UK Wills, Probate & Trusts Market Report 2024: Powers of Attorney (POA) Applications Rose by 38.8% Over 2023 with Total Market Value Expected to Grow by 6.2% to 2028 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "UK Wills, Probate & Trusts Market Report 2024" report has been added to ResearchAndMarkets.com's offering.

The UK Wills, Probate & Trusts Market Report 2024 is the 11th 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, and forecasts.

Here are some selected findings:

• In 2024, the wills, trusts and probate market has an estimated value of £2.81bn, an increase of 7% on the 2023 value. The core will writing sector is increasingly price-led and market value growth is being driven by other estate planning services, e.g. probate, powers of attorney (POA) services, funeral planning, etc.
• Will ownership is skewed towards older age groups and these older adults are accounting for a greater proportion of the total population. For example, in 2024, 19.7% of the population is 65 and over but this is projected to grow to 20.7% by 2030.
• Across the UK adult population as a whole only a minority have a will but the majority of adults in these older age groups have a will. Plus demand from older individuals is also the key factor behind the stronger growth in powers of attorney (POA) advice, probate services, care plan and funeral plans.
• Probate volumes (grants of representation issued) usually follow trends in the number of deaths and deaths across the UK increased in 2023. In 2023, grants of representation issued in England and Wales increased by 2.9% to 277,745 from 269,815 in 2022. In the first half of 2024 there has been a much bigger increase in grants issues, a 28% increase on the same period in 2023, catching up with the increased deaths in 2023 plus reflecting some improvement in dealing with processing backlogs.
• Applications to register a POA have been increasing year-on-year but, in 2023, the increase in applications overshadowed growth in previous years: there was a 37.1% increase in applications with numbers jumping from 851,736 in 2022 to almost 1.2 million in 2023. In the first half of 2024 there was another significant increase in applications to register a POA, a 38.8% jump from the same period in 2023.
• The market value is forecast to grow at a CAGR of 6.2% up to 2028.

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
• Many providers in the market with a few volume players
• Law firms offering will writing services continue to fall
• Unregulated companies
• Other probate providers
• National Wills Register
• Donations to charities

MARKET TRENDS & DEVELOPMENTS

• Almost 1 in 5 of the population are 65 or over
• Increase in deaths in 2023 after two years of fewer deaths
• Deaths also increase in Scotland and Northern Ireland
• CMA publishes consumer protection guidance for unregulated providers
• Office of the Public Guardian working on modernising LPA service
• House of Commons Justice Committee disbands inquiry into probate process
• Probate fees increase in 2024
• Legacy income grows by modest 1.3% in latest year
• Video witnessing of wills comes to an end

KEY PLAYERS

• Overview
• Company profiles
• Bequeathed Ltd
• Co-operative Legal Services
• Boodle Hatfield LLP
• Charles Russell Speechlys LLP
• Farewill Ltd
• Farrer & Co
• Honey Legal
• IDR Law Ltd
• Kings Court Trust Ltd
• Irwin Mitchell
• Lawpack Ltd
• Redstone Wills Ltd
• Right Legal Group
• Slater & Gordon Lawyers
• Taylor Rose Ltd
• Thompsons Solicitors LLP
• Trust Inheritance
• Which? Wills
• Womble Bond Dickinson (UK) LLP

MARKET SIZE AND TRENDS

• Market value set to increase to £2.8bn in 2024
• Probate - total grants increase but specific probate grants decrease
• Almost 8 out of 10 grants of representation issued are digital in 2023
• POAs applied for reach almost 1.2m in 2023 and set to pass 1.5m in 2024
• Number of trusts increases for first time in five years

THE FUTURE

• Market forecasts
• Deaths projected to increase up to 2029/30
• Market value CAGR of 6.2% between 2024 and 2028

ASSOCIATIONS/MEMBERSHIP BODIES

For more information about this report visit https://www.researchandmarkets.com/r/c6quh4

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.