AI hasn’t replaced humans, but it has made us more efficient.
As a financial planner, I think the area of estate planning is a good example. In the past, clients would send us their estate documents, and we’d read through them, take notes, and map everything by hand. It was tedious, and then we’d send the client back to an estate attorney, who would repeat the same process before making changes.
Today we upload a client’s wills, trusts, powers of attorney, and medical directives into our Wealth.com system, and in a minute or two it:
Explains in plain English how the documents work together
Shows who is responsible for what (executor, trustee, agents, successors)
Maps where assets go with a flowchart
Flags gaps, conflicts, and outdated provisions for review
Proposes solutions and maps how those changes would impact the asset flows and taxes
And if a client doesn’t have estate docs, the tool can help them create what they need.
Sometimes it all feels like magic.
But Isn’t This Bad for Estate Attorneys?
Probably not.
This is Jevons Paradox in action: when a resource becomes more efficient, total use often rises rather than falls. As car engines became more fuel-efficient, people commuted farther, took more road trips, bought bigger vehicles, and used more fuel.
I suspect the same will happen with estate attorneys.
As more people create free estate plans, many will discover their situation is complex and want an estate attorney to make sure everything is done correctly. When that happens, demand for estate attorneys, armed with their own specialized AI and the ability to understand the nuances of the output as they apply to the client’s situation, should increase.
Of course, there is a chance I’m completely naïve. Maybe the old rules don’t hold in the age of AI, and maybe humans will only want to take their guidance from robots. But for now, I’m embracing the technology, and I think the future will be very cool.
Disclaimer:
I attended law school and passed the Texas bar, but I’m a non-practicing attorney. Nothing I say is legal advice.
If you’re a client and want us to review your estate plan (and we haven’t discussed this already), send over your documents or reach out. It’s included in our planning process.
Personal Note:
Not much happened this week outside of the office, so here are a few more pictures from my mom’s 80th birthday party.
Very interesting & definitely needed by all, as this is on my wife's & I "To Do" list.