+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

PRINTER FRIENDLY

UK Wills, Probate & Trusts Market 2019: Market Trends Report

  • ID: 4877001
  • Report
  • December 2019
  • Region: United Kingdom
  • 49 Pages
  • IRN Research
1 of 4

FEATURED COMPANIES

  • Bequeathed Ltd
  • Clarke Willmott LLP
  • Irwin Mitchell
  • Lawpack Ltd
  • Slater & Gordon Lawyers
  • Trust Inheritance Ltd
  • MORE

The UK Wills, Probate & Trusts Market Report 2019 is the sixth edition of an annual research report from the author.

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).
  • The author'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 the author 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 the author’s 2019 Survey of Practitioners, there are around three-quarters expecting increased workload in the next 12 months.
Note: Product cover images may vary from those shown
2 of 4

FEATURED COMPANIES

  • Bequeathed Ltd
  • Clarke Willmott LLP
  • Irwin Mitchell
  • Lawpack Ltd
  • Slater & Gordon Lawyers
  • Trust Inheritance Ltd
  • MORE

1. Executive Summary

  • Introduction
  • A fragmented market but there are some structural changes
  • Age, dementia increases, and death are key market drivers
  • Market obstacles - consumer inertia, limited branding, price competition
  • HMCTS online probate service is here, but probate fee increases have gone

2. Introduction

  • Wills and probate
  • Trusts
  • Legal guardianship
  • Abbreviations

3. Market Structure

  • Official regulation
  • Professional regulation
  • More market consolidation, and some disruption
  • Law firms and solicitors
  • Unregulated companies
  • Other probate providers

4. Market Trends

  • UK’s ageing population
  • Deaths increase in 2017 & 2018 but the long-term trend is a death rate decline
  • Increase in probate fees dropped
  • Inheritance tax recommendations
  • Electronic signatures – recommendations from the Law Commission
  • Online probate service rolled out nationally, but probate offices close From October 1st 2019
  • All express trusts to register from January 2020, and increased access to data
  • Legacy income now worth over £3bn a year

5. Key Players

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

6. Market Size and Trends

  • Market value reaches an estimated £ billion
  • Prices
  • Probate
  • Powers of attorney
  • Number of trusts falls to below 150,000

7. The Future

  • Market forecasts
  • Wills & probate practitioner survey

List of Figures
Figure 1 Wills: legal services providers used and DIY wills, 2019
Figure 2 Number of law firms handling wills, trusts and probate, October 2017/2018/2019
Figure 3 The percentage of the UK population aged 55 and above, 2001-2018
Figure 4 The number of deaths and incidence* of death in England and Wales, 2003-2018
Figure 5 Estimated solicitor income from wills, trusts and probate, 2012-2018
Figure 6 The wills, probate and trust market (£m), 2018
Figure 7 Average prices of simple single and mirror wills (£), 2019
Figure 8 Trends in grants of representation in England and Wales, 2012-2018
Figure 9 Grants of representation issued by source, England and Wales, 2012-2018
Figure 10 Number of POAs applied for in England/Wales, 2011-2018
Figure 11 Number of POAs and other guardianship orders applied for Scotland, 2012/13 to 2018/19
Figure 12 Number of trusts and estates which make a full Self-Assessment return, 2008/09-2017/18
Figure 13 Will, probate and trust claims and originating proceedings issued in London by nature of proceedings, 2011-2017
Figure 14 The percentage of the UK population aged 55 and over 2018-2023
Figure 15 The projected number of deaths in the UK (000), mid-year to mid-year, 2017-18 to 2027-28
Figure 16 Forecast of the wills, trusts and probate market, 2018-2024
Figure 17 Performance of wills & probate practices in last 12 months - workload (%)
Figure 18 Performance of wills & probate practices in last 12 months - revenue (%)
Figure 19 Expected performance of wills & probate practice in next 12 months - workload (%)

Note: Product cover images may vary from those shown
3 of 4

Loading
LOADING...

4 of 4
  • Bequeathed Ltd
  • Boodle Hatfield LLP
  • Charles Russell Speechlys LLP
  • Clarke Willmott LLP
  • Co-operative Legal Services Ltd
  • Farewill Ltd
  • Irwin Mitchell
  • Kings Court Trust Ltd
  • Lawpack Ltd
  • Redstone Wills Ltd
  • Simpson Millar Solicitors LLP
  • Slater & Gordon Lawyers
  • 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
Adroll
adroll