The 3 Major Risks Of Using A.I. To Draft Your Estate Plan

Your estate plan is a series of legal documents. Every single one of these documents will be used to distribute your assets to the people you would like to give them to.

Even though you can use A.I. to draft your estate plan, there are many risks that come from doing so. By going over three of these risks, and speaking with an attorney, you can develop an estate plan that satisfies your needs.

Risk 01: Your Estate Plan May Not Comply With Florida’s Laws 

The state of Florida relies on a robust set of laws. Some of these laws pertain to estate planning and, in turn, the estate planning documents that your estate plan relies on.

A good example of the above is as follows: your will must be written, formatted, and certified in a very specific manner. If it is not, your will won’t be considered legally valid. This means your wishes will not be honored.

Relying on A.I. can lead to your will being written or formatted incorrectly – among other possibilities – which will make it invalid.

To ensure that your estate plan complies with the state of Florida’s laws, you must work with an attorney that knows these laws.

Risk 02: Your Estate Plan May Not Satisfy Your Wishes 

Estate planning is far more than just your will. Your will, while very important, is just one tool, within a much larger arsenal of other, equally useful, tools.

Just as an example, if you want to avoid probate, a will won’t help you. But, an irrevocable trust? That can help you bypass probate and, in doing so, ensure that your beneficiaries receive everything you wish to give them.

You cannot use A.I. to develop a trust. Or, for that matter, many other estate planning tools; a power of attorney, for example. They are too complex and rely on too many other factors.

To ensure that your estate plan satisfies every single one of your wishes, you must work with an attorney who knows how to satisfy your estate planning wishes in the best possible manner. 

Risk 03: Your Estate Plan May Not Address Complex Relationships 

The relationship between you and certain family members may be complex. This should often be addressed, in your estate plan, to ensure that your wishes are honored.

A good example of the above is as follows: if your son wants something that you have, but you don’t want to give it to them, this can create tension.

In the event that your son dislikes the terms of your estate plan, they can file a will contest. This will make it harder for your other beneficiaries to receive what you would like to give them.

You can avoid this by mediating any disputes before they happen. Or, creating specific provisions, in your trust – if you choose to go this route – that make it harder for a will contest to be filed. A.I. cannot help you with this. 

Speak With A Florida Estate Planning Lawyer Today 

If you would like to develop an estate plan that satisfies all of your goals, you should work with a lawyer who can help. Speak with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today to develop an estate plan that works for you. 

Sources: 

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/Sections/0732.502.html

law.cornell.edu/wex/will_contest