The proportion of people using solicitors to draft their wills has continued to decline, now standing at 50%, a five percentage point drop since 2019, according to the UK Wills & Probate Consumer Research Report 2024 by IRN Legal. Despite this decrease, law firms have improved their cross-selling efforts, with 44% of clients now purchasing related services such as lasting powers of attorney, will storage, and funeral plans.
Trends in Will-Making
The percentage of adults with a will remains relatively stable, fluctuating between 36% and 40% annually. However, the market is expanding due to the growing adult population. An increasing number of individuals (11%) are opting to write their wills themselves, with an additional 7% starting on their own before seeking professional help. About one in five people use unregulated advisers for will writing.
The Competition and Markets Authority (CMA) is currently investigating unregulated will writing and pre-paid probate services, cautioning these services against making misleading comparisons with solicitors.
Consumer Insights
The report, which surveyed 676 consumers who had made a will and 280 involved in estate administration, revealed that over 25% of respondents incorrectly believed all will-writing services are regulated. Over half of those without a will cited procrastination as the primary reason for not having one. The report suggests targeting the 45 to 54 age group to increase the number of wills, noting a significant portion of higher-income households still lack a will.
Older consumers tend to prefer using law firms, often returning to solicitors they have used for other legal matters. In contrast, specialist will-writing services are more popular among younger adults, particularly those aged 25 to 34.
DIY Probate
A growing number of adults are choosing to handle probate without professional advice, viewing it as a straightforward process. However, one in four executors experience a longer-than-expected probate journey, highlighting potential challenges in self-managed probate.
Fee Structures
Fixed fees are prevalent in the wills market, with 85% of consumers paying this way, a six percentage point increase from previous years. Almost two-thirds of consumers using estate administration services also paid a fixed fee, similar to the previous year. Hourly rate charges are typically reserved for complicated or contested estates. The median fee for a will is approximately £125.
Electronic Wills
The report found that consumers are divided on the issue of electronic writing and witnessing of wills, reflecting varying opinions on the modernisation of will-making processes.
While the use of solicitors for will-writing is declining, law firms are effectively cross-selling related services. The market for wills and probate continues to grow, driven by demographic changes and evolving consumer preferences.
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