How LPL Advisors Can Confidently Support Estate Planning

When it comes to estate planning, many advisors wonder where to begin, what’s allowed, and how to make it meaningful for their clients. A recent webinar between Adam Correa, Vice President of Financial Planning Success at LPL Financial and Andres Mazabel, GM, Advisors at Trust & Will, helped break it down in practical, actionable terms.

Below, we highlight the most important takeaways with a focus on compliance, clarity, and the value you can bring as a financial professional.

Let’s start with the big question: What exactly is the advisor’s role in estate planning? You're not expected to draft documents or give legal advice. Instead, the most successful advisors focus on three key areas:

• Education: Helping clients understand the difference between a will and a trust, who a successor trustee is, what a guardian does, and why estate planning matters.

• Accountability: Many clients already know they need an estate plan. What they need from you is encouragement to start and support to follow through.

• Support: Advisors act as facilitators. You help guide the process without stepping into legal territory. The platform ensures clients drive their own plan while you stay in the loop.

Staying Compliant: Do’s and Don’ts

There’s a fine line between education and advice. Staying on the right side of that line is crucial.

What you can do:

• Educate clients about the estate planning process

• Explain common terms and plan types

• Offer to coordinate with estate planning partners

• Provide support after documents are created

What you can’t do:

• Recommend specific legal documents (e.g. "You should create a trust")

• Fill in or edit legal documents on your client's behalf

• Describe yourself as someone who drafts estate plans

Who This Works Best For

Trust & Will's services are tailored for mass market affluent clients, generally those with $100,000 to $5 million in assets.

This includes clients who:

• Have never completed an estate plan

• Need to update outdated documents

• Want to restate an existing trust due to life changes such as marriage, children, or moving states

Clients with highly complex needs, such as irrevocable trusts or taxable estates over $10 million, may be better suited for referral to LPL’s High Net Worth Services team.

Charging for Estate Planning: What’s Allowed

Advisors often ask: Can I charge clients for this? The short answer: Yes, as long as you’re charging for your time and expertise, not the legal documents themselves.

You can charge for approved estate planning activities outlined in the Financial Planning Program Guideline. Most of these activities are education-focused and could include:

• Estate planning education and goal alignment

• Reviewing existing documents and identifying gaps

• Helping clients implement their plans such as retitling assets

You cannot charge for:

• The preparation or delivery of legal documents

• Marking up the cost of Trust & Will plans if you’re not providing additional services

Here are three models that work within LPL compliance:

1. Value-Add Model
Estate planning is included as part of the overall advisory relationship. No separate fee is charged.

2. Fee-for-Service Model
You charge a flat hourly planning fee that covers your time for planning, education, and support. This works especially well with non-advisory clients. Corporate RIA advisors must use the financial planning engagement form. Hybrid advisors should check with their OSJ.

3. Referral-Only Model
You refer clients to Trust & Will via the Advisor Portal. They pay directly and receive full platform support. You maintain your existing advisor-client relationship separately.

Delivering a Better Client Experience

Estate planning is more than a checkbox. It’s a critical piece of a family’s financial life. By helping clients through it, you provide real, lasting value.

Clients benefit from:

• A guided digital experience that simplifies planning

• Access to licensed attorneys for legal questions

• Tools like Shared Access, Legacy Contact, and Estate Plan Storage

Advisors benefit from:

• Staying compliant and protected

• Deepening relationships across generations

• Growing assets under management through trust-based planning

If you have questions along the way, our Advisor Solution Team at Trust & Will is available to help.

Interested in partnering with Trust & Will to enhance your own clients’ estate planning needs? Learn more about how you can join over 20,000 financial advisors and firms who are delivering peace of mind to their clients by offering a comprehensive estate planning solution. Schedule a free demo today.

Trust & Will is an online service providing legal forms and information. We are not a law firm and we do not provide legal advice.