UK Wills, Probate & Trusts Market Report 2018 Published
30 Oct 2018
The UK Wills, Probate & Trusts Market Report 2018 is the fifth edition of an annual research report from IRN Research. Here are some selected findings:
- The wills, trusts and probate market was worth over £1.2 billion in 2017. It is highly fragmented and served by thousands of mainly small providers, often unregulated.
- An IRN Research consumer survey in October 2018 found that when getting professional legal help making a will, over 60% of consumers still use a solicitor/law firm, and when getting legal help arranging probate almost 8 out of 10 consumers use a solicitor or law firm.
- The number of law firms and solicitors working on contentious wills, probate, and trusts has increased in 2018 compared to 2017.
- Most people only think about making a will as they get older so penetration of wills has remained around 40% of adults year-on-year.
- Price competitiveness in the market for wills especially but also increasingly in probate, where fixed fees are becoming more prevalent, is limiting value market growth. An IRN Research survey of 50 providers found that the average prices for a simple will in 2018 were: £180 – law firm; £131 will writing company; £41 online will writing site.
- In IRN Research’s 2018 Survey of Practitioners in the sector, almost 7 out of 10 are expecting increased workload in the next 12 months.
- The market is expected to see slow but steady growth in the future, supported by a rising number of deaths each year and the continuing ageing of the UK population. Services such as lasting power of attorney (LPA), living wills, and care plan advice are likely to see growth. Mandatory price transparency (providers obliged to publish prices), digital wills, and online probate applications are on their way.
Report sections: Executive Summary; Market Structure; Market Trends; Market Size and Price Survey; Key Players – profiles of 18 selected companies; Forecasts – up to 2023; Practitioner Survey; Associations.
The report (50pp, PDF), is available directly from IRN Research, priced at £200. UK sterling price is plus VAT so total price is £240. It can be ordered via Paypal on the Reports page of this website, or by emailing firstname.lastname@example.org