How A.I. could have a Future in Estate Planning and Special Needs Trusts
Written by Robert T. Nickerson
Did you know that ChatGPT has been able to pass the Bar now? For those that have been playing around with the popular A.I., people have been using it for a lot of things such as responding to texts, writing stories on whatever people want and even writing essays for students trying to take the easy way out. So will it have a big place in Estate Planning and Special Needs Trusts?
Given how it’s built to continuously learn and improve from every person using it, it never would have taken long for it to pass a California bar exam. Does this mean this will start a new age of A.I. lawyers? Absolutely not. Along with the ethical and legalities of A.I. that still haven’t been figured out, most people still want the personal connection that a machine can’t deliver; a human face to speak to, another soul to digest your issue and being told that they’ll find a solution. You can rest assured that you can still speak to a human rather then a machine.
As technology continues to advance, it is important to consider how artificial intelligence (AI) may impact estate planning. Estate planning involves making arrangements for the distribution of one’s assets and property after death. With AI becoming increasingly prevalent in many areas of our lives, it is important to consider how it may impact the way we plan for the future.
One potential area where AI may impact estate planning is in the creation and management of wills and trusts. In some cases, individuals may be able to use AI-powered platforms to create and update their estate planning documents. These platforms may use natural language processing and machine learning algorithms to help individuals create more accurate and effective legal documents.
Another potential impact of AI on estate planning is in the area of asset management. AI-powered investment platforms may be able to help individuals manage their assets and investments more effectively, providing more accurate and personalized recommendations based on their financial goals and risk tolerance.
However, there are also potential risks associated with the use of AI in estate planning. One concern is the potential for data breaches and cyberattacks, which could compromise sensitive information about an individual’s estate and financial assets.
Another concern is the potential for AI-powered platforms to make decisions that do not align with an individual’s wishes or intentions. While AI may be able to provide personalized recommendations based on an individual’s financial goals and risk tolerance, it may not always be able to accurately predict an individual’s preferences or desires when it comes to the distribution of their assets after death.
In order to mitigate these risks and ensure that AI is used effectively in estate planning, it is important for individuals to work with qualified legal and financial professionals who can help them navigate these complex issues. These professionals can provide guidance and expertise in creating and managing estate planning documents, as well as in selecting and using AI-powered investment and asset management platforms.
AI is likely to play an increasingly important role in many aspects of our lives, including estate planning. While there are potential benefits to using AI in this area, there are also significant risks that need to be considered and addressed. By working with qualified professionals and incorporating specific guidelines into their estate planning documents, individuals can help ensure that AI is used effectively and in accordance with their wishes and intentions.