ChatGPT in the Will: AI Guidance and Financial Planning for Parents

Tim Elliott (0:01)

This is the Morning Drive, it's Mira Business FM. Personal Finance, your money, Thursday morning. Imagine your child's guardian is facing a big decision, a new school, a move abroad, a medical choice. And before they decide, they have to ask ChatGPT. Then that is exactly what one Abu Dhabi mother is proposing in a draft will. It may be one of the first requests of its kind. It's made headlines of late, and it raises a question every parent probably should be asking. If the worst happened, who would make the decisions for my children, and who would control the money?

There you go. It's a big topic. To help us think through this is independent financial consultant, James Thomas.

James Thomas (0:51)

Good to see you. And you. Good morning.

Tim Elliott (0:52)

Interesting story, this.

James Thomas (0:53)

Really interesting story.

Tim Elliott (0:55)

I mean, the headline says, Chat GPT in the Will. It's a bit more nuanced than that.

James Thomas (1:01)

And I think it's more, we're picking on Chat GPT, but any...

Tim Elliott (1:05)

It could be any AI.

James Thomas (1:06)

Any AI. Absolutely right.

Tim Elliott (1:08)

I mean, the idea is the living wishes protocol, so the guardian feeds the AI a record of the mother's values and has to consult it before major decisions. The guardian still decides.

That's kind of what this is. So Chat GPT isn't the guardian.

James Thomas (1:27)

No.

Tim Elliott (1:27)

That's the point to make.

James Thomas (1:29)

Very much so.

Tim Elliott (1:30)

No legal role or authority.

James Thomas (1:32)

No.

Tim Elliott (1:33)

Right.

Let me ask you this. Why might a parent want this rather than just writing a letter?

James Thomas (1:43)

Yeah. Great question. I mean, why...

I mean, a letter of... If you write a letter... Sorry, to rewrite, what is why... I mean, again, we've got to jump straight into this, if I may.

We're talking, obviously... And again, it's to commend this mother because she is thinking of what may happen...

Tim Elliott (2:05)

Yeah, yeah, yeah.

James Thomas (2:05)

If she's not around.

Tim Elliott (2:07)

Yeah, absolutely.

James Thomas (2:07)

So, and a letter of wishes is part of that process, where, because you're writing at that point in time, what you wish to happen, should you no longer be there to look after your most precious...

Tim Elliott (2:20)

And that's the point, isn't it? At a particular point.

James Thomas (2:23)

So it's... And again, obviously, it's a very emotional thing, and I guess what I'm reading between the lines is to try and take some of that emotion out and use a new tool, a new gadget, perhaps to insult it, but, you know, a facility to assist...

Tim Elliott (2:43)

I don't think you'd annoy CHAT GPT calling it a gadget.

James Thomas (2:44)

Well, you know what I mean, but to help, because it's not really a gadget, is it? But to help with the process of guiding the legal guardian of your child into the future, where if you're no longer there to offer your guidance.

And obviously to keep the parents' voice hopefully involved. But again, but dare I say the concern is, well, does the AI ever have the parents' voice in the first place? Because all you're doing is feeding it's your opinion at that time.

Tim Elliott (3:19)

But there's an argument that the AI could take on the voice, but that's slightly creepy, isn't it?

James Thomas (3:25)

It could well be perceived in that way, yes.

Tim Elliott (3:27)

Yeah, that's a good point. No, it's interesting because the letter of wishes is fixed at a particular moment.

And it doesn't take into account what may have happened in the future that would affect that letter of wishes in some way or potential changes.

James Thomas (3:40)

And obviously you're writing it, the child's age as it is in front of you now.

Obviously, if the child ages, the requirements are likely to change, the schooling, the care, the etc. etc. The needs of the child will have evolved as well.

Tim Elliott (3:58)

Yeah. So I wanted to talk to you particularly this morning about who raises the child versus who holds the money. So from a financial planner's viewpoint, your perspective, what's the first thing that jumps out at you?

James Thomas (4:15)

Well, to say, I mean, again, we always say that talking to financial planners to take the emotion out, is to look at just the money side of it. But to answer you, obviously, the guardian is the legal replacement. No, not replacement, but in the eyes of the law, they are now the parents.