What’s a professional way to say “You sound crazy and this is a horrible idea”?
This is a question that was normally reserved for work BFFs. But artificial intelligence has come a long way and now gives out HR approved wisdom like:
“While I appreciate your creativity and passion for this project, I have some concerns about the practicality and potential outcomes of this idea. Perhaps we could explore some other options that align better with our goals and resources.”
ChatGPT is an artificial intelligence chatbot that was launched in November 2022. It’s gone viral. I’ve played around with it and my mind keeps getting blown. It’s an encyclopedia of knowledge that taps into vocabulary and speech patterns. It’s a better writer than you too.
So playing around with it, I gave this instruction:
Write a blog about ChatGPT, estates, wills and POAs
And this is what it gave me after a few seconds:
As an AI language model, I am unfamiliar with the personal aspects of estates, Wills, and Powers of Attorney (POAs). However, I can provide general information and insights about ChatGPT – a conversational AI bot that can help you understand these legal concepts.
ChatGPT is designed to simplify complex legal terms and procedures into easy-to-understand conversations. In simple words, it can help you understand and create legal documents such as Wills, Trusts, POAs, etc.
Let’s talk about estates first. An estate is everything you own at the time of your death – property, bank accounts, investments, personal belongings, etc. You can distribute these assets to your loved ones or charities through your Will or Trust. A Will is a legal document that outlines your wishes and appointments after your death, including who gets what assets and who will be responsible for distributing them. A Trust, on the other hand, is a legal entity that allows you to transfer your assets to a trustee who manages them for your beneficiaries.
ChatGPT can answer all your questions related to estate planning, Wills, Trusts, and POAs. It can also help you create legal documents by asking simple questions and guiding you through the process.
In short, ChatGPT is an excellent resource for understanding and creating your estate planning documents. With its conversational style, it can provide you with all the necessary information and guidance, making the process much simpler and stress-free.
The line about being “an excellent resource for understanding and creating your estate planning documents” is SCARY. What started off as fun is leading to a blog series. Over the next few weeks let’s get scared about what this thing can do.
Alex BMarch 24, 2023 - 12:22 pm
The one thing that bothers me is that it will create even more “issues” for some people because they will create their plans based on/through ChatGPT without realizing that what they are creating doesn’t work.
A lot of estates related information returned by ChatGPT is U.S.-based and people then assume that they can do certain things based on that without realizing that it would cause tax and other issues in Canada based on that plan. It also provides wrong information on certain aspects (e.g. a trust is a legal entity) and ignores jurisdictional differences.
It is certainly very impressive and mind blowing what it can do and I suppose it is on us, as advisors, to be proactive and educate our clients and prospective clients why it is still worthwhile to do planning through a local person knowledgeable in the area instead of relying on AI.
Peter MeitanisMarch 24, 2023 - 12:28 pm
Well said Alex! I agree that it’s on the profession to be proactive and to educate the public.
Wait until the rest of the series, those will REALLY bother you haha.
AnthonyMarch 24, 2023 - 2:33 pm
And what will the AI say about investments I wonder? Hopefully some qualifier about “retaining professional advisors!”
Peter MeitanisMarch 24, 2023 - 2:59 pm
I didnt even think of that!