UK Wills & Probate Market 2020: Consumer Research Report - ResearchAndMarkets.com

DUBLIN--()--The "UK Wills & Probate Market 2020: Consumer Research Report" report has been added to ResearchAndMarkets.com's offering.

The Wills & Probate Consumer Research Report 2020 is the second annual edition of this report offering insights into consumer behavior, perceptions, brand awareness, and opinions. This report is based on responses from 1,208 adults.

At first glance, the latest consumer research findings suggest that nothing much seems to have changed in the wills and probate markets over the last year: both markets are still skewed towards older consumers, law firms and solicitors still dominate the advice services offered, and the use of DIY will writing options is still low.

However, there are signs of changes that are gradually taking place and more that might happen:

  • Based on client feedback, the research author estimates that the top four-volume players take a combined 15% -18% share of the market and this is expected to increase. For the first time, there are signs that the leading brands can begin to take a noticeable market share of this fragmented market.
  • For the first time in 2019, fixed fees now account for the majority of fees paid in the probate market as competition increases price pressures.
  • Feedback from the overall national sample suggests that significant numbers of adults would be interested in writing their own wills, and using online-only will writing services. Whether these intentions turn into reality remains to be seen.
  • The unregulated nature of the wills sector is still a major concern and more so in 2019: over six out of 10 consumers assume that the sector is regulated and the percentage confused about regulation has increased in 2019. This confusion is likely to be compromising consumer choice.

Questions asked and analyzed:

  1. Numbers currently with a will, when written, reasons for making a will
  2. Reasons for not making a will, the likelihood of making a will
  3. Involvement in the probate process, simplicity or otherwise of the process
  4. Use of executors, how chosen, private individuals or professionals
  5. Any providers used for legal advice on wills or DIY will preparation
  6. Criteria for choosing and using will writing services
  7. Satisfaction with services offered by legal providers/will writers
  8. The final cost of services, payment methods
  9. Inclusion of charitable donations and digital legacies in wills
  10. The extent of DIY wills
  11. Awareness and use of major consumer legal brands
  12. Likelihood of using non-legal brands for will writing
  13. Awareness on non-legal brands and any will writing services
  14. Interest in digital wills
  15. Likely methods used to find an advisor/will writing service
  16. Understanding of regulations governing will writing and probate
  17. Interest in additional services related to bereavement planning, longer life planning, etc.
  18. Professional advisors used for estate administration and fees charged
  19. DIY probate/estate administration
  20. Satisfaction with professional advisors used

Key Topics Covered:

1. Executive Summary

2. Introduction

  • Report Coverage
  • Methodology

3. Background To The Wills Market

  • Little Change Year-On-Year In Adults With A Will
  • Peace Of Mind - The Main Reason For Making A Will
  • Just Not Got Round To It - Main Reason For Not Making A Will
  • Email/Text Completion Of Wills - Would It Encourage More To Make One?

4. Legal Advisors Used

  • Law Firms And Solicitors Still Dominate The Will Writing Market
  • Over 4 Out Of 10 Go Back To A Law Firm Used Before
  • Most Appoint Executors In Their Will, Usually Private Individuals
  • Family Members Are The Most Popular Choice
  • Most Of Those Involved In Probate Regard It As A Simple Process

5. The Will Writing Process

  • Over 8 Out Of 10 Are Very Satisfied Or Satisfied Clients
  • Over 6 Out Of 10 Are Charged On A Fixed Fee Basis, Median Fee 101 - 115
  • Majority Have Not Used Any Other Services Connected To Will Writing

6. DIY Will Writing

  • DIY Wills Still Only Represent A Small Percentage
  • 45% Of DIY Wills Were Free, Over A Third Paid Up To 20

7. Will Writing - Consumer Choices

  • It's All About Good Quality, Quick Preparation, At The Right Price
  • Majority Feel That Solicitors Are Best Qualified But The DIY Option Still Appeals
  • Some General Interest In Services In Related Areas
  • Digital Legacies - Over A Quarter Have Put In Their Wills Or Are Likely To

8. Regulations, Will Writing Brands And New Players

  • No Change As Most Consumers Are Unaware That Will Writing Is Not Regulated
  • Four Leading Legal Brands Recognized By Around 50% Or More
  • Some Interest In Financial Services Brands Offering Will Writing Services

9. Dealing With Estate Administration

  • Probate Is A Simple Process For Most
  • Like Wills, Law Firms And Solicitors Dominate Probate Advice
  • For The First Time, Over Half Paid Advisors Using A Fixed Fee Model
  • Over 7 Out Of 10 Clients Are Satisfied Ones
  • Do-It-Yourself Probate - Almost 4 In 10 Are Doing It

10. Market Trends

  • Probate Numbers Increase For The Third Year Running

11. Future Developments

  • Demographic Projections Point To Positive Influences For The Sector Going Forward

Companies Mentioned

  • Aviva
  • Barclays
  • Clarke Willmott
  • Cooperative Legal Services
  • DAS
  • Fortis Law
  • Irwin Mitchell
  • Kings Court Trust
  • Mills & Reeve
  • Redstone Wills
  • Shoosmiths
  • Simpson Millar
  • Slater & Gordon
  • Taylor Rose
  • Thompsons
  • Which Legal

For more information about this report visit https://www.researchandmarkets.com/r/43hkkm

Contacts

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Laura Wood, Senior Press Manager
press@researchandmarkets.com

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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