UK Wills & Probate Market 2018: Consumer Research Report - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 13, 2019--The “UK Wills & Probate Market 2018: Consumer Research Report” report has been added to ResearchAndMarkets.com’s offering.
The latest consumer research findings from the author show that only 37% of adults have made a will, and an estimated 2 million adults made a will in the last 12 months. The wills market is skewed towards older age groups with over six out of ten adults in the over 55s age group having made a will.
The Wills & Probate Consumer Research Report 2018 is the second in a series of new reports on the legal services market and offering insights into consumer behaviour, perceptions, brand awareness, and opinions. This report is based on responses from 1,034 consumers including 379 that have made a will, and 291 that have been involved in estate administration (probate).
Other headlines from the survey include:Despite competition from other providers, a majority using external advisors still use law firms and solicitors for both wills advice/support and probate advice/support. There is some client loyalty with over 4 out of 10 clients of law firms and solicitors going back to a law firm/solicitor that they have used before. Most consumers think that the wills market is regulated and this is likely to be compromising consumer choice. So far, there has been limited use of related services such as will storage, funeral plans, care plans, and lasting power of attorney advice. But significant numbers of consumers are interested in these services suggesting that there is a market opportunity here. Fixed fees are commonplace in the wills market and are becoming more popular in the probate sector: almost half of all individuals using a professional probate advisor paid a fixed fee. The option to prepare wills via email or text would encourage some individuals to consider making a will, i.e. around a third of the national sample.
Key Topics Covered:
1. Executive SummaryOverview Wills market skewed to older consumers Law firms and solicitors still the main source of wills advice Some consumer loyalty, while limited use of Internet Most individuals turn to family members as estate executors Consumer satisfaction with the advice offered is relatively good Fixed fees are now ubiquitous The median fee for a will is between 101 and 150 DIY will writing - the option for just over one in ten Various factors would be important when choosing a will writer Most consumers assume the wills market is regulated Limited use of other services, but some consumer interest Solicitors still seen as best source for advice, but also interest in DIY wills Also, interest in financial services brands as will writers No problems for most of those dealing with probate Majority use a professional advisor, mainly law firms and solicitors Fixed fees becoming more important Market trends The future
2. IntroductionReport coverage Methodology
3. BackgroundKey findings Fewer than four out of ten adults have made 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 - it could encourage more to have one
4. Legal Advisors UsedKey findings Law firms and solicitors still dominate the will writing market Some consumer loyalty for law firms and legal advisors Most appoint executors in their will, usually private individuals A minority involved with probate and it’s simple for most
5. The Will Writing ProcessKey findings Over 8 out of 10 are very satisfied or satisfied clients Fixed fee charging is now commonplace, median fee 101 - 150 Uptake of related services remains very low
6. DIY Will WritingKey findings Just over 10% opted for the DIY approach
7. Will Writing - Consumer ChoicesKey findings It’s all about good quality, quick preparation, at the right price Solicitors may be best qualified but many would still try the DIY approach Some general interest in services in related areas Digital legacies - over a quarter have put in their wills or are likely to
8. Regulations And New PlayersKey findings Most consumers are unaware that will writing is not regulated Some interest in financial services brands offering will writing services
9. Dealing With Estate AdministrationKey findings Probate is a simple process for most Those using professional advisors mainly turn to law firms and solicitors Almost half paid advisors using a fixed fee model Over 8 out of 10 clients are satisfied ones Do-it-yourself probate - over 4 in 10 are doing it
10. Market TrendsKey findings Will writing - a fragmented and increasingly price-driven market Probate market growth again in 2017 after decrease in 2016
11. Future DevelopmentsKey findings An ageing population should help demand for other services Boost for guardianship services Number of deaths to increase Probate changes
For more information about this report visit https://www.researchandmarkets.com/research/rxhwpf/uk_wills_and?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20190213005318/en/
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KEYWORD: UNITED KINGDOM EUROPE
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Research and Markets
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PUB: 02/13/2019 05:36 AM/DISC: 02/13/2019 05:36 AM