When Can’t a Trustee be Trusted? We Can’t All Go “From Rags to Riches”
Share this post
Tony Bennett’s Daughters Wonder “Who Can I Turn To”
Tony Bennett, the famed Grammy winner and singer of “I Left My Heart in San Francisco,” died in 2023. He left his estate to his wife, Susan Benedetto, and family. He had four children: D’Andrea “Danny” Bennett, Daegal “Dae” Bennett, Antonia Bennett and Johanna Bennett. When Tony Bennett passed away on July 21 after a long battle with Alzheimer’s disease, his son, Danny Bennett, became trustee of the family trust.
Recently, Tony Bennett’s daughters, Antonia and Johanna, brought a lawsuit against Danny for his role as trustee. The lawsuit alleges mishandling of the singer’s family trust and “failures to account for transactions and the assets” from the trust.
Can Tony Bennett’s Trustee Be Trusted?
The suit alleges that Danny Bennett did not provide a full accounting for sales of Tony Bennett’s music catalog and image rights proceeds and withheld information about their father’s assets. They also claim that brother Danny personally benefited from the estate and received a substantial commission prior to Bennett’s death for selling memorabilia. They are seeking compensation as well as an accounting of all transactions.
The Bennett family trust was created by a trust agreement in December 1994, per the filing. Bennett funded the trust before his death, though it’s unclear how much he contributed. Bennett’s children Johanna, Antonia and Daegal, and his wife Crow are all listed as beneficiaries. Upon Tony’s death, the Family Trust details that all “tangible personal property is to be distributed in equal shares” to his four children.
What Does a Trustee Do?
A trustee administers the trust according to the provisions in the trust agreement. They are in charge of managing the trust’s assets and financial affairs as well as making distributions to beneficiaries. Additionally, the trustee must:
- Keep Records. The trustee records all transactions and trust activity. They should provide beneficiaries with reports and accountings of the trust.
- Communicate With Beneficiaries. The trustee should keep beneficiaries updated on the status of the trust.
- Manage Assets. The trustee protects trust assets from loss or damage and invests them wisely.
- Make Distributions. The trustee follows the instructions in the trust document when making distributions to the beneficiaries.
- File Taxes. The trustee files all required state and federal tax returns for the trust and pays the taxes from the trust assets.
- Comply with Trust Laws. The trustee ensures the trust follows applicable laws and regulations.
- Handle Disputes. The trustee resolves any conflicts between beneficiaries and any parties of the trust.
A trustee has a fiduciary duty to act in the best interests of the trust’s beneficiaries. This means they cannot have conflicts of interest in representing the trust.
We will be monitoring the progress of the case. If you have concerns about detail in your trust, or would like to make changes to your trustees or beneficiaries, contact us.