If we’re all going to run up against the robots that are taking over, we figured we might as well size up the competition. How did ChatGPT fare?
Honestly, it acquitted itself pretty well. It named the spouse as executor, provided for the kids equally. Even put in adequate provisions for what happens to their inheritance before they turn 18. The executor doesn’t have to post a bond. Heck, the robot even knew about the “two witness” requirement and tacked that onto the end of the document.
So, would the ChatGPT estate plan work?
But something was missing… heart.
Real, meaningful estate planning takes heart. Families need it when they think through their plans. Planners need it to ensure clients are heard and to challenge them to dig below the surface.
Will AI replace estate planners? It will replace some, for sure. But not all of us. Why?
1. They don’t have legal expertise.
AI algorithms are trained to recognize patterns from old wills and generate text based on certain inputs and parameters. But AI also lacks legal training and expertise, as well as the human judgment necessary to ensure that your estate plan meets all the necessary legal requirements (not just for execution, but also for implication) and addresses any unique circumstances or complexities of your estate and family. AI cannot help you weigh the pros and cons of certain decisions you might make. AI cannot advise on tax or asset protection considerations. A real life estate planner will help ensure your plan is not only legally valid, but tailored to your specific needs, especially as circumstances and goals change over time.
Humans are imperfect, sure. But AI shares that same trait. AI models are only as good as the data they are trained on. If the inputs are incomplete or biased, the output will be similarly flawed. For example, AI may not be able to know whether one provision contradicts another in your document. Or AI may generate text that creates unintended results, as a result of change in circumstance (a beneficiary predeceases you) or a child losing her inheritance due to a later lawsuit or divorce.
3. Lack of Accountability
If something goes wrong with an AI-generated will, who holds the bag? A planner can be held responsible for any errors or omissions in your will or trust. Plus, who is going to be there to provide guidance and support to your loved ones when you pass away?
We asked ChatGPT: “Will you help my family when I die?”
“I’m just an AI language model, so I don’t have the ability to provide physical assistance or emotional support to your family. However, I can provide you with information and guidance on a wide range of topics related to death, estate planning, and other related issues. If you have any specific questions or concerns about how to plan for the future and provide for your family after your passing, I’d be happy to try to help you in any way I can. It’s important to keep in mind that while planning for the future can be difficult, taking steps to create a clear and comprehensive plan for your estate can provide peace of mind and ensure that your loved ones are taken care of after you’re gone.”
Gotta admit… we can’t argue with that last sentence. Maybe planners and AI can still be friends?
To get a cheap, AI-generated will that may or may not work, head on over to ChatGPT. To talk to about your situation with an OSBA Certified Specialist in Estate Planning, Trust and Probate Law, just send us a message. We’ll be happy to meet you, no charge. Let’s Talk!