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Wills, Probate & Trusts Market Trends Report 2018

  • ID: 4662593
  • Report
  • 49 Pages
  • IRN Research
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Modest Market Growth Expected as Fixed Prices Spread to Probate

FEATURED COMPANIES

  • Boodle Hatfield LLP
  • Kings Court Trust Ltd
  • Mills & Reeve LLP
  • Redstone Wills Ltd
  • Slater & Gordon (UK) Ltd
  • Trust Inheritance Ltd
  • MORE

The UK Wills, Probate & Trusts Market Report 2018 is the fifth edition of an annual research report. Here are some selected findings:

The wills, trusts, and probate market was worth over £1.2 billion in 2017. It is highly fragmented and served by thousands of mainly small providers, often unregulated.

A consumer survey in October 2018 found that when getting professional legal help making a will, over 60% of consumers still use a solicitor/law firm, and when getting legal help arranging probate almost 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 in 2018 compared to 2017.

Most people only think about making a will as they get older so the penetration of wills has remained around 40% of adults year-on-year.

Price competitiveness in the market for wills especially but also increasingly in probate, where fixed fees are becoming more prevalent, is limiting value market growth. A survey of 50 providers found that the average prices for a simple will in 2018 were: £180 – law firm; £131 will writing company; £41 online will writing site.

In the 2018 Survey of Practitioners in the sector, 69% are expecting increased workload in the next 12 months (compared to 63% in 2017).

The market is expected to see slow but steady growth in the future, supported by a rising number of deaths each year and the continuing aging of the UK population. Services such as a lasting power of attorney (LPA), living wills, and care plan advice are likely to see growth. Mandatory price transparency (providers obliged to publish prices), digital wills, and online probate applications are on their way.

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FEATURED COMPANIES

  • Boodle Hatfield LLP
  • Kings Court Trust Ltd
  • Mills & Reeve LLP
  • Redstone Wills Ltd
  • Slater & Gordon (UK) Ltd
  • Trust Inheritance Ltd
  • MORE

Executive Summary

  • Introduction
  • A fragmented and price competitive market
  • Age, family structures, dementia and death are key market drivers
  • Market obstacles led by consumer inertia
  • Price transparency, digital wills and online probate are getting closer

Introduction

  • Wills and probate
  • Trusts
  • Legal guardianship
  • Abbreviations

Market Structure

  • Official regulation
  • Professional regulation
  • A fragmented market
  • Law firms and solicitors
  • Unregulated companies
  • Other probate providers

Market Trends

  • UK’s ageing population
  • Highest number of deaths in 2017 since 2003 but death rate in decline
  • Growth of dementia
  • Fragmented and commoditised
  • Changing family structures
  • Rise of probate fees postponed…..for now
  • Law firms and others will need to publish prices
  • Electronic signatures and other reforms proposed
  • Testing of online probate payments.
  • Changes in tax rules make trusts less attractive
  • HMRC Trust Registration Service
  • Mixed-sex civil partnerships

Key Players

  • Overview
  • Co-operative Legal Services Ltd
  • Boodle Hatfield LLP
  • Clarke Willmott LLP
  • Charles Russell Speechlys LLP
  • Kings Court Trust Ltd
  • Irwin Mitchell Solicitors LLP
  • Lawpack Publishing Ltd
  • Mills & Reeve LLP
  • Penningtons Manches LLP
  • Redstone Wills Ltd
  • Shoosmiths LLP
  • Simpson Millar Solicitors LLP
  • Slater & Gordon (UK) Ltd
  • Taylor Rose TTKW/Philips Trust Corporation Ltd
  • Thompsons Solicitors LLP
  • Trust Inheritance Ltd
  • Which? Legal
  • Womble Bond Dickinson (UK) LLP

Market Size And Trends

  • Market value estimated at £1.2 billion
  • Prices
  • Probate
  • Powers of attorney
  • 162,000 trusts in existence

The Future

  • Market forecasts
  • New technology could change the market
  • Wills & probate practitioner survey

Associations/Membership Bodies

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  • Boodle Hatfield LLP
  • Charles Russell Speechlys LLP
  • Clarke Willmott LLP
  • Irwin Mitchell Solicitors LLP
  • Kings Court Trust Ltd
  • Lawpack Publishing Ltd
  • Mills & Reeve LLP
  • Penningtons Manches LLP
  • Redstone Wills Ltd
  • Shoosmiths LLP
  • Simpson Millar Solicitors LLP
  • Slater & Gordon (UK) Ltd
  • Taylor Rose TTKW/Philips Trust Corporation Ltd
  • Thompsons Solicitors LLP
  • Trust Inheritance Ltd
  • Which? Legal
  • Womble Bond Dickinson (UK) LLP
Note: Product cover images may vary from those shown
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