The 2 daughters of the late Grammy-award-winning singer Tony Bennett, Antonia and Johanna Bennett, are suing their brother over their father’s property. In his capability as trustee of Tony’s property, Danny Bennett is being accused of withholding details about Tony’s belongings and failing to account for gross sales of his music catalog and picture rights proceeds. The 2 sisters are in search of equitable aid and a full accounting of all property and belongings of the property and belief.
In accordance with the household belief, on Tony’s demise, all tangible private property is to be distributed equally amongst his 4 kids (Danny and his brother Daegal are Tony’s sons from his first marriage). Danny, the eldest of the 4, was named trustee of Tony’s belief and served as his longtime supervisor. Daegal and Tony’s widow, Susan Benedetto, had been additionally named within the lawsuit.
Shady Enterprise?
Along with private belongings and actual property, an artist of Bennett’s caliber often leaves behind different useful belongings similar to music catalogs and picture and likeness rights. Rolling Stone experiences that the lawsuit states that whereas earnings from stay performances alone in the course of the closing 15 years of their father’s profession had been greater than $100 million, the sisters had been instructed that Tony’s property was valued at lower than $7 million. The grievance alleges that “[a]lthough Danny and his counsel have offered piecemeal info and produced some paperwork to petitioners’ counsel, the data offered raises extra questions than solutions and fails to offer something near an accounting of Tony’s belongings and monetary affairs.” It additional alleges that Danny personally benefitted from the property, together with the sale of memorabilia.
Is an Unbiased Trustee the Resolution?
Though it’s frequent to nominate a member of the family as trustee, the Bennett lawsuit raises the query of whether or not an unbiased trustee is typically a greater choice to keep away from household drama and discord. “It’s commonplace to call one youngster in succession to behave because the trustee in the course of the administration interval. Nevertheless it’s virtually at all times a foul thought to call one youngster as the continuing trustee for an additional youngster, or kids, as soon as the interval of administration is over,” opined Neil Solarz, shareholder/director at Weinstock Manion. “Given the dynamics and the existence of this lawsuit, there’s a excessive chance a choose will mandate an unbiased trustee, whether or not it’s a personal fiduciary or a company trustee, as a viable answer,” he added.
Solarz additionally defined that following an accounting of the late crooner’s property, if the accounting is “egregious sufficient” or there’s a sign that, for instance, Danny might have acted in dangerous religion, mismanaged belongings or unjustly enriched himself, his daughters might file a petition to have their brother eliminated as trustee (assuming they haven’t already achieved so).
“This lawsuit is a primary instance of points we incessantly encounter in probate belief litigation. One youngster is chosen as trustee for his or her monetary acumen or perceived ability at dealing with a fancy course of. Nevertheless, this usually results in envy or discord amongst members of the family and, subsequently, authorized motion,” stated Solarz. “If one youngster is the continuing trustee, it will probably create an awesome quantity of rigidity between siblings, because the remaining siblings might discover it demeaning to have to hunt their brother or sister’s permission to entry their very own belief going ahead.”
