For many, estate planning is a distant concern. However, life events can bring it suddenly into focus. A DailyMail headline involving the late singer Tony Bennett exemplifies this. He passed without a robust estate plan, leaving his children and widow, (not their mother) embroiled in a legal battle over his estate. We must ask ourselves an important question: how can we avoid these estate disputes?
Family conflicts over inheritance are tragically common. According to The Conversation, there are several reasons why these disputes arise:
In Tony Bennett’s case, the daughters are suing their brothers and his widow. The brother is the sole executor of the state, and he’s allegedly failed to be transparent with his sisters.
Tony Bennett's daughters, Antonia and Johanna Bennett are the plaintiffs in the suit. The defendant, their brother D'Andrea "Danny" Bennett, has allegedly mishandled the estate. According to his sisters, he has failed to disclose their father’s assets and answer their questions; a breach of fiduciary duty as an executor.
The sisters estimate the value of their father’s estate to be much greater than what their brother has reported. They specifically claim that their brother did not account for proceeds from the sale of Tony Bennett's music catalog and image rights when he worked as their father’s manager. They’ve also named their brother Daegal "Dae" Bennett and Tony's widow, Susan Benedetto, as defendants.
Tony Bennett's story is a cautionary tale. Whoever is right, a lack of clarity and ambiguity in their fathers’ finances has torn a family apart. While few of us have an estate the size of Tony Bennett’s, even a more modest estate can spark strife. Avoiding litigation and protecting your wishes requires a thorough, detailed estate plan and an impartial executor. While the size of the estate might be small, when a surviving spouse is not the parent of the decedent's children, the situation is rip for conflict!
Creating a detailed will and trusts are the foundation of good estate planning. A few key principles include:
An estate planning attorney can provide invaluable assistance in several ways. They can draft a detailed will that’s legally binding and reflects your wishes. They can also set up different trusts to manage your assets, protect your wealth, and provide for your loved ones in a structured manner. Intelligent estate structuring can minimize your tax liabilities to preserve wealth for your beneficiaries. At the bottom line, a good estate planning attorney can help you protect your legacy for when you’re gone.
Don't leave your family's future to chance. By taking proactive steps, you can avoid the kind of disputes that Tony Bennett's family is facing.
Contact us today to protect your estate. Our team is here to help you create a comprehensive estate plan that honors your wishes and protects your loved ones.
References: DailyMail (June 15, 2024) “Tony Bennett's daughters break their silence after suing brothers and late singer's widow amid bitter inheritance battle over their father's estate” and TheConversation (May 17, 2022) “Why families fight over inheritances – and how to avoid it”
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