Estate planning can often feel confusing or intimidating, especially when it comes to understanding the difference between wills and trusts. In this episode, Thomas LaPorte of LaPorte Law Group explains what these essential tools are, when to use each one, and how they can protect both your loved ones and your assets. Drawing on over 30 years of experience in estate planning, probate, and business law, Thomas shares practical examples, debunks common myths, and offers insights into how families can make confident, informed decisions about their estate plans.
Why Estate Planning Is So Important
Thomas LaPorte began his legal career in California after graduating law school in 1994, handling complex business litigation cases before expanding into estate planning and corporate law. After six years, he returned home to Andover, Massachusetts, to raise his family and practice alongside seasoned estate planners in Massachusetts and New Hampshire. Over two decades, he developed a deep understanding of estate planning, business transactions, and Medicaid planning — areas that now form the foundation of his practice.
Thomas explains that Medicaid and estate planning often overlap. Families must decide what concerns are most important to them — whether it’s protecting assets from long-term care costs, minimizing estate taxes, or ensuring a smooth transfer of wealth to loved ones. While some states like New Hampshire do not impose estate taxes, others such as Massachusetts do. But as Thomas notes, there are many non-tax reasons why every individual or family should have a will or trust in place.
Why Thomas LaPorte Started His Own Law Firm
After years of experience working for other firms, Thomas decided to start his own practice — not out of ego, but to gain the flexibility to focus on the areas of law he enjoys most. He values the opportunity to teach, mentor his own staff, and build personal relationships with his clients. Running his own firm allows him to focus on wills, trusts, and estate planning — areas that give him the satisfaction of helping families protect what matters most.
What Is a Will and Why Is It Important?
A will is a critical legal document that serves one essential purpose: to establish guardianship for minor children or dependents who require ongoing care. It allows parents or guardians to name who will care for their children if both parents pass away, ensuring stability and continuity for the child’s upbringing.
Thomas emphasizes that wills are public documents and generally less expensive to prepare upfront. However, they offer limited flexibility, and all assets distributed through a will become publicly available information. Additionally, beneficiaries of a will receive their inheritance at the age of 18, regardless of maturity or circumstances.
All wills must go through the probate process, where a probate court validates the will, appoints a personal representative (formerly known as an executor), and oversees accounting, asset distribution, and property sales. Because of this, probate can be slow and costly.
What Is a Trust and How Does It Work?
In contrast, a trust is a private legal contract that allows individuals (the grantors) to manage how their assets will be distributed to beneficiaries. Unlike a will, a trust avoids probate and provides far greater flexibility, control, and privacy. Thomas explains that while creating a trust may cost more initially, it often saves families significant time and expense in the long run.
A trust allows grantors to manage assets “from beyond the grave,” giving them the ability to set specific conditions or ages for when beneficiaries receive funds. For example, a trust might authorize the trustee to release money for a child’s first home down payment, wedding, or education — or to cover expenses related to health, education, maintenance, and support. This level of discretion allows families to protect their children while promoting responsible financial decisions.
Trusts are also amendable and revocable during the grantor’s lifetime, meaning changes can be made as circumstances evolve. Perhaps most importantly, trusts provide privacy — shielding details about the family’s assets from public record, which helps protect against fraud and identity theft.
Common Misconceptions About Trusts
Thomas notes that many people mistakenly believe trusts are only for the wealthy. In reality, trusts are valuable tools for families of all income levels. They provide flexibility, reduce costs over time, and safeguard privacy. With probate courts still experiencing delays — especially since the COVID-19 pandemic — trusts are increasingly becoming the preferred estate planning tool.
When Is a Will More Appropriate Than a Trust?
While trusts are highly effective, Thomas acknowledges that wills remain essential, especially for families with modest estates or those who need to establish guardians for minor children. A will ensures parents can choose who will raise their children if something happens to them — a decision that maintains continuity in the child’s school, community, and emotional environment.
Having a will also avoids the complications of intestacy laws, which determine who inherits assets when there is no estate plan. Without a will, courts appoint an administrator who must qualify for a surety bond — an added expense and complication. Thomas shares an example from his practice where an estate without a will required a sudden change in administrators to complete a property sale on time. The case demonstrated how easily complications can arise without proper planning.
How a Will and Trust Work Together
Thomas often recommends a combined approach — using both a will and a trust to minimize probate. A “pour-over will” directs any remaining assets not already titled in the trust to be transferred (“poured over”) into it upon death. This ensures that even overlooked assets eventually pass according to the terms of the trust.
He advises clients to keep practical items like household checking accounts outside the trust for convenience but to transfer real estate and significant assets into the trust to ensure privacy and efficiency.
How to Decide Between a Will, a Trust, or Both
When meeting with clients for the first time, Thomas begins by understanding their family structure and financial situation. He asks whether they have children, what their major assets are, how they are titled, and what their overall goals are. Based on this information, he provides tailored recommendations, offering flat-fee pricing so clients can plan confidently without worrying about unexpected legal costs.
In many cases, Thomas conducts these consultations virtually, making the process more convenient for clients throughout Massachusetts and New Hampshire.
When to Review or Update an Estate Plan
Estate planning is not a one-time task. Thomas recommends reviewing plans every five years or after major life changes such as marriage, divorce, having children, or significant increases in wealth. Laws change frequently — especially federal estate tax exemptions — so updating an estate plan ensures it remains effective and compliant.
Key Life Events That Require Updating an Estate Plan
Certain life events, Thomas explains, should automatically trigger a review of your estate plan. These include:
- Having children: Parents should establish guardians and basic wills early on.
- Divorce: A trust can prevent an ex-spouse from managing assets meant for minor children.
- Significant changes in wealth: An increase in property or business assets may require additional planning.
Thomas illustrates how a simple trust can protect minor children’s assets in cases where the surviving parent is financially irresponsible or unfit to manage money. By appointing a trusted relative or friend as trustee, parents can ensure their children’s inheritance is managed wisely and protected from misuse.
The Importance of Planning Ahead
Thomas concludes that estate planning is about peace of mind — ensuring loved ones are cared for and assets are distributed responsibly. Whether someone chooses a will, a trust, or both, having a plan in place provides stability and security for the future. The best time to start is before a crisis occurs, and with regular reviews, an estate plan can continue to meet a family’s needs for decades to come.