The "UK Wills, Probate Trusts Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The UK Wills, Probate Trusts Market Report 2023 is the 10th edition of an annual research report that provides a review of the market, looking at the market structure, key issues and new developments, market size and trends with historical data, the key players, future market developments, forecasts to 2027.
Here are some selected findings:
- In 2023, the wills, trusts and probate market had an estimated value of £2.6bn, increasing by 5.4% on the 2022 value.
- Most wills written are relatively simple ones. This means that the core wills market is showing only limited growth and much of the growth in the market is coming from wills advice relating to more complicated wills, probate and powers of attorney (POA) advice services, along with the contentious wills, probate and trusts services.
- The number of UK law firms offering will writing services In October 2023 numbered 6,137 but the firm population is declining and slipped by 8.2% between October 2020 and October 2023. Most of those offering will writing services are likely to offer probate advice as well. The overwhelming majority of firms offering the above services will be offering wills and probate advice as part of a portfolio of advice services across a range of practice areas. There are some volume players, some specialists, and some focusing on high net worth individuals.
- While total firm numbers are declining, the number of firms in England and Wales offering advice for contentious wills, probate and trusts (where there are disputes between parties) has been increasing year-on-year.
- In 2022, grants of representation issued in England and Wales fell to 269,807 from 273,554 in 2021. In the first half of 2023 there has been a further decrease of 7.7% on the same period in 2022.
- However, applications for grants of representation increased by 3.2% in 2022 to 292,184 and there have been year-on-year increases since 2018. Some of these applications will have followed pandemic deaths. Delays in processing applications is impacting on the number of successful probate completions.
- The trend since 2017 has been for the number of applications to register a power of attorney (POA) in England and Wales to increase. By 2022, there were almost 852,000 applications increasing by 19.1% on the 2021 figure of 715,119. Double-digit growth in applications continued in 2023.
- Market value growth in 2024 is expected to reach a similar level to 2023: growth of 5% is forecast.
- The market will see the arrival of digital POAs following the Powers of Attorney Act plus e-wills are on the way. Will writing remains unregulated but the sector is being investigated again by the Competition Markets Authority (CMA) along with the market for pre-paid probate plans (also unregulated).
Key Topics Covered:
EXECUTIVE SUMMARY
- Introduction
- Market size and trends
- Market structure
- Market volumes
- Market forecasts
INTRODUCTION
- Wills and probate
- Trusts
- Legal guardianship
MARKET STRUCTURE
- Regulated and unregulated providers
- Self-regulation
- Range of providers offering will writing and probate services
- Declining numbers of law firms in the market
- Unregulated companies
- Other probate providers
- National Wills Register
- Donations to charities
MARKET TRENDS DEVELOPMENTS
- UK population continues to age year-on-year
- Decrease in deaths for second year running in England and Wales, 2022
- An increase in deaths in England and Wales in 2023
- Deaths in Scotland and Northern Ireland
- Law Commission consultation report emphasises likely emergence of e-wills
- CMA investigation launched on wills and pre-paid probate plans
- Powers of Attorney Act enables introduction of digital LPAs
- House of Commons Justice Committee starts inquiry into probate process
- Survey from Council of Licensed Conveyancers on probate delays
- Lack of preparation for over 40% regarding their digital legacy
- Recommendations on digital assets from the Law Commission
- Legacy income grows by 6.5% in latest year
KEY PLAYERS
- Overview
- Company profiles
- Bequeathed Ltd
- Co-op Legal Services
- Boodle Hatfield LLP
- Charles Russell Speechlys LLP
- Farewill Ltd
- Farrer Co
- IDR Law Ltd
- Kings Court Trust Ltd
- Irwin Mitchell
- Lawpack Ltd
- Legacy Wills Estate Planning Ltd
- Redstone Wills Ltd
- Slater Gordon Lawyers
- Taylor Rose MW
- Thompsons Solicitors LLP
- Trust Inheritance
- Which? Wills
- Womble Bond Dickinson (UK) LLP
MARKET SIZE AND TRENDS
- Market value increases to £2.6bn in 2023
- Probate applications increasing but probate grants issued declining
- Over three-quarters of all grants of representation issued are digital in 2022
- Powers of attorney applications increasing significantly in last two years
- Number of trusts declining
THE FUTURE
- Market forecasts
- Market value CAGR of 4.5% between 2023 and 2027
- Upcoming changes to tax arrangements for trusts
For more information about this report visit https://www.researchandmarkets.com/r/6ix20n
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