Famous Feud: Daughters of Legendary Singer Sue Brother Over Estate: What are the Duties of a Trustee?
Tony Bennett’s family is now embroiled in a lawsuit. On June 12, 2024 Johanna and Antonia Bennet officially filed suit against their brother, “Danny” Bennett – in response to suspicions they hold concerning their late father’s trust and assets.
The sister’s filing seeks “equitable relief” and launches allegations that their brother Danny sold some of their Father, Tony’s. assets and that these assets were not accounted for in the estate. Danny was Tony’s manager and also the trustee of the family trust. The sisters claim that Danny obtained personal benefits as a result of transactions he made on behalf of Tony and the family trust. The sisters further claim that they are beneficiaries of the trust and Danny has refused to provide full context of Tony’s property and assets.
The sister’s suit requests that all of the estate assets and property are “inventoried, accounted for, and distributed pursuant to the express terms” of their father’s trust.
This family drama has led to many questions surrounding what the duties of a Trustee really are. They are, after all, the person with the most first-hand knowledge of what is placed in the estate, and has the ultimate duty of administering the estate according to the dictates of the Trust. But what, exactly, is a Trustee’s duty to the beneficiaries of the trust?
Fiduciary Duty of Florida Trustee
The Trustee of a Trust in Florida does have specified fiduciary duties to all of the Trust’s beneficiaries. While it wouldn’t be possible to go through every duty of a Trustee, the esteemed wills & probate attorneys at Suncoast Civil law are available to help walk you through any specific questions you might have in your own case.
1) Trustees have a duty to administer the trust in good faith. This includes the trust being carried out in accordance with the terms and purposes of the trust, in the interests of the beneficiaries.
2) The Trustee has a duty to administer the Trust “solely in the interests of the beneficiaries” (Fla. Stat. § 736.0802.)
3) The Trustee is to keep the trust’s beneficiaries reasonably informed of money, assets, and personal property that come into their possession as Trustee. This includes those monies or assets that were distributed. The Trustee must also account for all assets, income, gains and losses, and expenses of the Trust.
4) The Trustee has a duty to the beneficiaries to administer the trust property in accordance with the dictates of the trust. This means it is to be impartial, and the trustee is to give due regard to the beneficiaries’ interests.
5) The Trustee has a duty to account for the trust’s assets and liabilities, and detail an accounting of the trust administration at least on an annual basis, and upon the termination of the trust, or upon a change to the Trustee.
While dramas of the rich and famous seem far removed from our own everyday lives, the recent legal battle in the Bennett family does create an opportunity for everyday people to begin thinking about how they want their own estates handled – and who they would most trust to administer their estate.
Contact Suncoast Civil Law
The Sarasota wills & probate attorneys at Suncoast Civil Law can help you take first steps in creating your own estate plan, and help you navigate through any changes that may need to be made once one has been established. Contact our office today to see how our legal team can help to ensure your legacy unfolds exactly how you deem fit.
Sources:
people.com/tony-bennett-daughters-antonia-and-johanna-file-lawsuit-against-brother-danny-over-estate-8663143
leg.state.fl.us/STATUTES/index.cfm/index.cfm?App_mode=Display_Statute&Search_String=&URL=0700-0799/0736/Sections/0736.0801.html