UK Wills & Probate Market - IRN Legal Market Briefing

COVENTRY, U.K. - Nov. 29, 2016 - PRLog -- The UK Wills & Probate Market Briefing  (third edition) provides an overview of the UK wills and probate market.

The market remains fragmented with many smaller players, including some that are un-regulated, but more volume players are slowly beginning to emerge.  Market growth will continue to be limited primarily due to low prices, intense competition, and little growth in the number of adults with a will.  The first two factors are key obstacles to growth identified by practitioners in the sector.  Low single-digit value growth is forecast for the next 2 years.

There are some opportunities in specific sectors such as arranging a Lasting Power of Attorney (the number of LPAs has increased substantially in recent years), more probate and estate administration work, and additional services such as living wills, care plans, and bereavement services. The percentage and number of over 60s in the population will increase year-on-year over the next decade and this will help the sale of wills and the above additional services.

In the probate sector, fixed price services are becoming more commonplace although more individuals are bypassing professional advisors and undertaking estate administration themselves.

In our annual survey of 60 providers of wills, the average price of a standard single will is £85 (a slight increase on £83 in 2015). The average price for wills from law firms/ solicitors is £120 (£118 in 2015). These are based on quoted fixed prices and, of course, more complicated wills can be much more expensive and the pricing survey takes no account of the quality of the wills provided.

The briefing (33pp, PDF), is available directly from IRN Research, priced at £160/€180/US$195. UK sterling price is plus VAT so total price is £192.

The UK Wills & Probate Market Briefing is one of a series of briefings produced each year with others coveringConveyancing,Family Law, and Personal Injury.

Established in 1991, IRN Research is a market research consultancy with a particular focus on the legal services market. We offer a range of bespoke research services, on an ad-hoc and continuous basis, to law firms and suppliers to the sector. These services include client satisfaction surveys, market studies and competitor intelligence, client industry reports, and strategic studies.

IRN Research, 60 Eastern Green Road, Coventry, CV5 7LH, United Kingdom

Tel: +44(0)7905 239599. Email: dmort@irn-research.com. URL: www.irn-research.com

Table of Contents

1. Introduction

2. Report Summary

3. Market Size and Trends

3.1 Will Ownership

3.2 Lasting Power of Attorney
 3.3 Probate

4. Key Players

4.1 Overview

4.2 Law Firms and Solicitors

4.3 Will Writing Companies

4.4 Online Wills

4.5 Probate

4.6 Selected Players

Chorus Law Group
 Cooperative Legal Services

Estate Planning Group

Irwin Mitchell

Kings Court Trust

Lawpack Publishing

Redstone Wills

Simplify

Simpson Millar

Slater & Gordon

Thompsons Solicitors
 Trust Inheritance

Which? Legal Services

5. Market Value and Prices

5.1 Market Value

5.2 Prices

6. The Future
 6.1 Market Trends and Forecasts 2016-18

6.2 Wills & Probate Practitioner Survey
 6.3 Recent Developments
7. Associations