AI Estate Planning: Can ChatGPT Write a Will?
Whether we like it or not, artificial intelligence (AI) has now become an integral part of our lives. From our internet search results to the music suggestions on our playlists to the ads in our social media feed, AI is working hard behind the scenes. As a next-generation probate and estate law firm, we pride ourselves on being industry leaders when it comes to estate planning for digital assets, cryptocurrency, and the use of technology. We are always on the lookout for the latest technological trends and innovative ways of doing things. Having an open mind and flexibility to these technologies helps us adapt and stay relevant in these modern times.
One of the AI technologies that’s been talked about a lot recently is ChatGPT. While we welcome technology that makes estate planning easier and more streamlined, we prioritize the quality of the estate plan over the ease of making it. At the end of the day, you want to know that your estate plan will serve its legal purpose and work effectively without undue stress on your loved ones. So, this begs the question: Can ChatGPT write a will? Let’s dive in and find out!
What CAN ChatGPT do?
ChatGPT, for the uninitiated, is an AI that generates text based on neural language programming. This AI can do the following:
Answer your questions
ChatGPT is similar to a search engine that can provide information for any query. But instead of separate website suggestions, ChatGPT compiles these suggestions and supplies the answers in one structured and easy-to-read answer.
Write documents with human-like fluency
ChatGPT is a valuable writing companion and can write emails, messages, and chat replies similar to how you would. You can use ChatGPT to write resumes and cover letters, post on social media, write scripts, and even compose poetry and stories. ChatGPT can also write in multiple languages.
Simplify complex topics
ChatGPT can help you learn complex topics in mathematics, science, sports, you name it. It’s useful when you need a clear understanding of topics that often require extensive reading and knowledge of technical jargon. ChatGPT can simplify terms and provide analogies or examples for the user to better grasp the concept.
Provide solutions to problems
ChatGPT can help you make better decisions by providing multiple solutions to your problems. You still need to evaluate these solutions and their potential results, but having a list to start with is a great help when dealing with hard decisions.
ChatGPT’s Limitations
ChatGPT is an AI in its nascent or budding phase, in other words, it is yet to be developed and perfected. Thus, it has its limitations such as:
Prone to inaccuracies
Structurally accurate sentences do not equate to factual statements. You should take any information you get from ChatGPT with a grain of salt. ChatGPT tends to make things up with confidence, so you must practice checking on its facts before acting on them. It goes without saying that any financial, medical, or legal advice from ChatGPT must be double-checked just to be safe.
Limited knowledge base
The concept of AI is that it is programmed or taught through information. However, many end users may not realize that fact. At the time of this writing, ChatGPT’s knowledge was based on information only until September 2021. That means it cannot provide an output according to any new information or laws in the last two years. If you’re counting on ChatGPT for your estate plan, it simply doesn’t know the current laws. Additionally, there are many intricate details that come with estate plans from beneficiary designations on accounts such as life insurance to wealth planning with the help of financial advisors. ChatGPT can give you high-level steps but doesn’t have the knowledge to help with those fine details.
Non-specific information
ChatGPT collects information from multiple sources and narrows it down for you. Thus, any unique or specific information is excluded. To illustrate, an estate planning law uniquely practiced in Arizona may be excluded by ChatGPT when it talks about estate planning laws in the US. ChatGPT can’t draft a financial statement or last will and testament specific to your status, special considerations, and state of affairs.
Privacy and security
ChatGPT is software and thus, can be subjected to cyberattack and hacking. Any content that you create in an online AI like ChatGPT can be stolen and used maliciously. Sensitive and personal information like those included in a will should be kept between you and your attorney alone. Even loved ones and beneficiaries must have limited access to the contents of your will.
Lacks decision-making skills
ChatGPT may be intelligent, but still artificial and inflexible. It can mimic human creativity, but not true critical thinking and ingenuity in the face of challenging problems. Again, ChatGPT can provide solutions, but you still need to make the decision that fits right for you and your personal considerations. This is especially the case if you are concerned with wealth management and tax planning.
So, Can ChatGPT Write a Will?
The simple answer is no, not at this time. You can even ask ChatGPT if it can help you write a will, and this is its response:
“I can certainly help you with general guidance and suggestions for writing a will, but it's important to consult with a legal professional or estate planning attorney to ensure that your will is valid and tailored to your specific circumstances. Laws and regulations regarding wills can vary based on your jurisdiction, and a lawyer can provide you with the most accurate and up-to-date advice. Remember, a will is a legally binding document, so it's important to ensure it is accurate and properly executed. Consulting with a legal professional can provide you with the guidance you need to create a will that meets all legal requirements and addresses your individual concerns.”
Then, ChatGPT outlines ten steps to gather the information and make the decisions you need to write your own will.
We believe that in the future AI like ChatGPT could be customized to be useful for legal matters. But we are not living in that future quite yet. While ChatGPT is valuable in collecting and organizing information, it does not substitute for sound and expert legal advice from your attorney.
If you are looking for a fast, easy, and reliable will, our Free Will Template is the best way to go. It’s completely free, easy to fill in the blanks, comes with a walkthrough video by Attorney Rilus Dana, and is legally valid in a matter of minutes! Alternatively, if you’re looking for a more comprehensive estate plan and attorney guidance, give us a call to book a free Personal Family Legal Session today.