The latest consumer research results from IRN Legal Reports paint a picture of a fragmented wills, trusts and probate market populated by various providers.
Despite some consolidation and a growing share for leading players, unregulated will writers, online services and digital will templates occupy a large space in the sector, working alongside law firms and solicitors.
Over the last three years in England and Wales, around 430 to 440 law firms have stopped offering will writing and probate advice, according to the UK Wills, Probate & Trusts Market Report 2025. Since the last report a year ago, 140 firms have left the wills sector.
However, in the specific practice areas of disputed wills, probate and trusts, the number of firms offering advice continues to grow, with all three practice areas seeing double-digit increases in firm numbers in the last three years.
The market is expected to reach an estimated value of £3 billion in 2025, an increase of 7.2% on 2024. The core will-writing sector is increasingly price-led, with market value growth driven by other estate planning services, the report finds.
The 12th edition of the annual report also reveals the numbers and demographics of will ownership. Only 41% of adults have made a will, with ownership skewed towards older age groups: 81% of people aged 65 and over have a will, 57% of those aged 55 to 64, and just 16% of 18 to 24 year olds.
The report also notes that older adults are now accounting for a greater proportion of the total population: in 2024 the 55s and over-represented 31.9% of the total population, which is projected to increase to 32.7% by 2028 and 32.9% by 2032.
Grants of representation increased by 18.3% in 2024, up to 328,455 from 277,748 in 2023. The overwhelming majority are now digital – 81% of all of those issued in 2024. The report also documents 2024 as being a record year for applications to register a Power of Attorney (POA), with almost 1.5 million applications – an increase of 28.1% since 2023.
Today’s Wills and Probate readers can order a copy of the latest Wills and Probate Market Report at the discounted rate of £180 (RRP: £220). Simply CLICK HERE to order directly from the IRN Legal website.
One Response
Interesting reading and certain trends continue.. there is an acknowledged need in the industry to empower and educate the younger generation around the need of strategic asset protection and the transfer of wealth.