We’ve all heard stories about how AI, especially new tools like ChatGPT, are taking over the world, and possibly our jobs. a The last article In the The New York Times I focused on clients’ opinions on whether they would trust AI to give them financial advice rather than paying their financial advisors for that information. Many of those interviewed for the article felt that ChatGPT might provide some useful general information, but they would still rely on their financial advisors for more specific advice, at least for the time being. The article noted that there are still errors in the system, which could lead to customers receiving incorrect information if they only rely on artificial intelligence to meet their financial needs.
Artificial intelligence in estate planning
Have estate planning practitioners encountered clients turning to artificial intelligence for their estate planning needs? Not yet, says Craig Hirsch, founder of The Freedom Practice and senior partner at Shepherd Law Firm in Fort Myers, Florida. He noted that none of his clients had addressed the use of artificial intelligence in estate planning. sees it AI will not replace most law firms that create estate plans for suburban and even super-wealthy clients. It may take minimal estate planning from practitioners in the same way that TurboTax and its competitors dominate this segment of the income tax preparation market. But that doesn’t mean companies can’t use AI to their advantage. He believes that law firms that understand how to use AI as an advanced tool, as happened when word processing became ubiquitous, will dominate those that do not. Those who learn how to use this new tool effectively will dominate and eventually push back those who don’t stop working.
in The last article to Funds and real estate, Iman Mughal, a fellow at Manice Budd & Baggett, LLP in New York City and associate professor of law at Hofstra Law School in Hempstead, New York, explained ways estate planning attorneys can use ChatGPT and other AI tools to improve their business. practices, while recognizing the limitations of those tools. For example, she noted, practitioners may use ChatGPT to analyze legal documents and assist in their legal research, but they cannot handle complex legal issues that require in-depth knowledge of country-specific laws or recent legal developments. Mughal agrees with a pro at The New York Times Article who said that It is too early to get rid of straight professionals such as estate planners and financial advisors, and we will need some kind of transition period where humans and AI will work together.
Another recent article in Reuters It starkly highlights the ethical issues that may arise when lawyers rely solely on ChatGPT for their legal research. The article describes a case where a personal injury lawyer used ChatGPT to conduct legal research and, based on that research, ended up citing six non-existent court decisions (a whole piece of thin air was created by ChatGPT) in his brief. This lawyer is now facing a sentencing hearing. The article indicates that The American Bar Association’s Standard Rules of Professional Conduct require attorneys to provide competent representation and to be up to date with current technology, but they must also ensure that the technology they use provides accurate information.
Embrace the future
Artificial intelligence is not going away, and it is likely to become more common in our personal and professional lives. Estate planning attorneys and financial advisors should learn about the capabilities of artificial intelligence and determine how best to use it in their practices.