Estate planning is a field and area of expertise that has been around for many decades. However, you could argue that there’s never been a five-year period with more evolution and change than what’s happening right now.
The Forgotten Art of Estate Planning
Over time, the art of estate planning – and it’s certainly as much an art form as a science – has seemingly slipped into the background (in terms of importance and focus). But don’t let the fact that millions of people ignore estate planning turn you away from it.
“It’s easy to go through much of your life without considering your later years. However, your senior years can be rife with financial and legal pitfalls, especially if you do not have guidance from a knowledgeable and trusted Elder Law Attorney,” attorney Michael J. Amoruso explains. “Ensuring that you can access healthcare and afford long-term care needs without jeopardizing your retirement savings is critical.”
The interesting thing is that estate planning, as a field, has evolved tremendously over the past five to seven years. Technology – and artificial intelligence (AI) in particular – has made this part of financial planning a much more powerful process. No longer is it about making generalized assumptions.
Instead, estate planners and attorneys are able to work closely with families to help them implement very strategic plans for growing, protecting, and transferring assets in a safe and compliant manner that maximizes tax benefits, reduces costs, and provides peace of mind for all parties involved.
Automating the Boring Stuff
AI is great at taking over the repetitive tasks that used to take up so much time in the estate planning process. Now, AI-driven tools can help whip up important documents like wills, trusts, and more without you having to spend hours with a lawyer. This means you can get these essential documents sorted out quickly and more affordably.
However, let’s not discount the role that an estate planner or attorney plays. While there are plenty of DIY tools powered by AI, lawyers also have technology like generative AI available at their disposal. And when attorneys supplement their knowledge with AI, it allows them to make even more strategic decisions to help you, the client.
Predicting the Future
AI and estate planning is actually pretty amazing. For example, AI can help predict how much your assets might be worth in the future, how much you’ll likely earn in five or 10 years, and what different tax scenarios could do to your wealth. This is super handy when you’re trying to figure out how to manage your assets down the road. Using something called predictive analytics, AI looks at trends and data to guess future asset values and even estimate potential taxes. So, it’s not just about knowing what you have now, but also having a good guess about what things will look like later on.
Managing Digital Assets
Today, we don’t just own houses and cars; we also have digital assets like social media accounts, online bank accounts, and even cryptocurrency. AI is becoming a key tool in managing these digital assets in estate plans. It can help keep track of what you have online, making sure nothing gets lost in the shuffle when planning for the future. This is really cutting-edge stuff because it recognizes that our online lives are just as important as our offline ones.
Accessibility and Ease of Use
One of the most interesting things about AI in estate planning is that it makes this important task a lot more accessible to everyone. You don’t have to make a big appointment or sit in a stuffy office to get things started. AI tools are available online, often at a lower cost than traditional methods, and you can access them from the comfort of your home. This opens up estate planning to more people, ensuring that everyone can make plans for their future and their family’s future, no matter their budget.
What This Means for You
AI is always learning, which means these tools get smarter and more helpful over time. They can adapt to new laws, new types of assets, and even personal changes in your life. This means that your estate planning can actually evolve along with your life and the world around you, always staying up-to-date.
If you’re thinking about the future, whether you’ve got a huge estate or just a few important things, AI can help simplify the estate planning process. It’s all about taking control of your assets and making sure things are handled the way you want, without the hassle and high costs that used to be part of the deal.
