Jimmy Buffett's $275 million estate sparked a lawsuit between his wife and accountant after he named them both as co-successor trustees. Co-trustees who can't overrule each other often force the estate into court. Pick one trustee with a backup instead.
Jimmy Buffett died with $275 million, and within 48 hours, his wife and his accountant were suing each other. Actually, it was about 24 months, but the point is Jimmy named them as co-trustees of his trust, actually co-successor trustees. Those are the people who are going to control everything after you're gone and make sure the terms of the trust are carried out. And here's the point: co-trustees are a time bomb. Naming co-decision makers who can't overrule each other or even escape each other practically guarantees court Intervention. So here's the choice. You can choose a single transparent trustee and an alternate just in case, or you can go ahead and write the first check to the lawyers because that's who's going to be inheriting your estate planning mistake. And if you want to avoid these types of mistakes in your estate, put the word protect in the comments.
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