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.
What Is AI, and Can I Use ChatGPT in Estate Planning?
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 for 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.
Can AI Draft My Will?
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 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.
What are the Risks of Using AI for Estate Planning?
While ChatGPT and other chatbots are impressive tools, they lack true intelligence. This can often lead to unintended consequences and sometimes make DIY estate plans with AI no better or even worse than having no estate plan at all.
- Lack of Critical Thinking: AI lacks the ability to think critically. It uses pre-fed data to generate responses, which can lead to inaccuracies. For example, AI might misinterpret your instructions or miss important details about your estate.
- Hallucinations: AI can “hallucinate,” or produce entirely fictional information. There have been cases where AI-generated legal documents contained fabricated cases and statutes. This can render AI-based legal documents completely invalid, with severe consequences.
- Incomplete Customization: Estate plans need to be highly personalized. AI might not consider all personal details, such as the specific needs of your family members or your unique financial situation. This could result in a plan that doesn’t reflect your wishes.
Can You Trust AI with Confidential Information?
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.
Is It Cost-Effective to Use AI for Estate Planning?
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.
Why Should You Consult an Estate Planning Attorney?
Estate planning attorneys bring a level of expertise and personal touch that AI cannot match. They can:
- Ensure that all legal documents are accurate and tailored to your needs.
- Provide critical thinking and problem-solving skills.
- Address complex family dynamics and financial situations.
- Guarantee confidentiality and privacy of your personal information.
- Offer ongoing support and updates to your estate plan as laws and personal circumstances change.
Real-Life Examples of AI Failures
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.
How Does AI Estate Planning Compare to Human Attorneys?
AI lacks the human element necessary for comprehensive estate planning. Human attorneys understand the nuances of the law with 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.
Secure Your Future
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 us today to schedule a consultation and take the first step towards securing your future.
Key Takeaways
- Hallucination and Other Dangers: AI cannot understand complex personal and legal nuances.
- Privacy Concerns: Personal information you share with AI may not remain confidential.
- Professional Guidance: A qualified attorney can ensure a comprehensive and personalized estate plan.
Reference: American College of Trust and Estate Counsel (ACTEC) (Apr. 18, 2024) ”Use of Artificial Intelligence (AI) in Creating an Estate Plan”