Lawyers often tell their clients that everyone should have a will that clearly states who should inherit their assets after they die. But even having a will is not necessarily enough to avoid a costly and contentious legal dispute.
Consider what happened after Jimmy Buffett died of skin cancer at the age of 76 in 2023. The singer and entrepreneurial founder of the Margaritaville brand ordered in his will that his fortune be placed in a trust after his death. To manage the trust, Buffett named two co-trustees: his widow, Jane Slagsvol, and Richard Mozenter, an accountant who had served as the singer’s financial adviser for more than three decades.
