Model replacement with sprite

Good day, everyone. While i’d been reading about LOD, I got some question: is there any option to set replacement of 3d model with a sprite, that always faces camera around an Y axe, when the player is far away? For example, the model of tree, which replaces with tree sprite, when the game character is far enough. I am new to Unreal Engine 4 and i’d like to improve my knowledge. Thank you in advance!