Estate Planning Blog Articles

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Can You Use AI to Create a DIY Estate Plan?

Estate planning is crucial to carry out your wishes after you’re gone. However, with the rise of artificial intelligence (AI), some wonder if it can bypass traditional methods. Some people have used AI tools to create DIY estate plans that look good to the untrained eye but have serious shortcomings.

What Is AI, and Can I Use ChatGPT in Estate Planning?

Artificial intelligence refers to computer programs that use complex algorithms to perform tasks usually requiring human intelligence. AI tools like ChatGPT and Google Gemini have recently become widely available. Creative writers and many others use these tools for help with research, drafting documents and other purposes. You would think a DIY estate plan with AI could work. However, a close examination reveals its shortcomings.

Can AI Draft My Will?

If you’re comfortable writing a document, you can use AI to assist in drafting. This could help in documents, like wills and powers of attorney, by generating them from information you provide. For most people, though, this would do more harm than good. It’s necessary to understand the limitations and risks of AI in estate planning.

What are the Risks of Using AI for Estate Planning?

While ChatGPT and other chatbots are impressive tools, they lack true intelligence. This can often make DIY estate plans with AI no better than having no estate plan at all.

  • Lack of Critical Thinking: AI lacks the ability to think critically. It uses pre-fed data to generate responses, which can lead to inaccuracies. For example, AI might misinterpret your instructions or miss important details about your estate.
  • Hallucinations: AI can “hallucinate,” or produce entirely fictional information. There have been cases where AI-generated legal documents contained fabricated cases and statutes. This can render AI-based legal documents completely invalid, with severe consequences.
  • Incomplete Customization: Estate plans need to be highly personalized. AI might not consider all personal details, such as the specific needs of your family members or your unique financial situation. This could result in a plan that doesn’t reflect your wishes.

Can You Trust AI with Confidential Information?

When you input personal data into an AI tool, there’s a risk of confidentiality breaches. AI systems store this information, which others can potentially access. This raises significant privacy concerns, since a data breach could expose sensitive information about your family and assets.

Is It Cost-Effective to Use AI for Estate Planning?

AI might seem like a cost-effective solution compared to hiring an attorney. However, the likely risks and inaccuracies can be devastatingly costly in the long run. Errors in your estate plan can result in legal disputes, probate battles and avoidable tax burdens.

Why Should You Consult an Estate Planning Attorney?

Estate planning attorneys bring a level of expertise and personal touch that AI cannot match. They can:

  • Ensure that all legal documents are accurate and tailored to your needs.
  • Provide critical thinking and problem-solving skills.
  • Address complex family dynamics and financial situations.
  • Guarantee confidentiality and privacy of your personal information.
  • Offer ongoing support and updates to your estate plan as laws and personal circumstances change.

Real-Life Examples of AI Failures

The American College of Trust and Estate Counsel (ACTEC) reports that a New York lawyer used AI to find case law for his case. However, they discovered the cases were entirely fabricated, and he soon faced sanctions. A Florida attorney similarly faced suspension for submitting AI-generated pleadings with non-existent cases. Despite the progress in AI, these tools remain inadequate for legal purposes.

How Does AI Estate Planning Compare to Human Attorneys?

AI lacks the human element necessary for comprehensive estate planning. Human attorneys understand the nuances of the law with true understanding that AI simply cannot replicate. Furthermore, a human attorney brings interpersonal skills and business experience to your estate planning. They can foresee potential issues with your family and new developments in the law to create a comprehensive, enforceable estate plan.

Secure Your Future

While AI can help draft simple documents, it is not a substitute for an estate planning attorney’s expertise. The risks of inaccuracies, lack of customization and potential privacy breaches make it unreliable.

A skilled estate planning attorney is needed to create a comprehensive and accurate estate plan. Contact us today to schedule a consultation and take the first step towards securing your future.

Key Takeaways

  • Hallucination and Other Dangers: AI cannot understand complex personal and legal nuances.
  • Privacy Concerns: Personal information you share with AI may not remain confidential.
  • Professional Guidance: A qualified attorney can ensure a comprehensive and personalized estate plan.

Reference: American College of Trust and Estate Counsel (ACTEC) (Apr. 18, 2024) Use of Artificial Intelligence (AI) in Creating an Estate Plan

Social Security Scammers Embracing Artificial Intelligence

Seniors now need to be extra careful about Social Security scams since fraudsters have embraced AI (Artificial Intelligence) to manipulate people into revealing secure information, says a recent article from U.S. News & World Report, “AI and the Risks of Social Security Fraud.” The schemes are sophisticated and appear entirely legitimate, making them harder to discern from real messages from the Social Security Administration.

The Office of the Inspector General recently launched a task force to investigate the use of AI and deter AI-related Social Security scams. The OIG recognizes the risk of criminals using AI to make their schemes easier and faster to execute and the deceptions more credible and realistic.

You’ll want to know about AI risks if you receive Social Security benefits. Here are some guidelines to keep both your identity and finances safe.

Criminals commonly use robocalls or chatbots. The messages sound as if they come from legitimate government representatives and trick seniors into disclosing personal information or even making fraudulent payments using voice synthesis and natural language processing. This can also happen on a website, with an AI-generated video of the U.S. president or an official with the Social Security Administration announcing a new Social Security benefit and encouraging retirees to sign up by following a link on the video. The link takes the user to a fraudulent website, where they are asked to provide essential information, including their Social Security number and other details. Once the information is provided, thieves can re-route the monthly benefit to an unauthorized account.

Be wary if you receive an email from a source you don’t recognize. Don’t respond to text messages from people or organizations you don’t know. If you receive a suspicious phone call, hang up. If someone claims to be calling from Social Security, hang up, call the local Social Security office yourself, and explain what happened.

If you haven’t already, set up a my Social Security account online at ssa.gov. That’s where you’ll indicate the bank account to receive your benefit, and you can tell SSA not to change it unless you appear in person at the local SSA office.

The SSA doesn’t initiate contact with recipients by email, text, or phone. Anyone saying they are from the SSA using these methods is a scammer. Even if your phone displays the call is coming from the SSA, know that it’s very easy for criminals to manipulate caller ID to make the call appear to come from whomever and whatever number they want.

Thieves now use digital technology to trick seniors into revealing personal information. As technology changes, so do the means of stealing. Stay current on common scams and protect your retirement benefits and finances from AI-driven fraud.

Reference: U.S. News & World Report (Sep. 29, 2023) “AI and the Risks of Social Security Fraud”

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