The wills market is changing, but most people remain unprepared

Only around 35 per cent of UK adults have made a will, despite ongoing media campaigns and innovations in the marketplace.

“I haven’t got round to it” remains the primary reason people give for their lack of preparation.

However, IRN Legal’s latest UK Wills & Probate Consumer Research Report suggests some shifts are occurring in the wills sector, with many respondents for example saying they would be interested in services associated with will-writing, such as advice on powers of attorney, funerals or tax. The report also found an increased interest in sourcing information and services online.

The IRN survey discovered law firms still leading the market in drawing up wills (54 per cent). This figure has stayed largely static for some years, although specialist will-writing services are gradually increasing their market share (from 19 to 23 per cent in the past year).

When quizzed about their decision-making process, more than a third (38 per cent) of respondents said they selected a law firm or solicitor they had used previously, while 9 per cent had taken up the offer of will-writing advice after using a firm for a separate legal matter.

Some 10 per cent of those surveyed said they chose their will-making advice after seeing promotions by charities, with almost a quarter stating they planned to include a charitable donation in their will (or they would do if and when they made one).  

The survey found that awareness of leading will-writing brands was relatively low, with Co-operative Legal Services the only one that was known to a majority of respondents. That relatively high profile only translated into 7 per cent of market share for the Co-op, however.

Perhaps predictably, the number of individuals who would be comfortable with online consultations and witnessing of wills has risen over the past year.

IRN Legal’s latest UK Wills & Probate Consumer Research Report was based on a sample of 606 people with a will and 257 currently involved in probate issues.