Tag: Estate Planning

Digital Assets in Estate Plans: The Six-Figure Question Your Clients Aren’t Asking

For financial advisors managing the complexity of estates, the frontier of wealth planning is no longer focused solely on tangible assets. It is digital. Your clients hold substantial value in airline loyalty points, cryptocurrency, and domain names: assets that are often entirely invisible to their estate planners. This gap is no longer a niche problem; it is a fiduciary liability and a significant missed opportunity for bringing deeper client value.

Every estate plan that remains silent on digital property risks permanent financial loss for beneficiaries and creates unnecessary legal and administrative friction for the fiduciaries administering the estate and the family’s financial advisors. To close this gap at scale, fiduciaries and advisors require a modern, integrated platform designed to secure all client wealth. Wealth.com empowers advisors to transition from managing historical wealth to safeguarding the modern reality of their clients’ full financial lives.

The Scale of the Hidden Asset Class

The term “digital assets” encompasses far more than just financial technology. It includes any online account, file, or data that holds either monetary or sentimental value. These assets have grown in value and complexity at an exponential rate, yet estate planning practices have largely lagged.

 

Type of Digital AssetMonetary Value PotentialRisk of Loss in Estate
Cryptocurrency (Bitcoin, Ethereum, etc.)High; often six- or seven-figuresHighest; requires awareness of existence, knowledge of private keys or seed phrases when stored in a cold wallet
Online Business Assets (Loyalty Programs such as Airline Miles or other Credit Card Rewards Programs)High; cash flow savingsHigh; requires awareness of existence
Cloud-Stored Files (Digital Art or Photos, emails, family photos, voice recordings, videos and other files with sentimental value uploaded to a cloud service)Sentimental and administrativeMedium; requires ability to access account and successfully download or transfer assets
Social MediaSentimental or reputationalLow

 

The collective value of digital property, including cryptocurrency and digital assets held globally, is measured in the trillions of dollars. According to the IMARC Digital Asset Management Market Size, Share, Trends and Forecast Report, The market for digital asset management—which includes the systems required to manage this content—is projected to be a multi-billion dollar sector, underscoring the substantial enterprise attention being paid to this asset class. Advisors must position themselves ahead of this trend to capture the planning opportunity.

The Core Problem: Security Versus Access

The primary barrier to including digital assets in an estate plan is the inherent tension between security and fiduciary access. Digital assets, especially decentralized ones like cryptocurrency, are designed to be accessible only with specific, private credentials. The security that protects the owner during life is precisely what locks out the fiduciary after death.

Consider a common scenario: A client, a dedicated cryptocurrency investor, dies with over $200,000 in crypto holdings stored in a cold wallet. The client’s Will names a spouse as the executor, but the spouse was never informed where the seed phrase (the recovery key) was stored. Despite the legal document stating the spouse is the sole heir, the court is unable to access the funds. The money remains locked on the blockchain, permanently inaccessible to the estate. In addition, the bureaucratic elements of interacting with the companies that control the digital asset (like Facebook for social media accounts and Apple or Google for cloud-stored content) can be a source of distress for the family.

A will or a trust may grant legal authority to the executor, but it does not provide the practical access required by the digital asset custodian. Without specific instructions for access, a substantial portion of the client’s wealth can be lost forever. Wealth.com solves this critical access problem by providing a secure, centralized system for managing explicit access directives separate from the public-facing legal documents.

The Legal Framework: RUFADAA and the Hierarchy of Consent

Advisors cannot afford to rely on generic language that applies to traditional assets. The management of digital assets after death or incapacity is primarily governed by the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA), which has been adopted in over 45 states.

RUFADAA established a clear, three-tiered hierarchy for determining how a fiduciary can access a client’s digital assets, with the client’s direct, explicit consent overriding nearly everything else.

  1. Online Tools (Highest Priority): A client’s instructions made through the custodian’s own platform (e.g., Google’s Inactive Account Manager, or Facebook’s Legacy Contact) override all other legal documents and the custodian’s Terms of Service.
  2. Legal Documents: In the absence of an online tool, a client’s express directions in a will, trust, or power of attorney control the fiduciary’s access. This requires clear language specifically addressing digital assets in all three legal documents. This explicit power is often missing from older estate planning documents.
  3. Terms of Service (TOS): If a client provides no direction via an online tool, or legal document, the custodian’s Terms of Service agreement dictates access.

For the client, the power of attorney, will and trust are critical tools. By using a durable Power of Attorney with express authority, an agent can manage digital assets during a period of incapacity. Wealth.com makes it simple to place digital assets in your client’s trust during life (“funding” the trust) and the forms provide explicit powers to the executor, trustee, and agent, ensuring that they have the best chances to access the client’s digital assets once something happens to the client. 

A Practical Conversation Guide for Advisors

To effectively incorporate digital assets into an estate plan, you must move beyond basic financial reviews and become a proactive digital asset manager for the firm’s clients. This begins with a simple, direct conversation.

The Three-Question Digital Asset Diagnostic:
Use these three questions in your next client review to identify planning gaps:

  1. “Do you have any assets that exist only online?” This moves the client past the definition of “crypto” and includes frequent flyer miles, domain names, investment account logins, and cloud storage. The focus is discovery, not valuation.
    1. It is common for heirs to struggle dividing and transferring points from rewards programs like frequent flyer miles or credit card rewards. If your client has valuable points, help them look into the program’s policies for post-death transfers.
  2. “If you were to become suddenly incapacitated, does your designated fiduciary (Trustee, Executor) have the credentials to access those assets?” This highlights the access problem. The client may have the account listed, but does the fiduciary have the private key or access to the device to complete multi-factor authentication (MFA)?
  3. “Where do you currently store the access information (passwords, private keys, seed phrases) for these assets?” If the answer is “in my head,” “on a sticky note,” or “in the Will,” the advisor must intervene to advocate for a secure digital document management strategy. 

The Wealth.com platform provides a proprietary, secure digital vault where fiduciaries can find necessary access information only upon authorization, eliminating the risk of paper-based or public record exposure.

How Wealth.com Modernizes Digital Asset Planning for Your Firm

Wealth.com empowers advisors to close the digital asset gap and deliver comprehensive estate planning solutions at scale. The platform is purpose-built to address the unique compliance, security, and access challenges presented by modern wealth.

  • Integrated Digital Vault: The platform’s digital vault provides a secure, single source of truth for all client documents and digital asset credentials. This eliminates the risk of losing private keys or relying on the flawed approach of listing passwords in a public Will.
  • Advisor-First Efficiency: By integrating estate planning with digital asset management, the platform streamlines the entire client experience. You spend less time tracking down scattered information and more time delivering high-value advice, driving efficiency and client impact for your firm.
  • Comprehensive Planning: The platform’s technological and legal depth ensures that whether the client’s wealth is invested in a mutual fund or stored in a cold storage wallet, the estate plan is truly modern and comprehensive, protecting the full scope of their financial legacy.
    • Points to Consider:
      • Will your clients be successfully passing any objective value in the digital assets to your intended beneficiaries? Examples include inheritance of frequent flyer miles or crypto.
      • Did your client set up the post-death access and control rights to someone where possible? Examples include social media like Facebook or cloud-storage access.
      • Does your client grant post-death access and control rights to their executor/trustee through their will or trust?

By adopting Wealth.com, you deliver better client outcomes by moving beyond outdated, fragmented processes and reinforcing your firm as the trusted expert in securing wealth for the digital future.

Sources

  • Carolina Estate Planning. Why 90% of Crypto Holders Will Accidentally Disinherit Their Families.
  • Kitces, Michael. Why Managing Digital Assets is Critical In Estate Planning.
  • IMARC. Digital Asset Management Market Size, Share, Trends and Forecast by Type, Component, Application, Deployment, Organization Size, End-Use Sector, and Region, 2025-2033.
  • Uniform Law Commission. Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA).

 

How Financial Integrators Turned Estate Planning into a Scalable, Revenue-Generating Service

About Luke & Financial Integrators

Based in Joplin, Missouri, Luke Taggart is a Financial Advisor at Financial Integrators, where he helps business owners and families bring clarity and confidence to every financial decision. His firm takes a holistic approach to financial planning, integrating retirement, tax, and estate strategies to create truly comprehensive solutions.

Luke is passionate about simplifying complex processes, especially estate planning, which many clients find intimidating. “Our clients want simplicity without compromising quality, and they want us involved in the process, not sidelined,” he explains.

He began his career as a paraplanner, gaining hands-on experience building strategies and supporting client relationships. Today, he continues to honor that foundation through a fiduciary approach centered on education, transparency, and long-term trust.

The Challenge: High Costs, Low Clarity

Estate planning was a persistent roadblock for clients at Financial Integrators. The traditional attorney route often came with high fees, opaque processes, and little collaboration between legal teams and advisors. As Luke explains, clients were discouraged by:

  • Cost barriers: Traditional estate planning felt overpriced, especially for those with simpler needs.
  • Disconnected processes: Advisors were often cut out of the loop, creating gaps in implementation and client understanding.
  • Client inertia: Many clients delayed estate planning simply because it seemed too difficult to start.

“People were overwhelmed or priced out of the process altogether. We needed something that clients could actually start—and finish—with confidence,” said Luke.

 

The Solution: Wealth.com

Luke and his team explored several platforms before choosing Wealth.com. The key differentiator was comprehensive functionality built for financial advisors.

“We tried other solutions, but none were as comprehensive. Wealth.com offers everything from document creation to visualization tools like Ester®, which are useful no matter where someone is in their estate journey,” Luke said. 

Wealth.com’s digital-first experience was a game-changer for Financial Integrators. Advisors can guide clients from onboarding and document creation to post-plan visualization and analysis. And because it’s built for advisors, it integrates seamlessly into existing workflows.

“It was very seamless getting started. We just plugged it into our process and hit the ground running,” said Luke.

 

The Impact: Better Client Engagement, Clear ROI

Since adopting Wealth.com, Financial Integrators has seen a measurable uptick in client engagement and satisfaction:

  • Increased trust: Clients now see the firm as a full-service provider, including estate planning.
  • Faster action: Clients who previously stalled are now completing their estate plans with confidence.
  • Visual feedback: Reports and visualizations make the value of the estate plan immediately clear.

In fact, Wealth.com has become so integral to Financial Integrators’ estate planning process that it’s now monetized as a core service, with pricing based on client complexity.

“We have seen more people trust our process as a one-stop shop for all things financial planning,” Luke said. “This is an integral part of our brand, and it has become our main solution for most clients.”

Luke notes that clients frequently comment on how easy the sign-up process is, how helpful the document creation tools are, and how visually impressive the estate plan reports have become.

“Wealth has given many clients peace of mind,” Luke said. “We have so many people who have wanted to get started with estate planning but have found the costs and process too cumbersome. This tool gives people the opportunity to set their estate up for success or reinforces what they need to know for documents that have already been created.”

Wealth.com has been a seamless addition to the firm’s existing processes and they’ve received excellent customer support from the Wealth.com team. “The usability for the advisors has given us no problems. Everyone at Wealth.com from the customer service team to the relationship managers have been superb,” Luke said.

 

Looking Ahead: Wealth.com as a Pillar of Planning

For Financial Integrators, Wealth.com isn’t just another tech tool—it’s become a foundational part of their financial planning ecosystem.

“This is the satisfier of our estate planning pillar. Whether a client needs simple documents or a revision, this is what we use,” Luke said.

To other advisors who are still evaluating their options, Luke offers simple advice:

“Give it a try with your clients. I think you’ll be impressed with the results and how naturally it fits into your practice.”

 

Want to See How Wealth.com Can Elevate Your Practice? Schedule a demo today at wealth.com/demo.

A special thanks to Luke Taggart for sharing his valuable insights on how Wealth.com has helped Financial Integrators streamline estate planning and offer more value to their clients.

 

How CLC Investment Advisors Added $30K in Revenue and Won a $1M Client in 4 Months

The Challenge: Referring Out and Losing Opportunities

Before Wealth.com, David Cadarette would refer clients to outside attorneys for estate planning, a process that was both cumbersome and created unnecessary complexity for his clients, many of whom faced analysis paralysis when it came to estate planning decisions. Despite his passion for estate planning education, referring clients elsewhere meant losing control of an essential part of the financial planning process.

“I can’t even count how many clients I’ve sent to local attorneys in my network for estate planning documents through the years,” David recalled. “This meant my clients had to schedule another meeting, drive across town, and juggle another relationship.”

The breaking point came when a promising prospect, whittled down from five competing advisors to just two, ultimately chose another advisor who offered estate planning in-house. “He told me, ‘I really like you, but this other guy does estate planning,’” David said. “That moment hit me hard. I knew I was missing something critical in my practice.”

The Solution: Bringing Estate Planning In-House with Wealth.com

Shortly after that experience, David attended a conference where his broker-dealer announced the rollout of Wealth.com.

“As soon as they introduced it, I walked to the front of the room and said, ‘Sign me up.’ I knew this would change my business,” he said.

Wealth.com allowed David to integrate estate planning directly into his client workflow. The onboarding was fast and intuitive, and his clients immediately saw the value. “The conversation is simple,” he explained. “‘Do you have your will and trust done?’ If they say no, I tell them we can collaborate and have Wealth.com create these documents right here in the office.”

David built a two-step client process: the first meeting walks through creating documents inside Wealth.com; the second is a formal signing appointment with printed, tabbed binders and notarization in-house. Each client leaves with both a physical binder and access to their digital vault.

He also introduced a pricing model with two tiers, one for clients and another for non-clients. The structure creates a powerful incentive for prospects to become ongoing advisory clients. “We had someone today who said, ‘I’ll take the one that’s $2,200 less,’ and became a client on the spot,” he said.

The Results: $30K in New Revenue and a $1M Client Win

“Within the first week, Wealth.com paid for itself,” David said. “Since onboarding, we’ve generated over $30,000 in new revenue and even converted a $1 million prospect who chose us because we offer estate planning.”

That single conversion came directly from a simple email to 300 seminar attendees announcing his new estate planning service. One recipient responded, scheduled an appointment, and ultimately brought $700,000 in managed assets and $300,000–$400,000 in annuities.

“For our firm, that was huge,” David said. “And it started with a three-line email that just said, ‘We can help you with estate planning.’ Wealth.com opened the door to conversations I couldn’t have before.”

David’s firm has added $25,000 to $30,000 in new revenue from Wealth.com within the first four months and continues to grow through regular estate planning seminars, where he introduces the concept of “simplified estate planning” as a cornerstone of comprehensive financial advice.

Client Impact: Emotional Wins that Build Loyalty

“I’ve had clients in tears after completing their estate plan,” David said. “For many, it’s something they’ve been putting off for decades. Wealth.com makes it easy, and it’s transforming how we serve our clients.”

One client, an 82-year-old man named David, had been procrastinating his estate plan for nearly 50 years. “We completed his documents, and when the progress bar turned green across the screen, he stood up in tears and started high-fiving me,” David recalled. “It was incredibly powerful to witness.”

Stories like that inspired David to design a creative client recognition idea. Each time a client completes their estate plan, he sends a framed “Estate Planning Achievement” certificate as a reminder of the milestone and a conversation starter with their peers.

“It’s an accomplishment worth celebrating,” he said.

The Future: Making Estate Planning a Core Growth Strategy

David believes Wealth.com has redefined how his firm delivers holistic advice. “Adding estate planning makes us a more well-rounded firm,” he said. “The opportunity is massive. Only a fraction of Americans have complete estate documents. Offering this service helps us reach a much broader audience.”

He also sees it as a differentiator in an industry where most advisors offer similar pricing and investment services. “We all charge roughly 1%. What sets you apart? For us, it’s that we can say, ‘We’ll help facilitate the creation of your will, trust, and healthcare directives right here in our office.’ Clients see that and immediately understand the value.”

When asked what he would tell other advisors considering Wealth.com, David didn’t hesitate: “It’s not another shiny object. It’s a genuine business growth opportunity. And the best part is, it helps clients accomplish something deeply meaningful.”

 

Want to See How Wealth.com Can Elevate Your Practice? Schedule a demo today at wealth.com/demo.

A special thanks to David Cadarette for sharing how Wealth.com helped CLC Investment Advisors bring estate planning in-house, drive measurable growth, and deliver greater value to clients.

 

 

 

How to Talk to Clients About Estate Planning Services

Editor’s note: This article provides general information for financial professionals. It is not legal advice. Follow your firm’s policies and the rules in your state.

Estate planning touches money, family, health, and legacy. Clients delay it because it feels complex or emotional. Advisors who frame the conversation with care help clients act, build trust, and show real value, while staying well inside the boundaries that avoid the unauthorized practice of law. The key is simple. Educate and facilitate, do not give legal advice or draft legal instruments. Use Wealth.com to guide clients through a structured process so they can complete their plan, then coordinate with an attorney when legal advice is needed.

Why Communication Matters in Estate Planning

Clear messaging reduces anxiety and sets the right expectations about roles.

Guiding principles

  • Lead with outcomes clients care about, such as clarity for family and reduced friction during stressful moments.
  • State your role up front. You educate, organize, and coordinate through Wealth.com. You do not provide legal advice.
  • Normalize the emotions, then make the next step simple.
  • Use plain language, avoid legal jargon.
  • Close with one concrete action, such as a scheduling link or a short intake.

Role clarity you can say verbatim

  • “My role is education and coordination. You will complete your estate plan in Wealth.com. If any additional legal guidance is needed, we will involve an attorney.”
  • “I can explain concepts in general terms. I cannot tell you which clauses to choose or interpret how a document would be enforced. During each step of the process, Wealth.com includes helpful educational guidelines.” 

Adapting Your Message to Different Pricing Models

Each talk track below positions Wealth.com as the client’s tool, keeps you out of legal advice, and makes the next step easy.

1) Included at no additional cost

Goal
Celebrate added value, clarify roles, invite immediate action.

In‑meeting talk track
“Protecting family and reducing headaches are top priorities for you. We have added estate planning support to your service at no extra cost. You will complete your plan in Wealth.com using a guided experience. My team will help you prepare information, answer planning questions in general terms, and coordinate with an attorney if you choose to involve one. Let’s schedule your estate planning session.”

Follow‑up email line
“Your service now includes access to Wealth.com. You can start your intake here [Link]”

2) Optional, stand‑alone service

Goal
Offer a clear choice, define scope and price, keep control with the client.

In‑meeting talk track
“Given your goals for the kids and the house, a clear estate plan would reduce stress and keep decisions in your hands. We offer an optional service that uses the industry’s leading estate planning platform, Wealth.com, for a flat fee. You complete the plan in the platform. We handle preparation, education in general terms, and coordination. If you would like legal advice, we will loop in an attorney. Would you like to review scope, timeline, and fee so you can decide?”

Follow‑up email line
“Attached is a one‑page overview of our Wealth.com service. If you want to proceed, reply yes and we will schedule your kickoff.”

3) Firm‑wide fee increase

Goal
Be transparent, connect the change to outcomes, outline what improves.

In‑meeting talk track
“Beginning January 1, our planning fee will increase. The change ensures every client receives a complete estate planning process. You will complete your plan in Wealth.com with our help on preparation and coordination. We will review for financial alignment and connect with an attorney for legal questions. Here is what is included and how it benefits your family.”

Follow‑up email line
“Our updated fee schedule takes effect on January 1. Your service now includes access to Wealth.com, along with an annual check‑in on beneficiaries and key roles. Use this link to begin your intake.”

Leading With Value and Empathy

Use this conversation framework to keep discussions clear and compliant.

C‑A‑R‑E Framework

  • Context. “Tell me what matters most for your family and how you want decisions handled.”
    Align. “Estate planning supports those priorities and removes guesswork. I can explain the concepts in general terms.”
  • Roadmap. “We will use Wealth.com to guide you through discovery, decisions, and documents. You complete the plan in the platform.”
    Engage. “Would you like to start with a short discovery session next week, or review an overview first?”

Plain‑language explanations

  • Advance directive, “Instructions for medical care if you cannot speak for yourself.”
  • Executor or personal representative, “The person who carries out your wishes.”
  • Funding a trust, “Moving the right accounts and property into the trust so it works as intended.”

High‑empathy phrases that keep clients in control

  • “At your pace, with your permission.”
  • “We will take this one decision at a time.”
  • “You decide who to involve. We will coordinate the process.” 

UPL Guardrails: What Advisors Can Do and What They Must Avoid

Advisors can

  • Educate clients on estate planning concepts in general terms.
  • Help clients organize information and beneficiaries, and prepare for decisions.
  • Facilitate client use of Wealth.com, including intake and next steps.
  • Review financial alignment, such as titling and beneficiary coordination across accounts.
  • Coordinate with the client’s attorney or refer the client to their attorney for legal questions. Wealth.com’s Attorney Partner Network is a nationwide network of vetted estate attorneys available to the platform’s users and financial advisors in all 50 states and US territories.

Advisors must not

  • Provide legal advice, recommend specific legal clauses, or interpret how a document will be enforced.
  • Draft legal language or modify legal provisions inside documents.
  • Select a document type for the client in a way that constitutes legal advice.
  • Represent that the advisor or the firm is providing legal services.

Red‑flag phrases to avoid and safer alternatives

  • Avoid “We will draft your documents.” Use “You will complete your documents in Wealth.com.”
  • Avoid “I recommend this clause.” Use “Here are common options and the trade‑offs at a high level. Your attorney can advise on the right clause for your situation.”
  • Avoid “This language will protect you in court.” Use “For legal guidance or interpretation, please consult an attorney.”

Strengthening Client Relationships Through Estate Planning

Estate planning creates valuable touchpoints that go beyond portfolio reviews.

Operational tips

  • Segment and prioritize. Life events such as a new child, home purchase, business sale, marriage, divorce, caregiving, or relocation are natural entry points.
  • Standardize your workflow. Intake, education session, client completes plan in Wealth.com, execution and storage, annual check‑in.
  • Clarify roles by title. Advisor educates and coordinates. Paraplanner prepares data. Attorney addresses legal advice.
  • Document the value. Track estate planning milestones in your CRM and surface them during reviews.
  • Nurture the next generation. Offer an onboarding session for adult children or trusted contacts that focuses on education and logistics.

Compliance tips

  • Use template language for disclosures.
  • Capture notes that confirm clients were advised to consult an attorney.
  • Route legal questions to counsel promptly. 

How technology helps

Wealth.com removes friction for clients and your team. Guided workflows organize information, keep everyone aligned, and make it easy for clients to complete their plan. Advisors stay focused on planning and coordination. Legal advice remains with attorneys.

Ready‑to‑Use Scripts and Snippets

Short opener for any meeting
“Before we wrap, I would like to spend five minutes on planning for life events. Estate planning keeps decisions in your hands. We use Wealth.com to make the process simple. I can explain the concepts and help you get started, and your attorney can address legal questions. Can we review next steps?”

Subject lines

  • Estate planning made simple, here is your next step
  • Your plan, your wishes, one easy process
  • Add peace of mind to your financial plan

One‑sentence value statement
“Estate planning turns your values into clear instructions your family can follow, completed in Wealth.com with our help on education and coordination.”

Call to action choices

  • “Schedule your estate planning kickoff.”
  • “Complete this two‑minute intake in Wealth.com so we can personalize your plan.”
    “Share the contact information for the person you would like to name in key roles.”

The Bottom Line

Great communication turns a sensitive topic into confident action. Whether estate planning is included, offered as an option, or introduced with a fee change, your message should highlight outcomes, clarify roles, and make the next step easy. Use Wealth.com to empower clients to complete their plan, keep legal advice with attorneys, and deliver a modern experience that clients appreciate.

Explore how Wealth.com helps advisors bring estate planning to every client. You can request a demo today.

Financial Advisors: Estate Planning, The Practice of Law, and You

By Jim Doppke, Esq., Robinson Stewart Montgomery & Doppke LLC

Financial advisors can assist clients in planning for their financial future, and their families’ futures, in many ways, and an important component of a holistic plan for financial well-being is an estate plan. Advisors who don’t have law licenses are not permitted to practice law.

Traditionally, lawyers have assisted clients with creating an estate plan. However, modern estate planning technology designed by lawyers now puts the power in the clients’ own hands, including by assisting their clients in creating an estate plan to weigh their personal situations against their legal options, and to create their own estate plans.

How can advisors make sure that they adequately address their client’s needs, while providing only the services they are authorized to provide?

What is the Practice of Law?

Only lawyers, or someone acting under their direct supervision, can engage in “the practice of law.” But how do we know what “the practice of law” is? The term doesn’t have a precise definition, but many authorities define it generally as performing any service that involves legal knowledge or legal skill. The “practice of law” can also be said to involve applying a legal principle to specific facts, even hypothetical facts that haven’t actually arisen.

Regulatory authorities have analyzed companies that provide estate planning services to consumers – especially services particularly relating to Living (or Revocable) Trusts. For example, in the estate planning space, one regulator found that a non-lawyer crossed into the practice of law by concluding, on behalf of another person (e.g., a client), that the person should have a Revocable Trust based on that person’s facts and circumstances. That’s because the decision of which estate planning vehicle is most appropriate for another person involves applying legal principles to that other person’s specific situations. That is the practice of law. If someone is not able to determine the appropriate estate planning vehicle for themselves, then a lawyer must identify whether a Will or Trust is most appropriate for that person.

So how can Wealth.com help?

Using Wealth.com

If a Wealth.com user is uncertain whether the foundational document for their estate plan should be a Will or a Revocable Trust, Wealth.com presents the user with an intake quiz. That quiz contains the factors that an attorney might normally use to determine if a Will or a Trust is most appropriate. The user responds to the prompts based on their own circumstances, and is presented with an option for a will-based plan or a trustbased plan – and with explanations for how the information they provided was reflected in the option presented. Importantly, the user then may choose one route over the other. Throughout the process, the advisors serving Wealth.com users do not give legal advice or legal services to the users.

Using the Advisor Dashboard, the advisor can review some of the information that the client enters into the software. But the advisor does not enter that information. Nor does  Wealth.com allow advisors to edit or create estate planning documents, or provide legal advice to clients about what legal means or objectives to pursue. The advisor can, however, review the client’s information – including, for example, summaries of key terms in estate planning documents and designations of trustees – and, if need be, refer the client to an attorney for legal advice about particular estate planning documents. At every stage in the process, Wealth.com makes advisors and clients aware that they are not giving or receiving legal advice or legal services.

Using the Wealth.com Advisor portal, the advisor can review the information that the client enters into the platform and send nudges and reminders to the client. That helps to make sure that the client completes the Wealth.com process. But the advisors themselves cannot make elections or decisions that could have a legal effect on behalf of the client, such as editing or creating estate planning documents, and they cannot provide legal advice to clients about what legal means or objectives to pursue, or how to pursue them.

The advisor also has full visibility into the client’s estate plan and tools. They can receive visual reports that help summarize, digest, and understand the structure and key provisions within the client’s estate plan. If need be, the client or advisor can generate a report that contains insights into the client’s estate plan. That report can highlight opportunities for updates, and it can signal when the client might want to consult with an attorney within Wealth.com’s carefully vetted network of trusts and estates attorneys.

At every stage in the process – and as early as the client registration process – Wealth.com makes advisors and clients aware that the advisor is not giving or receiving legal advice or legal services.

Legal Information & Financial Advice

What kind of advice can advisors give to clients?

While advisors must avoid giving legal advice – applying legal principles to specific facts – they can provide clients with both legal information and financial advice.

Legal information is factual and generic. It does not address any one particular client or set of facts. Governmental or regulatory websites often contain legal information regarding the statutes that govern a particular industry or area, and regarding an agency’s processes. As long as advisors do not analyze legal information with regard to the client’s particular situation, or recommend specific actions in light of the legal information, they can pass that kind of information along to clients.

Financial advice consists of recommendations of certain investments, products, or vehicles designed to help consumers meet their present and future financial goals. Financial advisors can analyze a client’s assets, liabilities, and other financial data in order to assist in planning the client’s strategies and holdings. Qualified financial advisors who are not authorized to practice law can provide many kinds of financial advice, as long as they do not draft legal documents, speculate on legal outcomes, or recommend that the client choose one particular legal course of action over another.

Examples

Below are some examples of the kinds of services an advisor using Wealth.com to assist his clients might provide, and brief discussions of whether those services could be considered the unauthorized practice of law (UPL).

  1. Providing the client the text of an IRS Alert: Not UPL, unless accompanied by specific advice, or recommendations for courses of action, based on the client’s particular circumstances.
  2. Advising the client regarding stock market trends with a view to making sure client has allocated assets appropriately for their goals: Not UPL, as this would be financial advice.
  3. Noticing that the client has no Will or Trust and advising the client what kind of estate planning document would be appropriate under the circumstances: Potentially UPL, as the advice involves determining a legal course of action. Wealth.com’s intake quiz can help guide the client in the right direction. Or an advisor can guide the client to seek legal advice, including by using Wealth.com’s network of attorneys.
  4. Noticing that the client has no Will or Trust and providing the client with access to Wealth.com for assistance in creating estate planning documents: Not UPL, as advisor is suggesting that the client seek appropriate assistance and directs client to the platform, on which the client can create documents for themselves.
  5. Noticing that a particular provision in a client’s Trust could cause assets to be distributed in a manner not in accord with client’s wishes, and advising the client to change that provision: Potentially UPL, as the application of laws to the client’s situation could give rise to giving legal advice. To avoid UPL, the advisor can provide the client with access to Wealth.com so that client can enter and analyze their own estate plan information. Or the advisor can recommend that the client seek the advice of an attorney, including one of the attorneys within Wealth.com’s network.
  6. Conducting a meeting with the client where the client clicks through the platform and makes decisions through the document creation workflows: Not UPL as long as the advisor does not answer questions regarding the legal implications of choices the client makes beyond the generalized information from the FAQs or other educational materials provided by Wealth.com.
  7. Suggesting to the client that either the client or the financial advisor can reach out to Wealth.com support if there are further questions: Not UPL. The Wealth.com support team is trained to triage, and to answer factual or product-related questions. Any legal questions are then forwarded to the legal department, which can then direct the client to the consulting attorneys in Wealth.com’s network for further assistance.

Contact Wealth.com today to start helping your clients to effectuate their estate plans and to achieve their financial goals. See the platform in action at www.wealth.com/demo.

 

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