An Advisor’s Role in Estate Planning: Q&A with Trust & Will’s Cody Barbo 

Although an estate planning lawyer is essential for the creation of specific legal documents, a financial advisor may offer a more comprehensive viewpoint. They conduct an analysis of your income sources, investment portfolio, retirement accounts, and insurance coverage, providing financial context that may not be readily apparent to a lawyer.   

Yet, a recent survey conducted by Trust & Will, an online estate platform, reveals that one-quarter of 280 financial advisors do not have estate plans, even though most advisors agree that estate plans are essential for all of us. Additionally, half of the advisors do not provide these services to their clients. 

Cody Barbo, CEO of Trust & Will elaborated on the findings of the survey, highlighting that most advisors lack the time, among other reasons, for not creating their own estate plan, while legal concerns, cost, and a lack of subject matter expertise have deterred them from offering estate planning services to their clients. 

CM: You highlighted in your survey that 50% of financial advisors do not provide estate planning services. Why don’t they offer them? 

CB: The most significant barriers preventing advisors from offering estate planning services include legal concerns (51%), cost (30%) and a lack of subject matter expertise (30%). Many advisors feel that the complexities surrounding estate planning are best handled by specialists, leading them to refer clients elsewhere instead of integrating these services in-house. This creates a missed opportunity to offer a holistic financial service.  

Advisors are also hesitant to navigate the intricacies of estate law, fearing potential legal liabilities, which is where partnerships with platforms like Trust & Will can help bridge that gap by offering user-friendly tools and resources to streamline estate planning processes without deep legal involvement from the advisor. 

CM: You also noted that 25% of advisors have not set time aside to work on their own estate plans. What is preventing them from doing so? 

CB: According to our survey, the most common reasons advisors stated as to why they haven’t created their own estate plans mirror those of many of their clients: lack of time, feeling that their assets aren’t sufficient, and uncertainty around certain decisions—such as naming a guardian or choosing beneficiaries.  

Many advisors expressed that they “haven’t gotten around to it yet” or feel that they are “still growing their asset base” and don’t think their estate plan is a priority right now. This is ironic because 35% of those same advisors believe estate planning is important even for individuals with a net worth of $100,000 or less. Some also pointed out that their assets are already covered by beneficiary designations, which reduces their sense of urgency around creating a comprehensive plan. 

This hesitation highlights a broader issue in the financial services industry: the misconception that estate planning is only necessary once you reach a certain wealth threshold or life milestone. In reality, estate planning is about much more than wealth—it’s about protecting loved ones, avoiding probate and ensuring peace of mind at every stage of life. 

From my perspective, these common concerns are exactly why more advisors should embrace estate planning earlier in their careers and encourage their clients to do the same. A robust estate plan is about planning for the future, no matter the current asset level. Advisors who integrate estate planning into their practice can offer a more holistic service and help their clients (and themselves) avoid the very pitfalls they’re currently facing—whether it’s procrastination, uncertainty or the assumption that estate planning is only for the ultra-wealthy  

CM: Why is estate planning a complicated process? 

CB: Estate planning is inherently complex because it touches on multiple aspects of a person’s life—family dynamics, financial assets, legal implications and even personal wishes. All individual’s circumstances are different, so estate plans need to be highly tailored. On top of that, laws governing estates vary by state, adding another layer of complexity. For many financial advisors, it’s daunting to manage these intricacies without extensive legal training. However, this complexity is precisely why platforms like Trust & Will exist—to simplify the process with easy-to-use, guided tools that make estate planning accessible to everyone, regardless of their financial or legal expertise. 

CM: What are some estate planning mistakes you can easily avoid by working with a financial advisor?  

CB: One of the most common estate planning mistakes we see people make is failing to keep the plan up to date. Life changes—such as marriage, divorce, the birth of children or significant changes in assets—should trigger revisions to an estate plan, yet many people neglect to make these updates. A financial advisor can help ensure that estate plans remain relevant and reflective of the client’s current circumstances.  

Additionally, advisors can help clients avoid common missteps like designating outdated beneficiaries or failing to account for taxes. By working with a financial advisor, individuals are more likely to have comprehensive, up-to-date plans that account for all their financial nuances 

CM: What are the benefits of choosing a financial advisor over an estate attorney? 

CB: Financial advisors and estate attorneys each play crucial roles in estate planning, and their expertise often complements one another rather than competes. Estate attorneys are essential when it comes to drafting legal documents, especially in complex situations that may require specialized legal knowledge. However, financial advisors offer a broader, more holistic approach by integrating estate planning with overall wealth management strategies, such as investments, retirement and tax planning. This helps ensure that the estate plan aligns with the client’s long-term financial goals. 

For many Americans, especially those with straightforward estates, platforms like Trust & Will provide an accessible and affordable alternative to hiring an attorney. With the guidance of a financial advisor, individuals can utilize these online tools to create legally valid wills or trusts that meet their needs, while also ensuring that their financial and estate plans are fully integrated. 

CM: How does Trust & Will facilitate the process for those advisors who offer estate planning? 

CB: Trust & Will provides a truly hands-off solution for financial advisors, allowing them to focus on their areas of expertise while we take care of the estate planning process. As the #1 direct-to-consumer online estate planning brand, we’ve helped millions of people on their estate planning journeys, which gives us a unique advantage over competitors. Financial advisors appreciate this approach, especially combined with the white-glove customer experience we provide for their clients.  

In addition, Trust & Will’s Advisor Dashboard enhances this process by providing advisors with real-time updates on their clients’ progress, which is a great way to initiate conversations and provide timely support. This integration ensures that estate planning remains a key component of the advisor-client relationship, strengthening those connections over time. 

We also offer exclusive resources—such as PDFs and how-to guides—that advisors can share with clients. These resources provide valuable educational materials, reinforcing the advisor’s role as a trusted partner without requiring them to have deep legal knowledge of estate planning. 

Our advisor survey also revealed some powerful data points: 77% of Trust & Will-affiliated advisors acquired six or more new clients in the past year, with 13% of those advisors attributing that growth to facilitating estate planning. Moreover, 73% of our affiliated advisors reported that estate planning either strengthened their client relationships, increased their AUM or both. Notably, 41% of Trust & Will advisors retained 51% or more of their clients’ assets after their clients passed away, suggesting that estate planning not only helps retain assets but also fosters long-term, multi-generational relationships. 

Furthermore, the upcoming “Great Wealth Transfer” presents an exciting opportunity for advisors considering incorporating estate planning into their practices. Our survey found that 55% of all advisors indicated that they’ve seen an increase in demand for estate planning services as media coverage of the wealth transfer continues to grow. 

Finally, we understand that every advisor’s needs are unique, which is why we offer custom pricing structures that cater to individual advisors and firms, ensuring our platform is both accessible and adaptable to different business models.