EncorEstate Plans Study Identifies Accuracy Concerns in AI Chatbot Estate Planning Advice. A recent study by EncorEstate Plans, a provider of estate planning and trust funding solutions for advisors, indicates that consumers and financial advisors should exercise caution when relying on AI chatbot-generated advice for estate planning matters due to significant accuracy variations.
The study, titled “Are AI Chatbots Reliable for Estate Planning?,” assessed the performance of leading AI chatbots—ChatGPT, Claude, Perplexity, and Google AI Mode—by posing 46 estate planning questions. EncorEstate Plans’ team of estate planners and paralegals scored each chatbot’s response on an A-F scale, mirroring how clients might utilize AI for estate planning.
The findings revealed substantial differences in accuracy. Claude and Perplexity consistently earned more A and B grades, demonstrating higher reliability. Conversely, ChatGPT and Google AI Mode received a notable number of D and F grades. Google AI Mode notably failed to provide answers for over half of the queries, while ChatGPT was observed to miss critical questions, raising concerns regarding their dependability for both advisors and consumers.
Matt Morris, CEO of EncorEstate Plans, commented on the findings: “Clients often turn to AI for quick estate planning advice, but our study shows technology can’t replace the nuanced expertise of human professionals. AI chatbots can be helpful for basic understanding, but only a qualified estate planner ensures accuracy and context in the real world.” The report further highlights risks such as the provision of misleading or incomplete advice, a scenario familiar to advisors who encounter questionable AI-generated trust language or estate documents from clients.
The study underscored that each chatbot’s output varied widely, placing the onus on clients to discern correct information and emphasizing the ongoing need for human oversight in estate planning. The research was conducted in collaboration with a team of financial planning professionals, including Matthew Boersen, CFP®, CFA; Daniel M. Kopp, MA, MS, CFP®, MQFP®; Andrew Kulha, JD, CFP®; Scott Leonard, CFP®; Cristina Livadary, CFP®, RLP®; and Chelsea Ransom-Cooper, CFP®. These experts represent a diverse range of independent advisory firms.
Cristina Livadary, CFP®, RLP®, Co-founder and CEO of Mana Financial Life Design, noted, “While large language models can be useful for framing the initial questions, they quickly reach their limits when nuance and legal precision are most important. The risk with AI is that it can sound authoritative while being wrong, which can mislead clients into a false sense of confidence. In my view, the most powerful approach is to use technology to spark curiosity, then rely on experts to get it right.”The primary risk for consumers employing AI chatbots for estate planning advice is the potential for incomplete, misleading, or legally incorrect information. This could lead to estate plans that do not accurately reflect an individual’s true wishes or fail to withstand legal scrutiny, potentially exposing families to costly errors or unintended consequences that cannot be rectified once the individual is no longer able to correct them.
EncorEstate Plans suggests that even with advancements in AI chatbot accuracy and nuance, skilled professionals will remain essential to ensure every detail is accurately managed and tailored to individual client needs, affirming the irreplaceable human element for comprehensive, legally sound estate planning outcomes.
EncorEstate Plans, headquartered in Seattle and founded in 2021, is recognized as a leading estate planning software for Registered Investment Advisors (RIAs) by market share, according to the 2025 Kitces AdvisorTech Survey. The company provides a comprehensive and customizable platform that enables advisors to efficiently facilitate the creation, updating, and funding of estate plans under their own brand. EncorEstate Plans has been recognized for its low customer churn (<1%) and high momentum (11%) in the latest Kitces AdvisorTech Survey, and was named an “All Star” for the second consecutive year by the T3/Inside Information Software Survey, achieving an average user rating of 8.47 out of 10. The company emphasizes a high-touch service model, leveraging human estate planners, attorneys, and paralegals to serve as an extension of an advisor’s back office.
