Recent research has highlighted a significant growth in the wills and probate market, achieving a 7% increase this year with a valuation of £2.8 billion.
In the face of declining numbers of general practice law firms, the wills and probate sector has continued its upward trajectory, largely driven by an increase in grants of representation and powers of attorney (POA) applications. This growth trend is expected to persist, with predictions of a 6% annual increase, potentially reaching a total market value of £3.6 billion by 2028.
Interestingly, while traditional will-writing services have seen a reduction, the number of firms specialising in contentious probate has risen. This niche area saw a 7% growth in 2024 and a substantial 36% increase since 2020. Despite the closure or merger of many high street firms, the rise of specialist firms focusing on disputed wills and trusts indicates a shift in the market’s focus.
Data suggests that for the first time, the number of firms offering will-writing services has decreased to below 6,000, highlighting the impact of these closures and mergers. Meanwhile, the issuance of grants of representation saw a 28% increase in the first half of 2024, compared to the same period in the previous year. Although grants of probate fell slightly, an uptick in letters of administration compensated for this.
The growth in the number of private individuals handling grants of representation themselves is noteworthy, rising to nearly 44% last year. This trend is part of a broader change in the sector, influenced by an ageing population and increased awareness of the importance of safeguarding the health and assets of older relatives.
Applications to register a POA in England and Wales have surged significantly, expected to exceed 1.5 million in 2024. This rise is accompanied by a reduction in the backlog of lasting power of attorney applications. The Office of the Public Guardian has managed to cut this backlog from 223,200 in March 2023 to 149,400 in March 2024, reflecting increased efficiency in processing.
The wills and probate market is experiencing notable expansion, influenced by demographic shifts and growing demands for specialised legal services. Despite challenges faced by traditional high street firms, the sector’s future appears robust, driven by increased specialisation and procedural improvements.
