AI is not an adequate estate planning solution.
Some people enjoy testing and embracing new technologies.
Are you one of those folks?
If yes, you may choose to register for the Beta version of your favorite app, trade in your current device, or purchase the newest model.
While enjoying various benefits of having the latest and greatest technology, you can also encounter challenges that attend being an early adopter.
New technology can often be glitchy and far more expensive when first released.
By waiting, some people may find they have saved money and frustration.
While using AI in every area of your life may be tempting, this may not be a prudent practice.
Those who attempt to create an estate plan using popular AI programs can find this shortcut to traditional estate planning costly and detrimental.
What seems okay to the untrained eye may have significant shortcomings.
The risks of using AI to create an estate plan are not worth saving money on an attorney.
Artificial intelligence refers to a specific type of computer program.
These programs utilize complex algorithms to tackle tasks typically requiring human intelligence.
Google Gemini and ChatGPT have made AI tools more widely available.
While many creative writers and others utilize these methods for research and even for creating document drafts, these tools are insufficient for estate planning.
Those who are already comfortable with drafting estate planning documents may be able to use AI to draft documents based on the information provided.
While the programs may be able to generate powers of attorney or last wills, relying on AI may do more harm than good if it is not used in conjunction with an experienced estate planning attorney.
After all, there is a significant difference between whether one "can" and "should" do something, yes?
ChatGPT and other AI chatbots may seem rather impressive, but they lack true human intelligence.
What are some of the critical drawbacks of AI?
AI is incapable of critical thinking.
It generates responses from provided data.
As a result, it may miss important details or misinterpret instructions for your estate plan.
AI does not always utilize accurate information.
There have been documented instances of AI generating legal documents utilizing non-existent statutes and cases.
When AI "hallucinates," it can leave you with inadequate and ineffective documents.
The results can be catastrophic.
Incomplete Customization.
Because estate planning is personalized to each individual, AI may fail to account for specific details or circumstances.
Your estate plan may not reflect your wishes because it does not consider your family's unique financial situation or needs.
Another issue with AI-generated estate planning is confidentiality.
Because estate planning involves highly personal data, you may find a security breach on an AI system that releases your bank information or social security numbers.
Yikes!
While using artificial intelligence programs to create an estate plan may seem to save you money on attorney fees, the costs of inaccuracies will likely leave you with a higher bill when your estate plan proves ineffective.
These costs can come from avoidable tax burdens, probate battles, and other legal disputes.
Experienced estate planning attorneys bring both expertise and personal understanding to estate planning.
They utilize critical thinking and problem-solving to create accurate legal documents tailored to your needs.
They can address complex financial and family issues while maintaining privacy and confidentiality.
Additionally, estate planning attorneys can support and update your plan as situations change.
According to a recent American College of Trust and Estate Counsel (ACTEC) report, one lawyer in New York used AI to research case law for his case.
When many cases were found to be fabricated, this attorney faced sanctions for his work.
Another attorney in Florida also faced suspension after submitting pleadings generated through AI with non-existent cases.
Because artificial intelligence cannot comprehend the nuances of law as well as humans, it cannot adequately apply unique client facts to estate planning laws.
The human touch of an estate planning attorney combines business experience, interpersonal skills, and the ability to predict and address potential estate planning issues.
While you may find AI capable of drafting documents, the potential breaches in privacy and the inability to fully customize your plan can make your preparation ineffective.
Working with a human attorney is vastly superior.
But, then again, I am partial to humans over the microchip.
The dangers or risks are too significant to rely on AI to prepare your estate plan.
The possible problems include fabricated case law, privacy concerns, and incomplete customization.
Having the professional guidance of an experienced estate planning attorney is irreplaceable when creating a comprehensive estate plan to protect you and your loved ones.
This post is for informational purposes only and does not provide legal advice. You should contact an attorney for advice concerning any particular issue or problem. Nothing herein creates an attorney-client relationship between Harvest Law KC and the reader.
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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