AI can write poems, songs and, yes, it can even draft a Will. Quick, cheap and no awkward meetings. But when it comes to your testamentary wishes and the legacy you leave behind, shortcuts can lead to drawn-out, stressful and costly legal battles.
Here’s why a professionally drafted Will provides peace of mind.
Why DIY or AI Wills Are Risky
1. AI Doesn’t Know Your Family Circumstances
A generic template does not provide for considerations around blended families, estranged relatives or for beneficiaries who have special needs.
The statement “Leave everything to my children” sounds simple and non-contentious, however, from a legal perspective, this could mean something entirely different to what you had intended. For example, it does not have the effect of leaving assets to your children that don’t pass under your Will, such as jointly held property, or automatically provide for any step-children unless they were legally adopted by you.
2. Some Assets Don’t Follow Your Will
Certain assets, such as superannuation, life insurance and jointly owned property, generally bypass your estate. If your Will directs that you wish to leave your superannuation to your kids but your superannuation fund death benefit nomination directs something else, your nomination (if valid and binding), will override what is stated in your Will. Similarly, property owned as joint tenants passes automatically to the surviving owner under the laws of survivorship, outside of the first to die’s Will.
Family trusts also fall outside of your estate. Control of the trust does not automatically pass under your Will. A lawyer can review your trust deed, its associated documents and any documents in relation to your superannuation and ensure your estate plan addresses the succession and control of any trusts and that your nominations and structures align with your wishes.
3. Does Not Assess All Crucial Instructions
AI only works with what you tell it. Forget to mention guardians for minor children, debts, or loans? AI won’t prompt you or offer estate planning strategies in respect of such matters, including matters relating to the control of your businesses, trusts or other entities unless you specifically provide the relevant information and supporting corporate documents.
4. Risk of Unclear Will Provisions
AI-generated Wills do not provide any evidence of the will-maker’s true intentions, which may result in costly and time-consuming legal proceedings.
5. Capacity and Undue Influence
AI cannot confirm your testamentary capacity or detect undue influence. If someone applies pressure on you to make your Will in a certain way, AI won’t be able to detect such influence. Lawyers meet with you, verify capacity and safeguard against coercion. If needed, they arrange medical assessments to protect the integrity of your Will.
The Real Cost of “Cheap” Wills
DIY or AI Wills may cost little upfront, but fixing errors or unclear wording later can lead to costly court applications, disputes and delays, often amounting to thousands of dollars in legal fees, which are paid from your estate.
Investing in proper estate planning now, saves your family time, money and heartache.
Why a Lawyer Is Worth It
Estate planning lawyers do far more than write down your wishes. They look beyond the Will to ensure the assets that don’t automatically form part of your estate – such as superannuation, life insurance and jointly owned property – are managed in a way that aligns with your intentions.
Lawyers will also explain the risks and benefits of each approach, helping you make informed decisions. Importantly, they keep detailed records and take steps to mitigate the risk of legal challenges, giving your loved ones confidence that your wishes will be upheld.
Ready to protect your wishes and give your loved ones peace of mind?
Speak to the team at iWills Legal today. Our experienced lawyers will guide you through every step of your estate planning and ensure your Will is prepared and executed properly.
Call us on 03 9598 9489 or contact us to book your consultation.
