Doane & Doane, P.A.

  When it comes to estate planning, two key legal documents you’ll likely encounter are a will and a trust. Both are designed to ensure that your assets are distributed according to your wishes after your death, but they serve very different purposes and operate in distinct ways. Understanding the difference between a will and a trust is essential for making informed decisions about how best to protect your assets and provide for your loved ones. Let’s explore the key differences between these two important estate planning tools. What Is a Trust? A trust is a legal arrangement where you (the creator) transfer ownership of your assets to a trust, which is managed by a trustee for the benefit of your chosen beneficiaries. In essence, the trust itself holds the assets, and a designated person (the trustee) manages them according to your wishes. One of the most significant advantages of a trust is that it helps avoid the lengthy and often costly process of probate. Since the assets in ...

  sound and unforgettable performances left a lasting impact on generations of musicians and fans alike. But beyond the music, there’s another, lesser-known legacy of Jimi Hendrix — one that serves as a cautionary tale for anyone without an estate plan. Hendrix’s story is not just about artistic genius — it’s also a prime example of what can go wrong when someone passes away without a will or estate plan in place. The Jimi Hendrix Estate: A Lesson in What Not to Do When Jimi Hendrix died in 1970 at just 27 years old, he left behind a large and growing estate — but no will. While Hendrix was very close to his brother Leon, his estate didn’t go to him. Why? Because without a will, state intestacy laws determine who inherits a person’s assets. Under these laws, Hendrix’s entire estate was passed to his father, Al Hendrix. At that time, the estate was valued at around $66 million . Al later created his own estate plan, initially including Leon. But shortly before his death in 2002, ...