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Published: Friday, April 13, 2018 @ 1:08 PM
For years, money expert Clark Howard has tried to drive home his listeners and readers of the importance of having a last will and testament.
He’s recommended LegalZoom.com and WillMaker software from Nolo.com. Both are cheaper online alternatives to the traditional process of sitting down with a paid lawyer to draw up your will — but they each run around $70 a pop.
Now, there’s a new free and easy option for creating a will online that you may want to check out.
There’s a new life insurance startup called Fabric, which takes the idea of applying for life insurance and updates it for the mobile age.
Fabric’s accidental death policy starts at just $6/month for $100,000 of coverage. Best of all, you can apply and be approved in just two minutes on your phone.
The startup has also made online will preparation similarly easy — and this part is free, with no strings attached.
At MeetFabric.com/Wills, you can create a will in just five minutes. There are no apps to download, no services to sign up for and no gimmicks.
You don’t even need to be a life insurance customer with a Fabric policy to do the free will prep — it’s available to anyone.
Here’s what you can expect when you create a free will with Fabric…
You’ll need to provide the following info:
In addition, you’ll also have to create a password for your Fabric account during this step of the process.
Here’s where the rubber really meets the road!
This step includes nine or fewer fields to fill out, depending on your exact circumstances:
You’re almost done! Here’s what this section entails:
Within minutes, you’ll be emailed the Fabric Will Kit. In it, you’ll find a copy of the will itself…
You’ll also find a checklist with step-by-step instructions on how to take the document you’ve made online for free and turn it into a legally binding document.
You’ll have some homework to do after you create your will online. Here are the five steps Fabric advises that you take:
One nice thing about the Fabric Will Kit is that it also includes scripted prompts to help you broach the discussion about end-of-life issues with your executor, guardian and witnesses.