Wills and Probate Consumer Research Report Published
12 Feb 2020
LEADING BRANDS BEGIN TO TAKE A NOTICEABLE MARKET SHARE, AND FOR THE FIRST TIME FIXED FEES ACCOUNT FOR THE MAJORITY OF PROBATE FEES
At first glance the latest consumer research findings from IRN Research suggest that nothing much seems to have changed in the wills and probate markets over the last year: both markets are still skewed towards older consumers, law firms and solicitors still dominate the advice services offered, and the use of DIY will writing options is still low.
However, there are signs of changes that are gradually taking place and more that might happen:
• Based on client feedback, IRN Research estimates that the top four volume players take a combined 15% -18% share of the market and this is expected to increase. For the first time, there are signs that the leading brands can begin take a noticeable market share of this fragmented market.
• For the first time in 2019, fixed fees now account for the majority of fees paid in the probate market as competition increases price pressures.
• Feedback from the overall national sample suggests that significant numbers of adults would be interested in writing their own wills, and using online-only will writing services. Whether these intentions turn into reality remains to be seen.
• The unregulated nature of the wills sector is still a major concern and more so in 2019: over six out of 10 consumers assume that the sector is regulated and the percentage confused about regulation has increased in 2019. This confusion is likely to be compromising consumer choice.
The Wills & Probate Consumer Research Report 2020 is the second annual edition of this report from IRN Research (branded as Orchard Reports) offering insights into consumer behaviour, perceptions, brand awareness, and opinions. This report is based on responses from 1,208 adults.
The Wills & Probate Consumer Research Report 2020, and the detailed dataset of all survey results with a demographic analysis is available directly from IRN Research, priced at £1,500 (plus VAT). Discounts for report purchase only, dataset only, or purchases of extracts.
More content details and orders on our Legal Reports page: www.irn-research.com/market-research-legal-reports/