Artificial intelligence tools are increasingly being used by Americans of virtually all ages as part of their everyday life. That these resources are being more commonly used for estate planning purposes, too, is unsurprising.
While AI cannot replace the guidance and support of an experienced legal team, it can serve as a helpful brainstorming tool during the early stages of the process. When used wisely, AI can help you organize your thoughts, explore potential strategies and identify questions to bring to your legal advisor, rendering the entire estate planning process potentially more efficient and more effective.
Its potential benefits and limitations in an estate planning context
One way AI can be useful is in helping you outline your goals. Estate planning involves many decisions, from choosing beneficiaries to determining how assets will be managed and distributed. AI-powered tools can help you create a preliminary list of priorities by asking you guided questions or generating possible scenarios. For example, you might receive prompts about charitable giving, ensuring the ongoing care of your pets or setting aside funds for a family member with special needs. This can help you think more broadly about your wishes before you meet with your attorney.
AI can also assist in cataloging your assets. By inputting a list of the property types you own, an AI tool might suggest other items to consider, such as digital assets, intellectual property or jointly owned real estate. This effort can help you to better ensure that you have access a more complete picture of your estate, which is important when it comes to creating an effective plan.
AI can also generate hypothetical situations that you might not have considered. For example, it could pose questions about what should happen if a primary beneficiary predeceases you, or if you become incapacitated before updating your will. While these are not legal solutions, they can help you approach your attorney with a clearer understanding of the decisions that will need to be made.
With all of this said, it is important to keep in mind that estate planning is deeply personal and legally complex, and every family’s circumstances are unique. An AI-generated list of ideas may be incomplete, outdated or unsuitable for your particular situation.
That is just one of the reasons why any concepts generated through AI should be reviewed and implemented only with the guidance of a qualified attorney.AI can make the brainstorming phase of estate planning less daunting, but the final plan should always be crafted by a professional who understands the law and your specific goals.