Wills and Probate Market Grows in Value

If the Covid pandemic has made you consider your own mortality more than usual, the latest figures from the Wills, Trust and Probate market suggest you are not alone.

Surpassing £2bn in value for the first time last year, according to a recent IRN Research study, The UK Wills, Probate & Trusts Market Report 2022 found strong growth in the industry with an expected value of £2.5bn by 2025.

The news will come as little surprise with people more aware of their future financial planning, possibly as a result of the Covid pandemic bringing life and death scenarios to the forefront of the mind.

On the growth in this market, IRN told Legal Futures there may well be a short-term jump in work volumes partly due to Covid.

It said: “The demand for Will-writing services plus Will updates is likely to increase and the availability of new digital services may encourage more adults to make a Will.

“Probate and estate administration work is going to increase in the short term due to a growing number of deaths in the pandemic, and more adults who are likely to die intestate without a Will.”

Eight out of 10 law firms surveyed were confident of the year ahead in this sector of law, expecting increased workloads.

In a study from the last 12 months, IRN found 52% of respondents used a solicitor to draft their Will, with another 6% starting to draft their Will before relying on the expertise and experience of a specialised solicitor to conduct the process.

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