Wills, Probate & Trusts Market Report 2020 published

23 Nov 2020

The UK Wills, Probate & Trusts Market Report 2020 is the 7th edition of an annual research report from IRN Research. Here are some selected findings:

  • Market value growth in the wills, trusts and probate market is estimated to increase by 3.2% in 2020 compared to 2019. The pandemic, along with price pressures, have weakened wills sales but the probate market remains relatively strong.
  • IRN Research’s consumer survey in November 2020 found that when getting professional legal help making a will, 56% of consumers still use a solicitor/law firm, and when getting legal help arranging probate over 8 out of 10 consumers use a solicitor or law firm. However, some start-ups are beginning to take a growing share of the market.
  • The number of law firms and solicitors working on contentious wills, probate, and trusts has increased again in 2020 following similar increases in 2018 and 2019.
  • In 2019, there were 237,130 grants of representation in England and Wales, and this is a decrease from 264,486 in 2018. Grant applications generally follow the death numbers and these decreased in 2019. As a result of the pandemic, 2020 is going to see the number of deaths increase to a much higher level than in 2019. Official statistics up to September 2020 for England and Wales registered a 15.9% increase on the same period in 2019.
  • The number of powers of attorney (POAs) applied for continues to increase year-on-year and passed 900,000 in 2019.
  • The market is forecast to grow at an average of 4% a year from 2020 to 2023. Many will writers and probate advisors are more optimistic now than they have been for four years. In IRN Research’s 2020 Survey of Practitioners, there are over three-quarters expecting increased workload in the next 12 months.

The report provides a review of the Wills, Probate & Trusts market, looking at the market structure, key issues and new developments, market size and trends, the key players, future market developments, opinion survey of practitioners.  Report is available as a PDF for £200 (no VAT). For more details see http://www.irn-research.com/market-research-reports/

IRN Research

Established in 1991, IRN Research is a market research consultancy with a focus on the financial services, passenger shipping and legal markets. We offer a range of bespoke research services, on an ad-hoc and continuous basis, to finance firms and suppliers to the sector. These services include client satisfaction surveys, market studies and competitor intelligence, client industry reports, and strategic studies.

For further information on the report or our research services contact David Mort on +44(0)7905 239599 or dmort@irn-research.com. URL: www.irn-research.com

 

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