Estate planning is crucial to carry out your wishes after you're gone. However, with the rise of artificial intelligence (AI), some wonder if it can bypass traditional methods. Some people have used AI tools to create DIY estate plans that look good to the untrained eye but have serious shortcomings.
Artificial intelligence refers to computer programs that use complex algorithms to perform tasks usually requiring human intelligence. AI tools like ChatGPT and Google Gemini have recently become widely available. Creative writers and many others use these tools to help with research, drafting documents, and other purposes. You would think a DIY estate plan with AI could work. However, a close examination reveals its shortcomings.
If you’re comfortable writing a document, you can use AI to assist in drafting. This could help in documents, like wills and powers of attorney, by generating them from the information you provide. For most people, though, this would do more harm than good. It’s necessary to understand the limitations and risks of AI in estate planning.
While ChatGPT and other chatbots are impressive tools, they lack true intelligence. This can often make DIY estate plans with AI no better than having no estate plan at all.
When you input personal data into an AI tool, there's a risk of confidentiality breaches. AI systems store this information, which others can potentially access. This raises significant privacy concerns since a data breach could expose sensitive information about your family and assets.
AI might seem like a cost-effective solution compared to hiring an attorney. However, the likely risks and inaccuracies can be devastatingly costly in the long run. Errors in your estate plan can result in legal disputes, probate battles, and avoidable tax burdens.
Estate planning attorneys bring a level of expertise and personal touch that AI cannot match. They can:
The American College of Trust and Estate Counsel (ACTEC) reports that a New York lawyer used AI to find case law for his case. However, they discovered the cases were entirely fabricated, and he soon faced sanctions. A Florida attorney similarly faced suspension for submitting AI-generated pleadings with non-existent cases. Despite the progress in AI, these tools remain inadequate for legal purposes.
AI lacks the human element necessary for comprehensive estate planning. Human attorneys understand the nuances of the law with a true understanding that AI simply cannot replicate. Furthermore, a human attorney brings interpersonal skills and business experience to your estate planning. They can foresee potential issues with your family and new developments in the law to create a comprehensive, enforceable estate plan.
While AI can help draft simple documents, it is not a substitute for an estate planning attorney’s expertise. The risks of inaccuracies, lack of customization, and potential privacy breaches make it unreliable. A skilled estate planning attorney is needed to create a comprehensive and accurate estate plan. Contact The Werner Law Firm living trust lawyers in Frisco today to take the first step towards securing your future.
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Reference: American College of Trust and Estate Counsel (ACTEC) (Apr. 18, 2024) ”Use of Artificial Intelligence (AI) in Creating an Estate Plan”
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