Can artificial intelligence really analyze a person’s complex financial, family, and work situations and develop an estate plan that is both legal and good? The answer to that question is vexing estate planning lawyers and they have good reason to be worried. Automated estate planning forms are already the norm and most people expect lawyers to use technology to enhance their work product.
However, the generations that are growing older and thinking about estate planning now have grown up with the internet. They have even higher expectations: they want the most cutting-edge technology to do everything, including planning the future of their estate. In this article, we’ll explain the meaning of AI and how FastWill utilizes machine learning to develop the best estate plans for you.
What the Heck is AI?
So what is AI? Artificial intelligence is a supercomputer that simulates human intelligence. Supercomputers use algorithms to gather information and rules. The supercomputers then use these rules to reach conclusions. Apple pioneered some of this technology and turned it into Siri. Other companies followed suit and now millions of people rely on Alexa and Google for answers to basic questions.
But the kind of AI that is used by FastWill is more advanced than Siri and Alexa. FastWill’s AI utilizes “machine learning,” which means that it “focuses on the use of data and algorithms to imitate the way that humans learn,” continually improving its accuracy.
Now that you know what artificial intelligence *is* let's talk about how FastWill’s AI can revolutionize estate planning.
More Advanced Automated Document Generation
There have long been websites that allow people to fill out will, trust, and power of attorney forms that are legal in all 50 states. However, machine learning is transforming automated document generation even more. With AI technology, it's now possible to generate legal documents like wills, trusts, and power of attorney forms in a matter of minutes.
Can you trust this type of legal document? Yes. Remember, FastWill’s AI is informed by lawyers, caselaw, statutes, and rules. This is a significant improvement over the traditional method of document creation, which involves manual data entry, review, and editing. AI-powered document generation systems can also ensure accuracy and consistency across all documents, reducing the risk of errors or inconsistencies that can cause problems later on.
No More Paper
Attorneys already use software to prepare your legal documents. When you visit a lawyer’s office, you don’t see that process. Instead, the lawyer presents you with a stack of legal documents for your signature. If you ever want to update your documents, this process starts all over again. This made sense in the era when courts and banks would only accept original documents. But that era is quickly disappearing. There’s no need for you to pay a lawyer for piles of paperwork. With AI technology, FastWill eliminates the middleman. You use the same kind of AI that lawyers use and then you have a document that you can change any time.
Better Security
When we start thinking about original documents printed on paper and sensitive information, then security immediately comes to mind. Another significant benefit of AI in estate planning is enhanced security. With AI-powered security systems, you can ensure that your sensitive information and data are protected from unauthorized access or theft. AI can also help detect and prevent fraud, reducing the risk of financial losses or other problems that can arise from identity theft or other types of fraud.
Using Predictive Analytics to Write Your Will
AI technology can also help with predictive analytics, which is the process of using data analysis, algorithms, and machine learning to predict outcomes based on past data. In estate planning, predictive analytics can help identify potential risks and opportunities that may impact your estate plans, such as tax implications or changes in the law.
Although every person’s situation is unique, their estate planning issues have recurred millions of times. For example, when a person has a blended family with children and step-children and multiple ex-spouses, there’s a potential for conflict between all of these people when someone passes away. A person in this situation should consider using trusts, living wills, and power of attorney forms to distribute their property. Since this is a common issue, AI can help identify potential conflicts or problems that may arise between family members, beneficiaries, or other parties involved in the estate planning process.
An Intelligent Decision-Making Partner
The “I” in “AI” stands for intelligence and that’s because AI is designed to facilitate decision-making that is actually smart. Estate planning involves complex decisions that can be challenging for people to make on their own without legal advice. However, AI-powered decision-making systems can help identify potential risks and opportunities, suggest alternative solutions, and provide recommendations based on your unique circumstances. FastWill’s AI is meant to be your partner - a partner who will nudge you into making the best choices for you and your family.
A Cost-Effective Estate Planning Option
AI technology makes estate planning more cost-effective, which in turn makes it accessible to more people. Traditional estate planning methods can be costly. It starts with paying a lawyer and attending an in-person meeting. If you choose this path, you might be referred to other professions, like accountants. That adds more time to the process and requires you to spend more money. But is all of this really necessary for the average person, who has 2.5 kids, a house, a dog, a 401k, and a savings account? Probably not. However, with AI-powered solutions, you can save time and money by automating many of the processes involved in estate planning. This can help you create a more comprehensive estate plan that's tailored to your unique needs and circumstances while also reducing the cost and effort involved in the process.
In conclusion, AI is revolutionizing estate planning by automating document generation, providing predictive analytics, assisting with intelligent decision-making, enhancing security, and making estate planning more cost-effective. If you're looking to create or update your estate plan, consider working with an estate planning professional who uses AI technology to ensure that your plan is accurate, comprehensive, and tailored to your unique needs and circumstances. With the help of AI, you can create an estate plan that provides peace of mind and security for you and your loved ones.
Conclusion: the AI Revolution is Here
AI may not put lawyers completely out of business. There will always be people with such considerable wealth and property that they need a team of lawyers to help them structure their estates to maximize tax benefits. But for people not named Warren Buffet, estate planning has traditionally been a complex and time-consuming process that involves a great deal of time and money. However, with the advent of artificial intelligence technology, estate planning is undergoing a major transformation. FastWill is continually improving its AI to make the process faster, more efficient, and more accurate.
