DUBLIN–(BUSINESS WIRE)–The “UK Wills, Probate & Trusts Market 2020” report has been added to ResearchAndMarkets.com’s offering.
The UK Wills, Probate & Trusts Market Report 2020 is the 7th edition of an annual research report from the publisher. 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 and an opinion survey of practitioners.
Here are some selected findings:
- Market value growth in the wills, trusts and probate market is estimated to increase by 4.3% in 2020 compared to 2019. Both wills and probate services have experienced growth in 2020 although probate and estate administration has been stronger: sadly, the pandemic has driven increased demand for probate advice and also led to more complicated and contentious probate work with individuals passing away without a valid will.
- The publisher’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 the publisher’s 2020 Survey of Practitioners, there are over three-quarters expecting increased workload in the next 12 months.
Key Topics Covered:
- A fragmented market still but some changes
- Age, death are key market drivers plus COVID-19 this year
- Market obstacles – consumer inertia, fragmentation, price competition
- More digital platforms/video for service delivery as market growth continues
- Wills and probate
- Legal guardianship
- Regulated and unregulated providers
- More market consolidation, and some disruption
- Law firms and solicitors
- Unregulated companies
- Other probate providers
- Wills Register
- Will Aid
MARKET TRENDS & DEVELOPMENTS
- UK population over 55 increasing at the fastest rate
- Deaths decreased in 2019 and long-term trend is a death rate decline
- Video-witnessed wills now allowed
- Online lasting power of attorney access launched
- Nine out of 10 solicitors prefer physically signed LPAs to digitally signed ones
- MoJ statement on probate system backlogs
- ACCA exits regulation of probate activities
- Hardly any professional thinks that the probate process is efficient
- Legacy income now worth over 3bn a year
- 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
MARKET SIZE AND TRENDS
- Market value reaches an estimated 1.9 billion
- Powers of attorney
- Number of trusts declining year-on-year
- Market forecasts
- Market to reach 2bn in 2021
- Increased deaths in 2020
- Wills & probate practitioner survey
For more information about this report visit https://www.researchandmarkets.com/r/dcyyi3
Laura Wood, Senior Press Manager
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