Artificial intelligence (AI) is a type of computer software being used by many people and corporations to perform tasks that typically require human intelligence. AI can improve efficiency and make processes easier, including the creation of certain legal documents. Our Alatsas Law Firm attorney discusses whether AI is the right tool for generating estate planning documents.
Using AI for Estate Planning Documents
An estate plan is a collection of documents that typically includes a will, as well as a health care power of attorney, durable power of attorney, and a letter of intent. Some estate plans also include a trust.
It’s important that each person has an estate plan to ensure that their assets are managed, preserved, and distributed the way they want after they die. Without these legal documents, those assets may be subject to probate and may not be received by your beneficiaries. Additionally, should you become ill, become incapacitated, or die, those documents state who you want to manage your care and make decisions about your finances. They, in effect, protect you from having decisions made about your life by the courts.
With the advent of AI, these types of legal documents are available online and can be written by computer software. Many people believe that this is an easier and less costly way to plan their estate. However, there are pros and cons of using this software to protect your future.
Advantages of AI for Estate Planning
If you don’t have an estate plan and don’t know where to begin, AI can be a good starting point to help you research and understand the necessary documents for your plan. Because AI software pulls from resources all over the internet, it can compile a list of documents, generate ideas, and suggest important points that may need to be covered in your estate planning documents that you might not have otherwise considered.
Disadvantages of AI for Estate Planning
Estate planning documents are important legal documents that are unique and specific to your life and circumstances. It’s true that AI software may be able to generate drafts of the necessary legal documents quickly, but they are still going to be a generic form of what you need. AI can’t know your special issues, desires, goals, and future events that need to be factored into the plan. It’s critical that you use a skilled estate planning attorney to help you write these legal documents because:
Estate Planning Requires Special Experience
AI tools can provide basic information and guide you through a simple process for creating legal documents, but they can’t replace the knowledge of an experienced estate planning attorney. These documents must be written to meet the laws of New York, and if there are mistakes or errors, they may jeopardize their legality.
AI Tools May Not Be Secure
Estate plans include legal, financial, and confidential information that needs to be kept private and secure. It’s true that some AI tools may be protected, but having your personal information online puts it at risk for cyber-attacks and data breaches. The security of your estate plan can be at risk if you use these tools for your estate plan.
AI Tools Can’t Provide Analysis
An estate planning attorney provides one thing AI tools don’t: the ability to analyze, interpret, and give a critical analysis of your financial situation. It’s true that AI tools may offer recommendations in this area, but they can’t give the same level of examination. Additionally, there are important decisions you must make and record in your estate plan documents. There are many issues that require moral and ethical considerations that can be challenging. AI tools can’t give you the type of guidance an attorney can.
Further, AI tools are no substitute for a lawyer when it comes to knowing New York state law. Not only could AI get important details wrong or omit essential portions of estate planning documents, but it could provide wrong or bad advice. In a worst-case scenario, estate planning documents created using AI could be deemed unacceptable or inadmissible legally by the state of New York, rendering them useless.