We already see more places where specific types of AI are used. For instance, cars that stop or park themselves. Some AI, like “robo investing”, really boil down to a complex set of instructions or rules with lots of “If, then” statements. If interest rates go up, do this. If a stock index goes down by a certain amount, do this, only much more complex.
What about
a robo fiduciary? Would you want a robot
programmed with your decisions to handle your life for you once you were deemed
mentally incompetent? I have a hunch
most of us would not be that comfortable living with fixed choices made at an
earlier age which are executed by a machine -
no matter how “empathic” AI might eventually be programmed to emulate. I
still swear at my phone or computer when it crashes or does not work. I can’t
imagine being all that comfortable allowing an AI entity to make my living
choices for me, would you?
The NEXT 50
One of my
unique services offers people an opportunity to explore what they imagine the next 50 years might hold for
the world. You might want to get a jump on it and use my LegacyMapping service
to pre-write your AI instruction manual. Do we start with medications? If you oppose taking a stack of pills, what
will you accept? What if medical science develops a pill that really does stave
off or curtail Alzheimer’s Disease?
Actually,
LegacyMapping gives you a chance to explore and revisit areas that can require
your or other people's attention during the aging process. Sort of like a regular pre-flight check. It is a dialogue about what
choices you want to make, given current circumstances. One of the
segments - The Next 50 – deals with what kind of world would you like to
see in 50 years? What do you want to leave behind or what “instructions” do you
think are timeless that could help make the world better? What resources do you
have to make the world a better place 50 years in the future, whether or not we
have AI?
Why Do I Need A Fiduciary?
I occasionally meet people who don't understand why they might need anyone to be
their agent or trustee. They say, “I pay my bills on-line and my investments
are part of managed portfolio, why would I need someone to make
decisions?” After looking at all the cases in which I have been involved, it is clear that choice of trustee can make a huge
difference in the quality of life an elder experiences or the settlement of a
contentious case.
When I step
in to act as someone’s agent or trustee, my number one job is to get to know
the person – their values, their wishes, their goals – what motivates
them. People’s values change during
different circumstances. Because we all change. Because life throws us
unexpected curveballs. Mostly because we want to know someone out there cares
about us, a fiduciary’s job is much deeper than paying bills or making sure
assets are invested. This is why we need to name our “person” with care and
foresight.
While there
may be a robo-fiduciary option someday (maybe I will write my own short science
fiction story about that), you already have a better option than family members
who might fight with one another. You have a better option than friends who
might be more comfortable as a friend rather than handling your estate or personal
business.
Human Touch
A
professional fiduciary is not a robot, but we do bring a level of experience to
the job that a family or friend will not have. My fifteen years of experience
in this field has given me a sense of how to evaluate and handle a variety of
situations. In addition, we offer
empathy and non-judgmental care for our clients. We seek your best outcome
given the resources you have accumulated. We use a “gestalt of empathy, wisdom,
experience and intuition along with analysis that a trained human provides”. We
pilot you through the frail elder years as someone without any entitlement to your
estate. In this way, we have no conflict of interest whether to use your
resources for your wishes and needs.
I would
love to know your thoughts, please feel free to comment below.
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