it was understood that I would be working closely with my siblings to work on our father’s estate and that was the expectation set not only in the documents themselves but also from our father. Other families and individuals face a battle over who gets chosen as trustee because of the feelings and personalities involved.
Fast forward to the recent legal battle over Tony Bennett's estate. It offers a powerful reminder about one of the most critical decisions in estate planning: who you name as your trustee.
When the legendary singer passed away in July of 2023 at age 96, he left behind not only a musical legacy but also what appears to be a complex estate plan. Unfortunately, that plan is now at the center of family discord.
What Went Wrong?
Bennett named his eldest son Danny as both trustee and executor - a common choice, but one that has sparked serious conflict. Two of Bennett's daughters have filed multiple lawsuits alleging mismanagement, breach of fiduciary duty, and withholding of information about estate assets.
They claim Danny valued their father's estate at just $7 million (despite estimates suggesting Bennett earned around $100 million in his final 15 years alone) and that they've received only $245,000 while Danny allegedly received over $4 million during their father's lifetime.
The Critical Lesson
As many of the articles discussing this issue have stated: Choosing the right fiduciary makes or breaks an estate or trust. Particularly in a trust, one sibling serving as trustee for another often spells leads to resentment and damage of the relationship between the siblings, sometimes irrevocably.
The duty of loyalty - putting beneficiaries' interests ahead of one's own - is paramount for trustees. The venn diagram of the intersection of family dynamics and significant assets leads to the potential for conflict exponentially.
What This Means For Your Estate Plan
At Trust & Will, we've seen how trustee selection can be the difference between a smooth estate administration and years of costly litigation:
Consider these alternatives to naming one child as trustee over siblings:
A professional trustee or trust company
Co-trustees (family member plus professional)
A trusted friend with financial acumen
A corporate fiduciary for larger estates
When discussing trustee selection we suggest the following to guide your conversation:
Transparency in the decision-making process
Clear communication about fiduciary responsibilities
The importance of impartiality and financial competence
How to build in accountability measures
Don't let your legacy become a cautionary tale. The right trustee choice can preserve both your assets and your family relationships.
What factors would you consider most important when selecting a trustee?
At Trust & Will, we’re here to help keep things simple. You can create a fully customizable, state-specific estate plan from the comfort of your own home. Take our free quiz to see where you should get started, or compare our different estate planning and settlement options today!
Is there a question here we didn’t answer? Browse more topics in our learn center, visit our Frequently Asked Questions (FAQ) page, or chat with our member support!
Trust & Will is an online service providing legal forms and information. We are not a law firm and we do not provide legal advice.
Share this article