In the future, 2023 will be known as the year when AI truly revolutionized the way we live. If you watch the news these days, then you’ve definitely been inundated with a dizzying array of information making terrifying claims about AI:
An AI robot will encourage you to fall in love with it and leave your wife!
AIs will eliminate almost every job on planet Earth!
AIs could decide to launch a nuclear weapon!
While it’s always possible that new technology will be manipulated for nefarious ends, when you read stories like that, you should maintain a healthy dose of skepticism. “AI” stands for Artificial Intelligence. It’s a great description since AI is designed to help us make intelligent decisions. The upside of AI is huge because it can help human beings greatly reduce the possibility of errors and increase accuracy and precision.
The downsides of AI are explored in science fiction, while the upside is shown through practical applications, like FastWill’s system of drafting estate planning documents. So rather than worrying about HAL (2001: A Space Odyssey), Samantha (Her), Roy Batty (Blade Runner), or the T-800 (The Terminator), let’s touch grass, get some perspective, and learn how AI can help you take control of your own future.
Why You Should Use AI to Create a Will
According to CNBC, Baby Boomers are in the process of transferring their wealth to their children. This involves assets of over $68 trillion, which is the biggest wealth transfer ever. The children and grandchildren of Boomers are fortunate to have access to more estate planning tools and information than any group of people in human history. But for decades, estate planning has been controlled by the legal industry. Lawyers aren’t the bad guys here - in fact, FastWill is driven by machine learning from lawyers, cases, and statutes.
However, the drawback to a lawyer-led field is that the process of estate planning is slow and expensive. It also discourages people from being able to make changes to their legal documents when they experience big changes in their life, like marriage, divorce, parenthood, moving to a new state, or being diagnosed with an illness.
So now that you understand the reason that estate planning is going toward AI, let’s talk about how to create an AI-Powered Will.
How to Create an AI-Powered Will
Step 1: Choose a will-making tool
The first step in using AI to create a will is to find a reliable AI-powered will-making tool. FastWill can help people make sure their assets are properly passed on to their heirs, store legal documents and enable them to make changes in a snap.
Step 2: Provide your personal information
Once you have chosen your will-making tool, the next step is to provide your personal information. This includes your name, address, marital status, and details of your assets. You will also need to provide information about the people who will receive your assets after your death. These people are known as your “beneficiaries” or “heirs.” Most AI-powered will-making tools are designed with the customer experience in mind, so they have a simple and user-friendly interface that will guide you through the process of providing this information.
Step 3: Choose your beneficiaries
After you have provided your personal information, the next step is to identify the people who will receive your assets. Make sure you have their names and contact information. If you have children, you’ll need to choose who you want to make their legal guardian in the event of your death. Although many people designate their spouse or child’s other parent as legal guardian, be sure to include a backup choice as well. FastWill’s will-making tools will guide you through this step.
Step 4: Specify how your assets should be distributed
The next step is to specify how your assets should be distributed among your beneficiaries. You can choose to distribute your assets equally or specify how much each beneficiary should receive. You can also specify any conditions that must be met before a beneficiary can receive their share of your assets. For example, you can mandate that a beneficiary must be over a certain age or have completed a specific course of education before they inherit from the estate. You can also consider a trust that you establish in conjunction with your will.
Step 5: Name an executor
An executor is the person responsible for managing your estate after your death. You can pick whomever you want to serve as executor. For more information about how to choose an executor, read FastWill’s article on how to pick someone trustworthy and capable.
Step 6: Review and sign your will
Once you have completed all the steps above, you will review and sign your will. Most AI-powered will-making tools will provide you with a draft of your will that you can review and make changes to if necessary. FastWill’s AI tools will let you know what your state requires for signatures, witnesses, and notaries. Some states now permit you to e-sign will documents. Be sure to check out FastWill’s article on e-signatures for more information. FastWill’s tools will make sure that the documents you create are legally binding.
AI-Tools Create Legally Binding Documents
With the advent of AI-powered will-making tools, creating a will is easier and more accessible than ever before. By following the six steps outlined above, you can use AI to create a will without a lawyer, ensuring that your assets are distributed according to your wishes after your death.
Once the process is complete, FastWill won’t ask you to leave your spouse or launch a nuclear weapon! In the future, you’ll be able to make changes at any time without ever calling an attorney, making an appointment, and then spending an afternoon in a stuffy legal office. That doesn’t seem like the apocalypse, it seems like progress!
