Artificial intelligence is here to stay. While the apps and other AI technology currently available can assist with writing, creating travel itineraries and entertaining, can it be relied upon to complete important legal tasks like creating an estate plan? Some people think that AI can handle this type of work. While it’s true that ChatGPT and other AI models may be able to help you better understand the estate planning process by defining legal terms, using them to generate your estate planning legal documents can be incredibly risky. In fact, many AI programs recognize the challenges involved in estate planning and clearly specify that you should consult with an attorney for any personalized guidance you may need.
That may not leave you entirely deterred from using AI to assist you, which is why in this post we want to look at the specific risk factors associated with using AI to create your estate plan. Hopefully then you can make informed decisions that ensure that your best interests, as well as those of your loved ones, are as fully protected as possible.
Although AI can simplify processes and generate documents in the blink of an eye, it isn’t well-suited for estate plan drafting. Here’s why:
- AI doesn’t provide full personalization: Sure, you can feed information to an AI engine and get some customized documentation, but your particular wishes for the future may be difficult to articulate, and it’ll be hard for an AI program to fully understand them and their nuances. Also, more likely than not, the AI program isn’t going to ask you necessary follow up questions for clarification to ensure you receive the estate planning documentation that’s truly right for you.
- AI may not keep your information as confidential as you’d like: A lot of people want to keep the details of their estate plan out of the public eye. But if you use an AI program, then your sensitive personal information and estate planning wishes may become part of the public domain. Even if it isn’t, you run the risk of that information being stolen if an AI database is breached.
- AI might not take state law into consideration: Estate planning requirements can vary by state. If you rely upon an AI program to generate your estate planning documentation, then it might fall short of our state law requirements. This could cause your entire estate plan to be found legally invalid, thus disrupting your entire plan and leaving your assets subject to a distribution scheme that runs counter to your wishes.
- AI may not give you the in-depth analysis you need: Your estate planning decisions can have a tremendous impact on the future. An AI engine isn’t going to discuss that with you. For example, the way you leave your assets to your loved ones may have significant tax implications if you’re not careful, but an AI app may miss opportunities to avoid those costs.
We know that AI can lead you to believe that its use will save you time and money. While that may be true in some regards, it’s too risky to test it on your estate plan. Instead, if you have questions about how to build your estate plan or the best way to craft your legal documentation, you’re better off discussing the matter with a professional who can provide the personalized guidance you deserve.
