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Wills, Probate & Trusts Market Trends Report 2018 - Rising Number of Deaths Each Year and Continuing Aging of the UK Population - ResearchAndMarkets.com

January 9, 2019

DUBLIN--(BUSINESS WIRE)--Jan 9, 2019--The “Wills, Probate & Trusts Market Trends Report 2018” report has been added to ResearchAndMarkets.com’s offering.

The UK Wills, Probate & Trusts Market Report 2018 is the fifth edition of an annual research report. Here are some selected findings:

The wills, trusts, and probate market was worth over 1.2 billion in 2017. It is highly fragmented and served by thousands of mainly small providers, often unregulated. A consumer survey in October 2018 found that when getting professional legal help making a will, over 60% of consumers still use a solicitor/law firm, and when getting legal help arranging probate almost 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 in 2018 compared to 2017. Most people only think about making a will as they get older so the penetration of wills has remained around 40% of adults year-on-year. Price competitiveness in the market for wills especially but also increasingly in probate, where fixed fees are becoming more prevalent, is limiting value market growth. A survey of 50 providers found that the average prices for a simple will in 2018 were: 180 - law firm; 131 will writing company; 41 online will writing site. In the 2018 Survey of Practitioners in the sector, 69% are expecting increased workload in the next 12 months (compared to 63% in 2017).

The market is expected to see slow but steady growth in the future, supported by a rising number of deaths each year and the continuing aging of the UK population. Services such as a lasting power of attorney (LPA), living wills, and care plan advice are likely to see growth. Mandatory price transparency (providers obliged to publish prices), digital wills, and online probate applications are on their way.

Topics Covered

Executive Summary Introduction Market Structure Market Trends Key Players Market Size & Trends The Future Associations/Membership Bodies

Companies Featured

Boodle Hatfield LLP Charles Russell Speechlys LLP Clarke Willmott LLP Irwin Mitchell Solicitors LLP Kings Court Trust Ltd. Lawpack Publishing Ltd. Mills & Reeve LLP Penningtons Manches LLP Redstone Wills Ltd. Shoosmiths LLP Simpson Millar Solicitors LLP Slater & Gordon (UK) Ltd. 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/research/2wfw2z/wills_probate?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20190109005368/en/

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Related Topics:Legal

KEYWORD:

INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 01/09/2019 06:27 AM/DISC: 01/09/2019 06:27 AM

http://www.businesswire.com/news/home/20190109005368/en

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