All About Estates
By Dave Madan, Senior Manager, Scotiatrust
February 13th, 2025
AI has already made its way into the legal profession, streamlining research, simplifying document creation, reducing errors that are easily made by a real life human. At the same time, it also has limitations. It can’t make human judgement calls, have foresight for future errors, and look for cues that may lead to unique, complex estate planning needs.
So, what can we do today to leverage the advantages of AI, while avoiding the potential issues? What are the benefits and the risks? Is a hybrid approach possible?
AI has the potential to revolutionize estate planning by making it more accessible, efficient, and cost-effective. Its ability to automate document creation, ensure legal compliance, and analyze financial scenarios makes it a valuable tool for many individuals. However, AI is not a one-size-fits-all solution. For those with complex estate planning needs or intricate family dynamics, the advice of an experienced estate planning professional cannot be replaced.
A hybrid approach—where AI is used for initial document drafting and automation while legal professionals provide oversight and personalized guidance—offers the best balance. As AI technology continues to evolve, its role in estate planning will expand, but human oversight will remain crucial to ensuring estate plans reflect individual wishes, legal requirements, and family dynamics. Transitioning billing to flat fee or hybrid models can reflect the efficiencies of AI while still maintaining the value of expert counsel. Employing AI effectively can increase client satisfaction, strengthen relationships, trust, and encourage firm growth.
All these benefits sound great, but before we start asking ChatGPT to start writing our Wills, there are some potential issues to consider.
Dave Madan, Senior Manager, Scotiatrust
By leveraging both AI and human expertise, advisors and clients can create robust and legally sound estate plans that align with long-term financial and personal goals.
