The UK’s wills, probate, and trusts market is seeing significant growth, fuelled by an aging population, evolving consumer needs, and a surge in demand for estate planning services. According to the latest IRN Legal Report, the market is now valued at £2.81 billion in 2024, representing a 7% increase from the previous year. Ives & Co, leading solicitors serving Nottingham and Kent, can assist with wills and probate.
Demographic Trends and Demand
An aging population remains the core driver of this growth. In 2024, over 32.6% of the UK population is aged 55 or older, with projections suggesting this will rise to 33.1% by 2034. The proportion of those aged 65+ is also expected to increase to 21.8% within a decade.
- Wills and Estate Planning: While only 38% of the UK’s adult population currently has a will, a much higher proportion—85% of those aged 65+—has taken steps to safeguard their estate. This highlights a generational divide in estate planning awareness and action.
- Probate Growth: The number of probate grants issued has surged by 28% in the first half of 2024 compared to the same period in 2023. This reflects not only rising death rates but also improvements in processing delays.
Challenges Facing Law Firms
Despite growing demand, the number of law firms providing will-writing services has fallen below 6,000 for the first time. Many high-street firms, traditionally key providers, have either merged or closed in recent years. However, there is notable growth in contentious wills, probate disputes, and trust services. Since 2020, firms specialising in contentious probate have increased by 36%, with a 7% rise recorded in 2024 alone.
The Rise of Large-Scale and Digital Providers
While smaller firms face challenges, large-scale providers dominate the market by handling thousands of wills annually through:
- Partnerships with membership organisations, charities, and trade unions.
- Employee benefit schemes and financial service collaborations.
- Digital platforms offering accessible, low-cost will-writing solutions, often encouraging uptake of additional services like probate, power of attorney, and care planning.
Digitalisation has played a transformative role. In 2023, 79.3% of probate grants were issued digitally, enhancing efficiency and accessibility for consumers across the country.
Future Outlook
With UK deaths projected to rise annually, reaching 727,000 by 2033/34, demand for probate and estate planning services will continue to grow. The sector is evolving to meet this challenge, balancing innovation and digitalisation with the personal support consumers expect. As demographics shift, providers have an opportunity to shape a more streamlined, accessible, and responsive market for the future.
