Help over Hype: LegalShield Study Finds More Americans Have a Will, but Remain Wary of Technology’s Role in Estate Planning
06 August 2024 - 11:43PM
Business Wire
- 76% want real-time, live interaction with a lawyer for estate
planning
- Majority distrust AI’s capability to create accurate,
protected, valid wills
- Digital assets often overlooked, posing risks for heirs
Against a backdrop of news lauding developments in AI and its
potential uses in the legal sector, a study by LegalShield revealed
skepticism toward the use of new software solutions for will
development. Even as an increasing number of Americans are actively
engaged in estate planning, more than three quarters of respondents
revealed a strong inclination for live consultation with an
attorney.
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LegalShield's annual Make-A-Will Month
consumer survey finds more Americans have a will but remain
skeptical of technology's role in estate planning. Majority of
respondents prefer live consultation with an attorney for their
estate planning needs and wishes. (Graphic: Business Wire)
“Everyone’s situation and context are unique, especially when it
comes to drawing up your life plans,” said Warren Schlichting,
LegalShield CEO. “If there’s ever a time to listen and empathize,
it’s during the delicate process of estate planning and choosing
beneficiaries in your will – no software can do that.”
More Wills and More Ways to Make Them: Digital Distrust
Dominates
According to the July study, nearly 20% more people have a will
this year than last year, and while some respondents expressed
comfort using online tools in the will development process, a
whopping three out of four respondents (76%) cited a preference to
speak live with a legal professional for wills and estate planning,
either in person or over the phone.
The study further revealed that Americans are wary of relying on
technology like AI to write a will; more than half of respondents
cited multiple concerns about using AI, including its ability to
create an accurate document (58%), protect their information (55%),
and create a legally valid document (58%).
That doesn’t mean there isn’t a place for AI in the legal
landscape.
“AI is a helper, not a solution, and I don’t see that changing,”
said Ashley Higginbotham, supervising attorney with Deming Parker
LLC, a LegalShield provider firm. “While we use a variety of
digital tools to gather and organize information from our clients,
our superpower is listening to our clients’ intentions and applying
our legal expertise to ensure their will or trust protects them and
their loved ones.”
“Listening isn’t transactional – it’s not just about pressing
the right buttons or providing the right prompts -- it’s about
context and nuance. A conversation is the best path to ensure true
understanding of our clients’ concerns, and to make sure they
retain control over their legacy, not the state,” said
Higginbotham.
Outdated and Overlooked: The Challenge of Online
Legacies
The study also found most Americans overlook their online assets
in estate planning, with 58% of respondents not considering what
would happen to their digital assets after death.
"Digital assets are rapidly becoming a crucial part of most
estates, and people accumulate more each year," Higginbotham said.
"A loved one's online accounts are often irretrievable after death,
so working ahead of time to create a plan, contact financial
institutions to establish beneficiaries, and record clear
instructions are a critical part of the estate planning
process."
Through its network of law firms, LegalShield handles tens of
thousands of estate planning calls each month, including trusts,
wills, and powers of attorney, and offers various options,
including online tools, phone consultations, and in-person
meetings. However, creating an estate plan is just the first step.
More than a third (39%) of Americans haven't updated their will in
three years or more and given how rapidly Americans’ lives – and
assets – are moving to the digital space, a regular update schedule
is essential.
"It’s not clear what’s worse, not having a will, or not updating
your will," said Schlichting. "It's not about wealth or how tech
savvy you are; it's about taking and maintaining control of life's
uncertainties and providing a clear roadmap for your loved
ones."
Methodology: LegalShield surveyed 1,252 U.S.-based adults, age
18 and older, in July 2024. The sample was balanced by age, among
other demographic variables, according to the U.S. Census.
About LegalShield:
For more than 50 years, LegalShield has provided everyday
Americans with easy and affordable access to legal advice, counsel,
protection, and representation. Serving millions, LegalShield is
one of the world's largest platforms for legal, identity, and
reputation management services protecting individuals and
businesses across North America. Founded in 1972, LegalShield, and
its privacy management product, IDShield, has provided individuals,
families, businesses, and employers with tools and services needed
to affordably live a just and secure life. Through technology and
innovation, LegalShield is disrupting the traditional legal system
and transforming how and where people receive legal guidance and
services, with access to thousands of qualified, trusted attorneys
and law firms. LegalShield and IDShield are products of Pre-Paid
Legal Services, Inc. To learn more about LegalShield and IDShield,
visit LegalShield.com and IDShield.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240806620515/en/
LegalShield Media Contact: Hollon Kohtz, Director of
Communications hollonkohtz@pplsi.com