The UK’s wills, probate, and trusts market continues to grow, bolstered by an aging population and rising demand for estate planning services, according to the recent IRN Legal Report.
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Valued at £2.81 billion in 2024 – a 7% increase on the previous year – the market is being reshaped by demographic trends, technological advancements, and evolving consumer needs.
The aging UK population is a key driver of growth in the sector. In 2024, 32.6% of the population was aged 55 or older, a figure projected to rise to 33.1% by 2034. The proportion of those aged 65 and over is set to increase from 19.7% in 2024 to 21.8% by 2034. Results from a 2024 consumer survey show that while only 38% of the total adult population has a will, 85% of those aged 65 or older have one, alongside 56% of adults aged 55-64.
The number of probate grants issued in England and Wales rose by 2.9% in 2023, with a 28% increase recorded in the first half of 2024 compared to the same period in 2023. This surge reflects the rising number of deaths – 581,363 registered in 2023 – and improvements in processing backlogs.
Similarly, applications to register POAs have seen unprecedented growth. In 2023, applications jumped by 37.1%, from 851,736 in 2022 to nearly 1.2 million. The momentum continued into 2024, with a further 38.8% increase in the first half of the year.
Despite the market’s growth, the number of law firms offering will-writing services has declined, data from the three Law Societies in England & Wales, Scotland, and Northern Ireland in October 2024 estimates that, for the first time, the number of law firms offering will writing services has dropped to below 6,000.
Many high street law firms, important local providers of will writing services, have closed or merged with others in the last three years and this is a key factor behind the decline in law firm numbers, according to the report. There has been year-on-year growth in law firm numbers in practice areas contentious wills, probate and trusts. Law firm numbers in these areas are still relatively small but firms listed by the Law Society in England and Wales offering advice in these three areas have more than doubled since 2018.
However, there has been significant growth in contentious probate, disputed wills, and trust services. Firms specialising in contentious probate increased by 7% in 2024, representing a 36% rise since 2020.
In addition to smaller providers, several large-scale operators handle thousands of wills annually through a variety of channels, including direct sales, partnerships with membership organisations and trade unions, employee benefit schemes, collaborations with charities, and white-label arrangements with financial services companies. These providers typically offer basic will-writing services at low or no cost, aiming to encourage clients to engage with additional services such as estate administration, probate, power of attorney advice, funeral planning, living wills, care planning, or bereavement support.
Beyond the volume-focused market, there are law firms specialising in services tailored to high-net-worth individuals. These firms provide comprehensive financial and tax planning, estate and asset management advice, and assist with the preparation of wills and trusts.
Digitalisation continues to transform the sector, with over 79.3% of probate grants in 2023 issued digitally. This trend has streamlined processes and improved accessibility for consumers, even as demand for these services grows.
The future of the wills, probate, and trusts market is closely tied to population dynamics. The number of UK deaths is projected to rise annually, reaching 727,000 by 2033/34, further driving demand for probate services.
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One Response
Just reading through my copy of the latest IRN Legal Report ,… the year on year growth is both an acknowledgment of the increasing consumer need and the opportunity of course.