Artificial intelligence has made it easier than ever to gather information about legal topics, including estate planning. A few prompts can generate explanations of wills, trusts, powers of attorney and other planning tools in seconds. While this technology can be useful when it comes to learning basic concepts and organizing your thoughts, it should be viewed as a starting point rather than a substitute for a personalized estate plan.
One advantage of AI is that it can help people identify questions they may not have otherwise considered. For example, it may prompt someone to think about naming guardians for minor children, selecting an executor, updating beneficiary designations or planning for incapacity. It can also provide general overviews of common estate planning documents and terminology, helping people become more informed before meeting with an attorney. However, it is unquestionably limited, and should not be used as a “one-stop shop” as a result.
Treating the limitations of AI seriously is essential
What AI cannot do is understand the unique legal, financial and family dynamics that make the needs of every estate plan different. A blended family, a closely held business, a child with special needs or significant real estate holdings – for example – may require customized planning strategies that generic information simply cannot provide. Even seemingly simple estates may inspire issues that are not obvious without professional legal guidance.
Information generated by AI may not reflect a state’s current legal requirements or may omit important exceptions. Relying on incomplete or inaccurate guidance when preparing legal documents can create unintended consequences for loved ones as a result.
Estate planning also involves more than drafting documents. Properly funding trusts, coordinating beneficiary designations, considering tax implications and ensuring documents are executed correctly all require careful attention.
As you consider your own estate planning needs, think of AI as a brainstorming tool rather than a document preparation service. It can help you organize information, develop questions and better understand the planning process, but it should not make consequential legal decisions on your behalf.