The Pros and Cons of AI in Estate Planning: What Every Canadian Needs to Know
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 of artificial intelligence to automate tasks and reduce costs has the 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.
It’s essential for individuals and families to be aware of these risks and take steps to protect themselves. This includes working with an experienced estate planning lawyer, carefully reviewing all estate planning documents before signing them, and being vigilant about data security and privacy.
AI is wonderful, but would you trust it with protecting your legacy?
Remember, with proper Estate Planning you take away any guesswork and let your loved ones know exactly what your intentions are by setting them out in a legal valid document, your Last Will and Testament.
Our Estate Planning team is knowledgeable, caring, empathetic and really good at listening. We take the time to truly listen to you and what is most important to you.
Call us (905) 592 20 99 so we can help you protect your legacy and your family!