Wills & Probate Consumer Research report published

30 Nov 2018

The latest consumer research findings from IRN Research show that only 37% of adults have made a will, and an estimated 2 million adults made a will in the last 12 months. The wills market is skewed towards older age groups with over six out of ten adults in the over 55s age group having made a will.

The Wills & Probate Consumer Research Report 2018 is the second in a series of new reports from IRN Research (branded as Orchard Reports) on the legal services market and offering insights into consumer behaviour, perceptions, brand awareness, and opinions. This report is based on responses from 1,034 consumers including 379 that have made a will, and 291 that have been involved in estate administration (probate).

Other headlines from the survey include:

  • Despite competition from other providers, a majority using external advisors still use law firms and solicitors for both wills advice/support and probate advice/support.
  • There is some client loyalty with over 4 out of 10 clients of law firms and solicitors going back to a law firm/solicitor that they have used before.
  • Most consumers think that the wills market is regulated and this is likely to be compromising consumer choice.
  • So far, there has been limited use of related services such as will storage, funeral plans, care plans, and lasting power of attorney advice. But significant numbers of consumers are interested in these services suggesting that there is a market opportunity here.
  • Fixed fees are commonplace in the wills market and are becoming more popular in the probate sector: almost half of all individuals using a professional probate advisor paid a fixed fee.
  • The option to prepare wills via email or text would encourage some individuals to consider making a will, i.e. around a third of the national sample.…………and there is much more analysis/results from the 30 questions asked to individuals.

The Wills & Probate Consumer Research Report 2018, and the detailed dataset of all survey results with a demographic analysis is available directly from IRN Research, priced at £2,500 (plus VAT).
Discounts for report purchase only, dataset only, or purchases of extracts.

Through the year, there will be other Consumer Research reports on conveyancing, family law,  employment law, personal injury, consumer legal services.

Details of report contents at :www.irn-research.com/market-research-legal-reports/

 

For further information, contact David Mort on +44(0)7905 239599 or dmort@irn-research.com.

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IRN Team

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