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Your Estate Matters Newsletter

Your Estate Matters Podcast

Episode 16: Navigating the Emotional Labyrinth of Estate Settlements witn Susan Mendel

In episode 16 of our podcast Your Estate Matters, we discuss estate settlement services with guest Susan Mendel, co-owner of True North Executor Solutions. Susan shares her personal experiences with grief, which have shaped her empathetic approach to estate management. The episode covers the complexities of managing physical assets, dealing with hoarding, navigating family dynamics, and the importance of thorough record-keeping. Susan also offers practical advice for families preparing for estate management and highlights the growing demand for professional estate settlement services.
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Your Estate Tip

Consider Mulitiple Wills Planning

For Probate Fee Reduction

Certain provinces allow for multiple Wills as a mechanism to minimize probate fees. In some jurisdictions, multiple Wills for the same jurisdiction are "allowed" but there may not be a probate fee benefit.

Multiple Wills for probate fee minimization purposes is specifically permitted in Ontario and B.C., where this strategy is most commonly used. Will makers can do multiple Will planning by creating two (or more) “pots” of assets, with each “pot” falling under a separate Will. This type of planning is typically used to minimize probate fees, but other considerations such as privacy and minimizing asset valuations costs are of increasing significance for estate planners.

Note that in B.C. it is necessary to appoint different executors under each Will. Other provinces do not have this restriction.

For Dealing with Assets in Multiple Jurisdictions

If a deceased owned property in multiple jurisdictions, they may have made different Wills in two or more jurisdictions, referred to as separate situs Will planning. This allows for concurrent probate processes to happen simultaneously and for local drafting and language to be used in each separate Will. This is commonly used when someone owns a vacation property in the US for example to expedite estate administration and avoid having to "re-seal" a foreign Will.

Your Estate Case

The Tony Bennett Estate Dispute

The late singer Tony Bennett's estate has become embroiled in a contentious legal battle, highlighting the potential pitfalls of appointing family members as trustees.

The lawsuit was filed in June 2024 in the New York Supreme Court by Tony Bennett's daughters Antonia and Johanna Bennett against their brother Danny Bennett, who is the trustee of their father's estate. In his capacity as trustee of Tony’s estate, Danny Bennett is being accused of withholding information about Tony’s assets and failing to account for sales of his music catalog and image rights proceeds. The two sisters are seeking equitable relief and a full accounting of all property and assets of the estate and trust.

According to the family trust, on Tony’s death, all tangible personal property is to be distributed equally among his four children (Danny and his brother Daegal are Tony’s sons from his first marriage). Danny, the eldest of the four, was named trustee of Tony’s trust and served as his longtime manager. Daegal and Tony’s widow, Susan Benedetto, were also named in the lawsuit.

The lawsuit states that while earnings from live performances alone during the final 15 years of their father’s career were more than $100 million, the sisters were told that Tony’s estate was valued at less than $7 million. The complaint alleges that “[a]lthough Danny and his counsel have provided piecemeal information and produced some documents to petitioners’ counsel, the information provided raises more questions than answers and fails to provide anything close to an accounting of Tony’s assets and financial affairs.” It further alleges that Danny personally benefitted from the estate, including the sale of memorabilia.

Summary of Allegations in the Lawsuit:

• Danny allegedly paid himself an excessive salary of $750,000 per year from the trust
• Made unauthorized payments to himself and others
• Failed to provide proper accounting of trust assets and expenditures

This case underscores several important issues in estate planning and trust administration:

1. Fiduciary Duty Concerns: The allegations strike at the core of a trustee's fiduciary responsibilities, including the duty of loyalty and the duty to avoid self-dealing.
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2. Family Dynamics: Appointing a family member as trustee can lead to accusations of impropriety and conflict.
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3. Importance of Clear Communication: The dispute highlights the need for transparent communication and proper documentation in trust management.
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4. Blended Family Challenges: Like other high-profile cases (e.g., Robin Williams, Tom Petty), the Bennett case illustrates how blended families can face unique hurdles in trust administration and estate distribution.

This ongoing legal battle serves as a cautionary tale for families and estate planners, emphasizing the importance of careful consideration when selecting trustees and establishing clear guidelines for trust administration.

Here are some ways you can work with us: ​Book a free consultation with Heritage Trust. Download our free checklist “Essential Steps for Estate Planning.” Purchase our course "The Estate Organizer for Canadians." ​ Follow us on social: ​​​​

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