Artificial intelligence is rapidly changing how people organize information, manage finances and plan for the future. As a result, some individuals have begun using AI tools to help inventory digital assets and think through estate planning goals.
If you’re thinking about doing the same, know that while AI can be a useful starting point, it should not be viewed as a substitute for a properly prepared digital estate plan.
The benefits and limitations of using AI in estate planning
Nowadays, most American adults have online banking accounts, cloud storage, social media profiles, digital photo libraries, subscription services and valuable intellectual property stored electronically. Identifying these assets for the purposes of estate planning can be challenging, especially when they are spread across dozens of platforms.
This is one area where AI can be helpful. An AI tool may assist someone in creating a list of digital assets, developing a preliminary inventory or generating questions about what should happen to those assets after death or incapacity. It can help individuals begin thinking about issues they may not have previously considered.
However, there is an important distinction between starting an estate plan and formalizing one. AI cannot create legally enforceable estate planning documents tailored to a person’s unique circumstances. Estate planning laws vary by state, and digital assets are often governed by additional legal and contractual considerations. A generic list generated by an AI program may not provide loved ones with the authority needed to access, manage or transfer those assets.
AI can be a valuable brainstorming and organizational tool. It may help people to more effectively recognize the scope of their digital footprint and encourage them to begin planning. However, the real legal work of protecting assets, authorizing access and ensuring wishes are carried out requires more than technology alone.