Wills, Probate & Trusts Market Report – improved market growth expected to 2024
17 Dec 2019
IMPROVED MARKET GROWTH EXPECTED TO 2024 AND MOST PRACTITIONERS MORE OPTIMISTIC NOW THAN AT ANY TIME IN THE LAST THREE YEARS
The UK Wills, Probate & Trusts Market Report 2019 is the sixth edition of an annual research report from IRN Research. Here are some selected findings:
- Market value growth in the wills, trusts and probate market was 5% in 2018 compared to 2017, and a similar level of growth is likely in 2019. Probate market work is the main driver of growth.
- The majority of will writing and probate work is still carried out by traditional law firms and solicitors. However, the sector has changed in the last year or so: the leading volume players have increased their market share; start-up companies, with innovative IT solutions, are creating some market disruption; new players, especially in probate and estate administration, have entered the market from related professional services sectors, e.g. accountants, conveyancers, legal executives – all now licensed to offer probate advice; an online portal for probate applications has been rolled out by HM Courts & Tribunal Service (HMCTS).
- IRN Research’s consumer survey in November 2019 found that when getting professional legal help making a will, 55% 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.
- The number of law firms and solicitors working on contentious wills, probate, and trusts has increased again in 2019 following a similar increase in 2018.
- Price competitiveness in the market for wills especially but also increasingly in probate, where fixed fees are becoming more prevalent, is impacting on value market growth. The 2019 survey of prices from IRN Research found that DIY will prices can start at just over £20, while the average price for a simple single will from a law firm is £125.
- Many will writers and probate advisors are more optimistic now than they have been for three years. In IRN Research’s 2019 Survey of Practitioners, there are around three-quarters expecting increased workload in the next 12 months.
The report (49pp, PDF), is available directly from IRN Research, priced at £200. UK sterling price is plus VAT so total price is £240.
Full contents page and ordering details at www.irn-research.com/market-research-legal-reports/, or order from firstname.lastname@example.org.