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Should Your Estate Have an Independent Trustee?
Tony Bennett was an American jazz and pop singer who has won countless Grammys and other awards. His most famous songs include New York State of Mind and Fly Me to the Moon. After Tony Bennett passed away in 2023, his son Danny became the trustee of his estate. Unfortunately, this caused more problems than Tony could have imagined.
According to the family trust, all tangible personal property was to be distributed between the four children equally; this included Bennett's estate, music catalogs, and image likeness rights, all valued at over $100 million. However, Danny's alleged misuse of the estate for personal gain has led to a legal battle with his sisters Antonia and Johannah, creating a deep rift within the Tony Bennett family. The introduction of an independent trustee, free from personal interests, could have averted this family from the anguish of such a bitter dispute.
What would Russell Carter, BRB Trust Director of Trust Services, advise in this situation?
"Experience is key. It takes a certain level of experience to deal with all aspects of the position and know how to carry out one's duties. Most people are inclined to nominate a family member or friend based on the affection held for that individual. Affection alone should not be used as a substitute for the requisite skill needed to handle the complexities associated with being a fiduciary. It's not merely about distributing money. It can be a litigious position fraught with attacks from beneficiaries, both living and through representatives of the unborn. Depending on the language of the trust, it might be in the best interest of the individual trustee to pair them with a professional. Think about it this way; if the BEST player still needs a coach, an inexperienced player will need that same coach even more!"