05/02/25
The new and updated IRN Legal Report has just been released with some interesting insights into the wills and probate sector.
We sat down with Jonathan Maskew to share his views on the findings in the report, what his main takeaways are, and what it means for us going forward.
I’m always ready to take on a new challenge; when I read the IRN consumer research report for 2024 it brought up a lot of very interesting issues that we need to keep in mind as we look forward to the future of working within the wills & probate sector.
Some incredibly good news is that the wills and probate sector has experienced 7% growth since 2023 with a further 6.2% forecast through 2028! The market is currently valued at a very healthy £2.81 billion and is on track to reach £3.6 billion by 2028, indicating that our sector is looking very stable and, more importantly, sustainable, for the foreseeable future.
An increasingly aging population in the UK creates an exciting opportunity for our industry, and the report highlights that this trend is likely to continue.
Adults aged 65+ now make up 19.7% of the population, and this is projected to reach 20.7% by 2030. With this in mind we are likely to see an increase in demand for wills and LPAs as this is our main demographic.
Digital probate applications accounted for a whopping 79.3% of grants (glad to see the industry embracing a more digital outlook) though there was a change in the law that has halted the witnessing of wills over video. This temporary measure ended in May of 2024.
More importantly, we’ve seen progress with the initiative to modernise LPA processes with the Powers of Attorney Act 2023, which aims to improve fraud prevention and efficiency pivoting these processes fully into the modern age by using digital tools to achieve these changes.
One very interesting trend, and one which will clearly continue to accelerate, is the number of people deciding not to use a solicitor to draft their will; decreasing year on year from 55% in 2019 to 50% in the current report.
Those choosing to use an alternative, are in my view looking at the way solicitors provide their services and deciding to go with a more client-focused, personalised approach, with a will writer using innovative and easy-to-use software for their processes.
44% of clients also buy related services once they have their will. This represents the value of developing a long-term relationship with our clients, becoming a trusted and acknowledged service provider.
The report also highlighted that 11% of individuals draft their own wills, a trend that continues to grow annually. However, a significant portion of these people ultimately require professional assistance to finalise their wills, to ensure they meet the necessary legal standards.
The belief that anyone can easily draft their own will presents an opportunity for us. It underscores the lack of awareness many people have regarding the complexities involved in will writing, giving us a fantastic opportunity to educate the public.
We are passionate about educating on this important topic, and we can effectively communicate this passion to a broader audience. By being transparent about our processes, we not only inform our clients but also build their trust in our expertise.
It is also important to address misconceptions about the regulation of will writing. The report indicates that 25% of people mistakenly believe that all will writing is regulated, which is not the case.
The perception of non-regulation as something undesirable is exacerbated due to the fact that the CMA has had to warn unregulated will writers about making misleading comparisons of their services to those of a solicitor. With organisations like CTT and the BEST Foundation, this regulation isn’t necessary; we hold our members accountable and ensure an exemplary service.
A specialist will writer provides a more bespoke and personal service, and in terms of client base, the sky’s the limit. The report outlines that over half the people surveyed didn’t have a will and the main reason was that they simply hadn’t gotten around to it yet!
The huge opportunity here is clear and trends in client behaviour favour our approach. At the moment, consumer opinion is split on electronic versus physically witnessing a will but as the population ages, these attitudes are inevitably going to shift toward digital processes. Already we see the age demographic of those preferring a solicitor firm skewing toward the older age range, and younger people preferring the digital counterpart.
As CTT’s Managing Director, Andrew Houston said recently at the British Wills and Probate Awards, “What does this mean for all of us? It means opportunity—more clients needing our guidance, more estates that can benefit from expert planning, and more ways we can help mitigate taxes and ensure legacies are preserved for future generations. And with CTT Group standing behind you, providing knowledge and digital tools, there’s no limit to the growth we can achieve.”
Conclusion
So where does this leave us as we start 2025 and consider the second half of the 2020s? The increasing longevity of the population will likely lead to an increase in age-related conditions and so we can expect an increase in the demand for estate planning services, including wills, trusts, and LPAs.
CTT is dedicated to fostering innovation and service excellence in the industry, driving business growth for all our clients.
The future of the estate planning landscape offers huge opportunities for many and we at CTT aim to continue as a leader at the forefront of change. We leverage cutting-edge digital tools and advanced AI technologies to ensure our clients receive timely, personalised, and efficient services.
Exciting times ahead for sure!
If you’d like to find out more about how CTT Group can help you optimise your business’s growth potential, book a consultation with our Partnership Team.
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