Should You Try a “DIY Estate Plan” in Tampa?
New developments in technology have caused many to consider alternative options for estate planning in Tampa. There is a tendency among some residents to overestimate the potential of artificial intelligence, and you might assume that you can create an estate plan with a few clicks of your mouse. But is a “DIY estate plan” really a viable strategy?
What Is DIY Estate Planning?
DIY estate planning has become even more popular in recent years thanks to the rise of AI (artificial intelligence). Even before machine learning became a major buzzword, people were downloading and printing pre-made estate planning documents. These templates promote a “fill-in-the-blanks” approach to estate planning, and they are promoted by various companies claiming to offer “DIY Wills.”
Artificial intelligence takes this one step further, allowing users to “generate” estate planning documents by providing a few prompts. For example, you might ask ChatGPT or another service to create an estate planning document for you. You might provide your name, age, wealth, and a few other details before the AI “spits out” a Will.
Is DIY Estate Planning Reliable?
The Florida Bar states that “pre-printed forms” may fail to provide the desired legal protections when it comes to estate planning. The Bar recommends a more personalized approach with guidance from a legitimate estate planning attorney. The truth is that a DIY estate planning document does not take your unique circumstances into account. This is a “one-size-fits-all” approach, but the whole point of estate planning is to address your family’s specific circumstances.
At best, a DIY estate plan will fail to address these unique concerns. At worst, it will be completely ineffective and unenforceable in court because of this lack of personalization. While AI may appear to offer some customization options, this software has shown a worrying tendency to make worrying errors. There is always a chance that the AI will “hallucinate” facts/laws that are not real.
Won’t DIY Estate Planning Save Me Money?
DIY estate planning may save you some money in the short term, but the long-term effects could lead to serious losses. The lack of personalization may cause you and your family to experience major tax burdens, probate costs, and other expenses.
Remember, estate planning is not necessarily an expensive process. A simple Last Will and Testament is one of the most affordable legal documents you can create, and a lawyer can help you draft one without excessive legal fees.
Schedule a Consultation With an Estate Planning Lawyer in Seminole
Before you experiment with a DIY estate plan, consider speaking with an experienced estate planning lawyer in New Port Richey. These legal professionals can offer personalized guidance that you simply can’t get from an estate planning document printed from an online template. Remember, there is no obligation to actually work with an estate planning lawyer after meeting with them for the first time. Discuss your full range of legal options with Knudsen Law today.
Sources:
floridabar.org/public/consumer/pamphlet13/#:~:text=The%20%E2%80%9Cagent%E2%80%9D%20is%20the%20recipient,the%20person%20is%20a%20lawyer.
actec.org/resource-center/video/use-of-ai-in-creating-an-estate-plan/
