Key Voices Share Insights on the Future of the Wills and Probate Industry in 2023

In 2023, the wills and probate industry in England and Wales is set to undergo significant changes, with a focus on embracing technology, modernizing LPAs, and addressing the handling of digital assets. Key voices in the industry have shared their thoughts on what to expect in the coming year.

Sarah Bolt, Managing Associate at Freeths, highlighted the industry’s continued embrace of technology, with a particular focus on modernizing Lasting Powers of Attorney (LPAs) through the use of online platforms. She also mentioned the potential for remote witnessing to become a permanent change to the law, emphasizing the shift towards digital legal documents.

Emily Deane, Technical Counsel at STEP, raised concerns about the lack of public awareness regarding digital assets and the challenges faced by families in accessing them after a loved one’s death. She called for service providers to review their policies and practices to streamline the process for grieving families.

Looking ahead to 2023, practitioners are likely to face hurdles such as inconsistencies in protective measures for incapacity planning, legislative gaps in cohabitation rights, and challenges related to money laundering. Colette Best, AML Director at the SRA, emphasized the importance of staying vigilant against financial crime and ensuring compliance with anti-money laundering regulations.

Despite these challenges, there is cause for optimism in the industry. Sarah Bolt highlighted the Law Commission’s efforts to modernize the law, including potential reforms to the current laws of wills and capacity assessment. Ian Bond, Head of Wills & Estates at Thursfields, expressed excitement about the Powers of Attorney Bill making its way through parliament, which aims to update the LPA process and incorporate digital options.

Overall, 2023 is expected to bring significant changes to the wills and probate industry in England and Wales, with a focus on technology, modernization, and addressing key challenges faced by practitioners and families. The industry is poised for transformation, and practitioners are encouraged to stay informed and adapt to the evolving landscape.