New research carried out by IRN revealed that on average online Will providers are 77% cheaper than solicitors.
However, it is forecasted that over the next five years the value of Wills and probate services is set to increase by £200m and reach £1.5bn by 2023.
Even though the new price transparency rules, (which are coming into force on the 6th December), being introduced by the Solicitors Regulation Authority and other regulators could “force many solicitors to lower their prices”.
IRN Research conducted their annual UK Wills, Probate & Trusts Market Report which found that the average price (excluding VAT) charged by law firms for single Wills was £180, in comparison to £131 for Will-writing companies, and as little as £41 for online providers.
The report revealed that more than six in ten customers still used a solicitor to make a Will and almost eight in ten for probate guidance.
Fixed fees were more popular in the marketplace for both Wills and probate due to price competitiveness.
The report said a “clear trend in the last decade” had been a “steady increase” in the number of private individuals dealing with the grants of representation without legal assistance. This number increased from just under 30% in 2007 to almost 38% by 2017.
“The perceived cost of solicitors, and the availability of online services to guide individuals through the process, have encouraged more adults to take on probate themselves.”
Generally, IRN said that 64% of the law firms surveyed said their caseload had increased in the past 12 months and 60% said revenue had grown. In 2017, the figures were largely consistent but there was a prominent jump in 2016.
There was widespread optimism within the sector as 69% of firms expected workload to grow.
The research carried out predicted the adoption of new technology would make the Wills and probate industry more profitable.
“Legal forms and precedents are being automated, reducing errors and delays, and cloud-based practice management solutions can consolidate documents on a single account reducing time-consuming reconciliations.
“The aim is for HMRC’s online probate service to be available for everyone at some point in 2019. In addition, Wills will increasingly be stored digitally in the cloud, reducing storage costs and making access easier.
“This will become more practical in the future, given that the Law Commission has laid out plans to make England and Wales the first major jurisdiction in the world to allow electronic Wills.”
IRN foresee the Wills, probate and trusts market to grow “slowly and steadily” over the next few years which will be helped largely by the steady rise in the number of deaths.
As a professional Will writer, what is your opinion of this research?
