UK Wills, Probate & Trusts Market Report 2023

This is the 10th edition of the report published in December 2023 (45 page PDF report).

Table of Contents

EXECUTIVE SUMMARY . 5

I ntroduction. 5
Market size and trends. 5
Market structure. 5
Market volumes. 6
Market forecasts. 6

INTRODUCTION . 7
Wills and probate. 7
Trusts. 8
Legal guardianship. 9

MARKET STRUCTURE . 10
Regulated and unregulated providers. 10
Self-regulation. 11
Range of providers offering will writing and probate services. 11
D eclining numbers of law firms in the market. 12
Unregulated companies. 13
Other probate providers. 14
Na tional Wills Register. 15
Donations to charities. 15

MARKET TRENDS & DEVELOPMENTS . 16
UK population continues to age year-on-year. 16
Decrease in deaths for second year running in England and Wales, 2022. 17
An increase in deaths in England and Wales in 2023. 18
Deaths in Scotland and Northern Ireland. 18
Law Commission consultation report emphasises likely emergence of e-wills. 18
CMA investigation launched on wills and pre-paid probate plans. 19
Powers of Attorney Act enables introduction of digital LPAs. 20
House of Commons Justice Committee starts inquiry into probate process. 20
Survey from Council of Licensed Conveyancers on probate delays. 21
Lack of preparation for over 40% regarding their digital legacy. 21
Recommendations on digital assets from the Law Commission. 22
Legacy income grows by 6.5% in latest year. 23

KEY PLAYERS . 24
Overview. 24
Company profiles. 25
Bequeathed Ltd. 25
Co-op Legal Services. 26
Boodle Hatfield LLP. 27
Charles Russell Speechlys LLP. 27
Farewill Ltd. 28
Farrer & Co. 28
IDR Law Ltd. 28
Kings Court Trust Ltd. 29
Irwin Mitchell.29
Lawpack Ltd. 30
Legacy Wills & Estate Planning Ltd . 31
Redstone Wills Ltd. 31
Slater & Gordon Lawyers. 31
Taylor Rose MW. 32
Thompsons Solicitors LLP. 32
Trust Inheritance. 33
Which? Wills. 33
Womble Bond Dickinson (UK) LLP. 34

MARKET SIZE AND TRENDS . 34
Market value increases to £2.6bn in 2023. 34
Probate applications increasing but probate grants issued declining. 36
Over three-quarters of all grants of representation issued are digital in 2022. 38
Powers of attorney applications increasing significantly in last two years. 38
Number of trusts declining. 39

THE FUTURE . 41
Market forecasts. 41
Market value CAGR of 4.5% between 2023 and 2027. 42
Upcoming changes to tax arrangements for trusts. 43