Posted on Sep 15, 2023

AI and estate planning

 The Risks of Using AI for Estate Planning: Why Human Expertise Still Matters

In an era defined by technological advancements and automation, it's tempting to turn to artificial intelligence (AI) for various tasks, including estate planning. However, experts are warning against the use of AI for such a critical and personal matter. While AI has its merits in many domains, estate planning requires the human touch for a variety of reasons.

Estate planning involves making decisions about the distribution of one's assets and property after their death. These decisions are deeply personal and often carry significant legal and financial implications. While AI has made remarkable progress in various fields, here are some compelling reasons why it's best to rely on human expertise for estate planning:

Complexity of Personal Relationships

Estate planning isn't just about dividing assets; it's also about considering the intricacies of personal relationships. AI lacks the emotional intelligence to understand the dynamics between family members, beneficiaries, and friends, which can be crucial when deciding who gets what and why.

Legal and Tax Knowledge

Estate planning often involves navigating complex legal and tax regulations that vary by jurisdiction. Professional estate planners have the training and experience to ensure that your estate plan complies with current laws and minimizes tax liabilities. AI, on the other hand, may not be up-to-date with the latest legal changes and could inadvertently create issues for your heirs.

Customization and Flexibility

Every individual's estate planning needs are unique. AI solutions may provide generic templates, but they can't adapt to the specific needs and goals of your family. An experienced estate planning attorney can tailor your plan to your circumstances, ensuring that your wishes are met precisely.

Privacy and Security Concerns

AI-powered estate planning tools require the input of sensitive personal and financial information. There are significant concerns about data security and privacy when relying on AI platforms, which could expose your confidential details to potential risks and breaches.

Unforeseen Circumstances

Life is unpredictable, and unforeseen events can dramatically change your financial and family situation. An AI-driven estate plan may not adapt well to these changes, while a human estate planner can offer ongoing guidance and adjustments as needed.

Emotional Support

Estate planning can be emotionally challenging, as it often involves contemplating one's own mortality and making tough decisions. A human estate planner can provide valuable emotional support and a compassionate ear during this process, which AI cannot replicate.

Wealth Preservation

Traditional estate planning focuses primarily on asset distribution upon death. Wealth Preservation Planning, on the other hand, goes beyond this. It considers how to protect and grow your wealth during your lifetime, addressing challenges such as long-term care costs, business succession, and estate taxes. We specialize in this comprehensive approach, ensuring your assets are protected throughout your life and beyond.

While AI has revolutionized many aspects of our lives, estate planning is an area where the human touch and a wealth preservation planning approach offered by experts like Monteforte Law, P.C. remain indispensable. The complexity of personal relationships, legal knowledge, customization, and the need for comprehensive wealth protection all underscore the importance of consulting with experienced human professionals when preparing your estate. While technology can be a valuable tool, it should not replace the expertise, empathy, and adaptability that human experts can provide in this crucial life endeavor.

Where To Start With Your Estate Planning

Everyone should be planning for the future in order to protect their wishes and their loved ones. 

To ensure your Wealth Preservation Planning goals are realized, give us a call at 978-464-8560 to book a Strategic Planning Session. Let us help you make your lasting impact on the causes you care about most. 

Not ready to book an appointment just yet? Then start by downloading our free report about how wealth preservation planning can help you.