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UK Wills, Probate & Trusts Market 2021: Consumer Research Report

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    Report

  • 53 Pages
  • December 2020
  • Region: United Kingdom
  • IRN Research
  • ID: 5215000
The UK Wills, Probate & Trusts Market Report 2022 is the 8th edition of an annual research report.

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.  

Table of Contents

1. Executive Summary
  • Introduction
  • A Fragmented Market But One That is Growing
  • Key Market Drivers Will Help Produce CAGR of 4.1% for Market Value to 2025
2. Introduction
  • Wills and Probate
  • Trusts
  • Legal Guardianship
  • Abbreviations
3. Market Structure
  • Regulated and Unregulated Providers
  • Self-Regulation
  • A Fragmented Market But Some Market Consolidation
  • Law Firms and Solicitors
  • Unregulated Companies
  • Other Probate Providers
  • National Wills Register
  • Will Aid
4.Market Trends & Developments
  • UK Population is Ageing Year-On-Year
  • Significant Increase in Deaths in 2020 and Still High in 2021
  • Many Adults Still Do Not Have a Will
  • Video-Witnessing of Wills Extended to 2024
  • Law Society Survey Finds That Few Will Writers Have Been Using Video Witnessing
  • Digital Lasting Powers of Attorney
  • Improvements to Moj’S Online Probate System
  • Probate Fees Increase in January 2022
  • Funeral Planning Sector to Be Regulated in 2022
  • Scope of Trusts Regulation Extended to Cover Non-Taxable Trusts
  • Cilex Regulation Takes Over Regulation of Acca Members Offering Probate
  • Legacy Income Predicted to Reach £5Bn in 2030
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 Mw
  • Thompsons Solicitors Llp
  • Trust Inheritance Ltd
  • Which? Legal
  • Womble Bond Dickinson (Uk) Llp
  • Lawtech in Wills and Probate
6. Market Size and Trends
  • Market Value Passes £2Bn in 2021
  • Probate
  • Powers of Attorney
  • Number of Trusts Declining Year-On-Year
7. The Future
  • Market Forecasts
  • Market Value CAGR of 4.1% Between 2021 and 2025
  • Wills & Probate Practitioner Survey
8. Associations/Membership Bodies
List of Figures
Figure 1 Wills: Legal Services Providers Used and Diy Wills, 2021
Figure 2 Number of Law Firms Handling Wills, Trusts and Probate, 2018, 2020, 2022
Figure 3 the Percentage of the UK Population Aged 55 and Above, 2003-20
Figure 4 the Number of Deaths and Incidence* of Death in England and Wales, 2005-2021
Figure 5 the Wills, Probate and Trust Market (£M), 2021
Figure 6 Trends in Grants of Representation Issued in England and Wales, 2015-2021
Figure 7 Grants of Representation Issued by Source, England and Wales, 2014-2020
Figure 8 Number of Poas Applied for in England/Wales, 2015-2021
Figure 9 the Number of Trusts and Estates Which Make a Full Self-Assessment Return, 2015-2020
Figure 10 the Percentage of the UK Population Aged 55 and Over 2021-2026
Figure 11 Forecast of the Wills, Trusts and Probate Market, 2021-2025
Figure 12 Performance of Wills & Probate Practices in Last 12 Months - Workload (%)
Figure 13 Performance of Wills & Probate Practices in Last 12 Months - Revenue (%)
Figure 14 Expected Performance of Wills & Probate Practice in Next 12 Months - Workload (%)

Companies Mentioned

  • 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 Mw
  • Thompsons Solicitors Llp
  • Trust Inheritance Ltd
  • Which? Legal
  • Womble Bond Dickinson (Uk) Llp
  • Lawtech in Wills and Probate