Wills, probate & trusts market passes £2bn
07 Feb 2022
The UK Wills, Probate & Trusts Market Report 2022 is the 8th edition of an annual research report from IRN Research. Here are some selected findings:
- In 2021, the wills, trusts and probate market passed the £2.0bn mark for the first time.
- The pandemic has created some increased demands for will writing. Sadly, the increasing number of deaths in 2020 has driven a growing demand for probate and estate administration services although delays and backlogs in the probate process have been exacerbated in 2020 and 2021.
- Other areas experiencing growth are advice on contentious wills, probate and trusts plus growing demands for related services such as funeral planning, future care planning, and bereavement services. More firms are offering a holistic approach with a broader range of services to deal with all aspects of estate planning and preparing for changes in later life.
- The number of firms in England and Wales offering advice for contentious wills, probate and trusts has more than doubled between 2018 and 2022.
- In 2020, probate applications from individuals represented over 40% of all applications for the first time rather than professional advisors: a reflection of the difficulties of reaching some solicitors in the pandemic and the availability of an online option for grants of representation.
- The pandemic was at its height in 2020 leading to high death numbers and a significant increase in total grants of representation (probate) issued. They increased by 8% on 2019 to 256,617and figures up to end-September 2021 show numbers increasing even more by 11% on the same period in 2020.
PDF report is £200 (no VAT). For more details and ways to order see http://www.irn-research.com/market-research-reports/