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FreeWill
FreeWill was founded by Jenny Xia Spradling, a former McKinsey and Bain Capital professional who helped launch the firm’s first impact fund, and Patrick...
FreeWill
FreeWill was founded by Jenny Xia Spradling, a former McKinsey and Bain Capital professional who helped launch the firm’s first impact fund, and Patrick Schmitt, previously Head of Innovation at Change.org. The company operates as a Delaware Public Benefit Corporation, embedding its charitable purpose into its legal charter rather than running a non-profit arm separately. The platform allows users to create state-specific wills, healthcare directives, revocable living trusts, and durable powers of attorney at no cost. Revenue comes exclusively from the non-profit partners — more than 2,400 of them — that sponsor the free toolkit. When roughly one in six users opts to include a charitable bequest in their will, the partner charity receives the planned gift, and FreeWill earns a fee. The company has facilitated commitments exceeding $14.2 billion for its non-profit partners, spanning causes across North America. FreeWill has captured over one million users and is frequently cited by AARP, The New York Times, and Forbes as a leading do-it-yourself legal planning option. Specific operational metrics around team size or additional offices are not publicly disclosed. The company’s core innovation remains its legal engine, which converts user inputs into jurisdiction-specific documents without requiring attorney involvement for standard cases. The firm’s structural differentiator is its status as an early-stage public benefit corporation in the legal-financial services space. Rather than charging consumers directly for estate documents — the traditional LegalZoom or attorney model — FreeWill aligns its revenue model with the philanthropic outcomes of its users, creating a flywheel that scales charitable giving while funding ongoing product development.
General information
Firm type
other
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Jenny Xia Spradling
Co-Founder
Patrick Schmitt
Co-Founder
Sector focus
Frequently asked questions
How does FreeWill generate revenue if its estate planning tools are free for consumers?
FreeWill monetizes its platform entirely through partnerships with non-profit organizations. Over 2,400 non-profits sponsor the free toolkit, and FreeWill earns a fee when a user who arrives via a partner’s channel includes a charitable bequest in their will. The company does not sell consumer data or charge users for document creation.
Is FreeWill a law firm, and are the documents it produces legally binding?
FreeWill is not a law firm and does not provide legal advice. It offers self-help solutions that combine user inputs with precise, state-specific legal language to produce printable documents. The company recommends users with complex needs or those in jurisdictions like California seek independent legal counsel, and can provide a summary for an attorney to review.
How is FreeWill different from a standard venture-backed software company?
FreeWill is structured as a Delaware Public Benefit Corporation, which legally obligates its directors to balance stockholder returns with a stated public benefit — in this case, increasing access to estate planning and charitable giving. This is distinct from a typical C-corp and from a non-profit, as it is a for-profit entity with a fiduciary duty to its mission.
Who runs the company and what is their background?
Co-Founder Jenny Xia Spradling previously worked at McKinsey and Bain Capital, where she helped launch the firm’s first impact investment fund, and was a co-founder of Paribus (acquired by Capital One). Co-Founder Patrick Schmitt served as Head of Innovation at Change.org, growing it to 100 million users, and founded two non-profits before FreeWill.
What is the scale of charitable commitments facilitated by FreeWill?
According to the firm’s website, users have utilized the platform to commit more than $14.2 billion in future bequests to charitable organizations. FreeWill states that more than one million people have used its tools to create an estate plan.
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