New research reveals 72% of UK adults aged between 30 and 34 would consider using AI to update their Will. Whilst technology has made many aspects of our lives easier, there are some areas where human touch is still irreplaceable - and your Final Will might be one of them.
The Appeal of AI generated Wills
We understand that traditional legal services incur fees, and it can take time to finalise your Will with a legal professional. The idea of simply answering a few questions online and having AI generate your Final Will is incredibly appealing. It is faster, cheaper and you can do it from the comfort of your sofa whilst watching your favorite box set.
But here is the reality check
While AI tools can create document templates and fill in the blanks, they can miss crucial elements that could impact your loved ones after you have passed.
AI does not really ‘know’ you personal and financial circumstances
AI can only work out what you tell it. Unlike a legal professional who will ask questions which will provide a full and detailed picture of your personal and financial circumstances, AI typically would not identify what you may have forgotten to mention or did not realise you should have mentioned.
Legal requirements vary widely
Did you know that witnesses cannot be beneficiaries or that the Guardian you appoint for your children needs to be also appointed as Trustee. AI might generate a document that looks legally binding but fails to meet specific legal requirements.
Tax planning is complex
Inheritance Tax (IHT) planning is not simply a form filling exercise. It is about understanding how various assets are treated differently and how to structure your Will for your specific circumstances. Put simply, AI does not have the nuanced understanding required for effective IHT planning.
Bottom Line
The difference between an AI generated Will with one created by a legal professional is eye opening. Legal Professionals ask questions you may not have even considered and can put in place protections for scenarios you may not have imagined. Your Final Will is one of the most important documents you will ever create. It determines how your loved ones will be provided for and how your assets will be distributed. Whilst AI can assist with the initial conversation, it is not advisable to allow AI to have the final word on your legacy.
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