• Kale

FIRE: DIY Filing a Will in Your 20's

The WAY TO EARLY estate strategy you need during FIRE


Let's lead with why the hell we care about doing this terribly boring task early on in our FIRE journey.


To note, I say "early on" specifically as you may require a significantly more comprehensive estate plan/will once you actually reach FIRE as more money/people/taxes will be at stake.


We care because if we die and do not have a will:


- The state in which your reside gets to decide how your assets are distributed

- You will pay the state 3%-8% of your total assets for the privilege of doing this

- It is possible that the ones you actually care about receive nothing

- People that you do not like may actually end up with all of your money (if your immediate family is no longer around, it would go to your parent's relatives)

- Your fiance/domestic partner could receive nothing


So nothing great & it's almost certain that all of your hard work will go to someone who does not deserve it.


So that leads us to how we can create our own, without an expensive lawyer.


So there's really just 3 steps here.


The first is to create the actual will.


It's not that hard and you can for FREE here: https://www.doyourownwill.com/do-your-will-online.html


I make zero money and no affiliation with that company - I just love free shit that's legit (and I vetted them + used it personally).


Once you create the will there, you may need to do some of the following (based on your state of residence)

  • Witnesses: You’ll need two non-relative witnesses who aren’t included in your will. 

  • Signature: Your completed will needs to be printed and signed. 

  • Notary: While not always required, it’s a good idea to have all legal documents notarized.


Once completed, the only task left is to maintain a copy that can be located in the event of your untimely death.


Ways to do this would be maintaining a digital file (it is 2020), maintaining a hard copy in a safe location (old school), or filing your will with your state clerk of court or Register of Wills for safekeeping.


The last option is likely the risk-free play (finance nerds rejoice) and only those named specifically named at the time of filing will be able to access the will.


So there it is.


A zero-cost way to file a will early in your FIRE journey that will ensure that your hard-earned savings/investments do not end up with some asshole who doesn't deserve it (after being taxed by the state).


Contact us

team@froogal.us

Froogal Inc. via the online web platform Froogal.us (“Froogal”) offers a software-based wealth management engine that delivers automated financial planning tools to help users achieve better outcomes.

By using this website, you understand the information being presented is provided for informational purposes only and agree to our Terms of Use and Privacy Policy. ​

Neither Froogal Inc. nor its affiliates are a bank. 

"Featured" banks and deposit rates on Froogal should not be construed as recommendations or investment advice.  Users should conduct their own research before selecting a deposit option and are wholly responsible for their bank selection. Rates displayed are updated weekly based on listing on www.depositaccounts.com. Rates displayed are subject to change at any time by the underlying banks.  If rates should change, Froogal will notify users once identified. 

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT — To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

Customers can only open accounts via online web portal or App.  All funds incoming transfers must be from federally regulated banks & credit unions that are subject to the same BSA/AML compliance laws.

© 2020 Froogal Inc. All rights reserved.