Posted on May 11, 2023


Can Artificial Intelligence Do Your Estate Plan?

ChatGPT recently passed the bar exam, scoring high marks without working up a sweat. This capability spells a big shift on the horizon for lawyers and other professionals who work closely with the legal industry. However, the answer to whether or not AI could do your estate planning, is no. Artificial intelligence will have limits when it comes to the help it can provide in formulating estate plans.

“I would only use the AI for assisting and guiding the clients in the gathering of information and for some initial interview functions to help clients define their goals and objectives,” Whitty says. Whitty adds that advisors shouldn’t overuse artificial intelligence in their estate-planning duties.

AI’s use in estate planning is likely still in its infancy stage. But Whitty doesn’t see it replacing estate planning attorneys any time soon.

“I don’t think that clients who want to work with an attorney are going to want AI to replace the attorney’s experience,” Whitty says. “I expect most clients would be fine with using AI for an initial interview process for gathering relevant information (the way some estate planners have a paralegal help the client fill out the initial questionnaires).”

AI can certainly be a great resource for advisors and clients, but this digital tool has its own limitations as well. The human element of reviewing and providing client feedback will likely always be a valuable part of estate planning – even in the future.

Read the full news article here.