What seemed futuristic in sci-fi movies and books only a few decades ago is nearing reality when it comes to certain technologies and advancements. While progress and advancements provide many benefits and positives to society, when it comes to Artificial Intelligence or AI, there remains some cautions and skepticism. This rings true when it comes to using AI to draft legal documents such an as estate plan.
AI estate planning
While AI can help assist and enhance what individuals create and produce, it cannot replace the vital role an estate planning attorney plays in the process. Nonetheless, it is important to explore ways the industry may use and benefit from integrating AI into their practice.
An advantageous feature AI could bring to the estate planning process is the ability to update plans in real time when life changes occur. Similarly, AI could help with estate plan optimization. Unlike a life event triggering the need to make the plan current, this process would continually occur to analyze an estate plan and determine if there are opportunities for improvements based on changes in assets, liabilities as well as laws concerning taxes and estates.
Concerns for intrusion and lack of empathy
Currently, AI and its present capabilities could be viewed as intrusive in some aspects. However, when it comes to certain operations, it is purported that in the future AI will be less intrusive by operating quietly but effectively in the background. In other words, it will handle information and documents in real time, syncing information across platform and provide guiding decisions when necessary.
Because AI is viewed as being impersonal and insensitive to the thoughts and feelings of humans, it can feel cold and less trustworthy because the estate planning process is personal and can be emotional and challenging. The belief is that in the future, AI will evolve into a companion that can be trusted and have the capabilities to understand the emotional dimensions of estate planning along with all the technical aspects involved in the process.
Although AI presents many opportunities for the future, it cannot replace the vital role legal professionals play in the process. Thus, it is imperative that you gain a better understanding of your situation, your current needs and future goals when moving forward with the estate planning process. A legal professional can answer any questions you have and help ensure your rights and interests are protected.