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Mattress entrepreneur, Craig Schmeizer, died in November 2025, leaving behind a $13M Manhattan townhouse owned by an LLC, owned by 2 trusts (BIG shout out to this guy’s estate planning attorney who thought this through!)
Schmeizer had allowed his former housekeeper to live in the townhouse. Following his death, his estranged wife, who was serving as trustee of the trusts controlling the LLC that owned the property (LOL, who knows 1?), attempted to gain access to the home.
The housekeeper allegedly refused to leave, refused to provide a key, and refused to allow the trustee or estate representatives inside. According to the lawsuit filed in February 2026, the trustee needed access to inspect the property, address insurance concerns, inventory valuable artwork and wine, locate important documents, and prepare the home for sale. The LLC ultimately filed suit seeking access to the property and compensation for its continued occupancy (this is appropriate as the property was owned by the LLC and the trust was the owner of the LLC ). Yup!
So, what can we learn from this Russian doll-house of an estate plan?
We can discuss how someone takes on the role of successor trustee.
When the Grantor of the trust passes away, the backup trustee named in the trust doesn't need a judge to appoint them (that’s one of the benefits of the trust, it attempts to avoid court intervention). Instead, the successor trustee must accept the trusteeship in accordance with the trust and Florida law.
Under Florida Statute § 736.0701, if the trust terms don’t provide a method someone can (1) accept delivery of the trust property, (2) exercise powers or performing duties as trustee, or (3) otherwise indicating acceptance of the trusteeship. Now, that’s pretty ambiguous and financial institutions are going to want something in writing and we want to make it easy for them to help us (help them, help us!).
So, the best way to document that acceptance is through a written Acceptance of Trusteeship, sometimes called a Trustee Acceptance Affidavit. By signing it, the successor trustee formally acknowledges the appointment and agrees to undertake the responsibilities associated with the position.
In our office, when someone creates a trust and names themselves as the initial trustee (almost always), they typically sign the trust document twice. Once as the GRANTOR, establishing the trust and again as the TRUSTEE, accepting the responsibility of managing the trust assets. Same person. Two different jobs. And, yes, two different signatures.
Once the successor trustee has properly accepted the position, they can exercise the powers provided under the trust and applicable law. Depending on the trust, those powers may include managing investments, selling real estate, paying expenses, dealing with financial institutions, and distributing assets to beneficiaries.
Another very useful document is the Certification of Trust that can help provide a summary of the information financial institutions and other third parties require, without disclosing the entire trust agreement.
Of course, everything we discuss pertaining to the successor trustee acting as an owner of an LLC implies that the LLC operating agreement is also in lock-step. If the LLC operating agreement tells a different story or restricts a trustee’s actions, that LLC document will govern the LLC.
So, there you go. We learn that a trustee of a trust that owns an LLC that holds real property does in fact have the power, but only if they take it on in a way that others can rely on. We also learn that all this talk of LLCs and Trusts and mattresses is making me sleeeeeepy…..
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