Estate Planning in the age of Artificial Intelligence

financialexpress.com:

The global landscape appears to have been thoroughly transformed by the changes ushered in by the Intelligence Revolution. There is both excitement and apprehension about the future transformations likely to unfold in every sphere of human life aided by new artificial intelligence (AI) tools such as ChatGPT. Within the legal community, discussions have broadened their scope to include a critical examination of AI’s capacity to create estate plans.

Estate Planning is about safeguarding and distributing an individual’s wealth after their lifetime and managing their financial obligations and assets in the event of incapacitation. Let us delve into the potential influence of AI on estate planning:

1. Data Entry and Management: Devising an estate plan involves gathering data and organising a wealth of information and documents to formulate a comprehensive strategy. AI has the potential to play a valuable role in rapidly and accurately processing and categorizing this information, significantly enhancing the efficiency of working with data.

2. Identifying Trends: AI holds the potential to analyse massive amounts of data, thereby assisting estate planning advisors in identifying valuable trends and insights that can inform strategic decisions for their clients.

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By drawing from historical data and patterns, AI may analyse past cases to identify potential issues such as contentious family dynamics, asset distribution conflicts or likely complications due to cross-border laws. Such information empowers estate planners to adopt a proactive approach to formulate strategies and undertake scenario planning to address these challenges preemptively.

3. Improved