pefferslaw.ca | blog
May 23rd, 2023
As artificial intelligence or “AI” technology continues to advance, it’s no surprise that it’s being increasingly implemented in the field of estate planning.
The potential artificial intelligence has to automate tasks and reduce costs will revolutionize the way we approach estate planning, making it more efficient and accessible. However, you can’t fully trust an AI bot with your estate plan and here’s why.
One of the primary risks of using artificial intelligence in estate planning is the potential for errors in the drafting of legal documents. While AI technology can assist in this process, it’s not perfect, and there’s always a risk of errors or omissions. Another risk of using artificial intelligence in estate planning is the potential for data breaches and unauthorized access to sensitive information. Estate planning documents often contain personal and financial information, and if this data falls into the wrong hands, it can lead to identity theft, fraud, and other forms of financial exploitation. The use of artificial intelligence in estate planning also raises important ethical and legal questions. For example, who is responsible if an AI algorithm makes an error in drafting a legal document? Should the use of artificial intelligence in estate planning be subject to regulation and oversight, and if so, by whom?
These are complex questions that require careful consideration and guidance from legal experts.
Another concern is the potential for bias in AI algorithms. If the data used to train an AI algorithm is biased, the results will also be biased. This could result in estate planning documents that reflect the biases of the AI algorithm, rather than the wishes and intentions of the person creating the document.
PeffersLaw
It’s essential for individuals and families to be aware of these risks and take steps to protect themselves.
