Jimmy Buffett’s Widow Accuses Co-Trustee of ‘Wasting’ Money, Wants to ‘Move Forward’ from $275M Estate Drama (Exclusive Source)

Jimmy Buffett’s widow Jane has accused the co-trustee of her late husband’s estate of “wasting” her money in a “retaliatory” lawsuit over the $275 million trust.

According to court documents obtained by PEOPLE filed in Florida on July 21, Jane alleges that Richard Mozenter “never has sought Mrs. Buffett’s approval, in her capacity as co-trustee, to use Marital Trust assets to fund his retaliatory litigation campaign.”

Jane, who was Jimmy’s wife for 46 years until he died in 2023, is currently the beneficiary of the marital trust. Mozenter was appointed co-trustee of the late singer’s trust after Jimmy’s death.

Jane claims that Mozenter has shown “little interest in sparing Marital Trust assets from the high cost of litigating three separate actions,” which could potentially drain the trust’s resources.

Mozenter allegedly used his Marital Trust assets to “fund that litigation without even seeking authorization of his co-trustee.”

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“Rather than cede to Mr. Mozenter’s tactic of wasting Marital Trust assets by litigating in multiple forums (clearly intended to drain the very assets Mr. Mozenter has a fiduciary obligation to protect, all to try to dissuade Mrs. Buffett from continuing to seek his removal),” the documents claim, “Mrs. Buffett now asserts as counterclaims and third-party claims the same grounds for removing Mr. Mozenter as co-trustee that she originally asserted in her California petition.”

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Jane requests the courts to intervene in removing Mozenter from his position as co-trustee over the alleged misuse of funds intended for Mrs. Buffett’s benefit.

“Jane will not play into Mr. Mozenter’s hands by litigating this dispute in two separate courts across the country, which would drain the very trust money that Jimmy specifically set aside for her care,” Matt Porpora, Mrs. Buffett’s attorney from Sullivan and Cromwell, tells PEOPLE.

“Instead, Jane is bringing the fight to Florida, where she and Jimmy called home. Jane is confident she will prevail regardless of where her claims are heard, and her decision to move her claims from California to Florida illustrates that she is the only co-trustee looking to conserve — not waste — trust assets.”

Mozenter did not immediately return PEOPLE’s request for comment on the filing.

.”A source close to the situation tells PEOPLE, “It’s incredibly frustrating to see someone try to take advantage of Jane. All she wants is to live the life Jimmy meant for her after he passed; hopefully this ends soon so she can finally move forward.”

A source tells PEOPLE that Jane “always hoped that Rick would … resign, avoiding any need to waste trust assets on litigation.” “She therefore sent Rick the California petition before she filed it and gave him several days to decide whether to step down.”

“Jane has never been interested in a legal battle over which court should hear this dispute. She filed her petition in California because that is where Rick lives and works, and she therefore believed it would be the least objectionable forum for him,” the source continues. “Jane will win in any forum because the law and facts are on her side.”

The source adds, “Jane will not abide the waste of Jimmy’s money, which Jimmy expressly directed to be used to take care of her.”

“She has therefore decided to bring the fight to Florida — where Jimmy called home for much of his life — to minimize wasteful litigation costs.”

Jane originally filed a lawsuit against Mozenter in June to remove him as co-trustee of Jimmy’s trust and claimed that he was withholding financial information about the $275 million trust.

Jane alleged in June that Mozenter’s “ongoing failure” to act in the “best interests” of Jane, court documents filed in California state. They also claim that Mozenter and his attorney, Jeffrey Smith, “have been openly hostile and adversarial towards Mrs. Buffett.”

“Mr. Mozenter has failed to perform even the most basic tasks required of him in his role as co-trustee, including providing Mrs. Buffett with information concerning Trust assets and finances, which has left Mrs. Buffett in the dark with regard to the state of her own finances,” the filing claimed.

Jane also claimed that Mozenter refused to resign from his role despite her repeated requests.

A close friend of the Buffetts told PEOPLE at the time that “Jimmy would never have wanted Jane to be treated like this.” “[I] know how close Jimmy and Jane were all these years, and how Jimmy relied upon and trusted Jane around so many of his important decisions in his life and career,” the friend said.

“These have been very reasonable demands [Jane made of Mozenter],” added the friend.

“There was a lot of patience asking for his feedback, and to still not get anything has been very upsetting. The idea that this is how someone responds to pretty basic requests is sort of inexplicable.”

A hearing is scheduled for Aug. 14.