United Kingdom Wills, Probate & Trusts Market Trends Report 2019 - ResearchAndMarkets.com

DUBLIN--()--The "UK Wills, Probate & Trusts Market 2019: Market Trends Report" report has been added to ResearchAndMarkets.com's offering.

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.

Here are some selected findings:

  • 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).
  • IRN Research'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 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 2019 Survey of Practitioners, there are around three-quarters expecting increased workload in the next 12 months.

Key Topics Covered:

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

     

Companies Mentioned

  • 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

For more information about this report visit https://www.researchandmarkets.com/r/kuwsfe

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900