A Legacy Complicated by Litigation
Tony Bennett died in 2023 at age 96. Known worldwide for his timeless hit “I Left My Heart in San Francisco” and celebrated late-career performances alongside Lady Gaga, Bennett’s estate plan has not been left in a court in New York, where his family is battling over his legacy.
Bennett prepared an estate plan which gave a specific sum to his widow and directed the remainder be divided among his four children, consisting of two sons from his first marriage and two daughters from his second. Bennett’s estate plan made clear that his daughters were to have no decision-making power over his estate or trust, but his sons could. One son ultimately assumed control of the estate and trust, valuing it at $12 million. Bennett’s daughters strongly contest that figure, pointing to Bennett’s continued earnings in his nineties, reportedly as high as $100,000 per performance. The daughters have now taken the matter to Surrogate’s Court, demanding a full accounting and alleging their brother paid himself outsized fees as trustee.
Lesson One: Choosing the Right Fiduciary
One of the clearest lessons from this dispute is the importance of who is chosen to administer an estate or trust. Parents often appoint one child, assuming they will act fairly, but this can create conflict if siblings do not trust that person or feel excluded or uninformed. In cases involving significant wealth—like Bennett’s—appointing a neutral party, such as a trusted neutral relative professional fiduciary or a financial institution can reduce family tensions and promote transparency.
Lesson Two: Beneficiaries Have Rights
Even when one sibling is placed in charge and there are concerns about his actions, beneficiaries are not without recourse. They can demand an accounting from the executor or trustee, requiring disclosure of estate income, distributions and expenses. If the fiduciary refuses, beneficiaries can petition the court to direct production of a formal accounting, as Bennett’s daughters are doing now. This safeguard helps ensure that all heirs are informed of the activities of the estate or trust and can seek a court order directing a fair distribution.
Estate Planning Is More Than Just Documents
Tony Bennett’s situation underscores that estate planning is not only about distributing assets—it’s also about choosing the right people and structures to manage them. Families who anticipate conflict should consider neutral fiduciaries. And for beneficiaries who suspect mismanagement, legal remedies are available.
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