Report: Decline in People Using Solicitors for Wills, Rise in DIY and Unregulated Advisers

The trend of more people choosing to write their own wills rather than using a solicitor is on the rise in England and Wales, according to a recent report. The report found that only 50% of individuals now opt to use a solicitor for their will, a decrease of five percentage points from the previous year.

However, the report also highlighted that law firms are becoming more successful at cross-selling additional services to clients, with 44% of clients purchasing related services such as lasting powers of attorney, will storage, and funeral plans.

Interestingly, the percentage of individuals with a will has remained relatively stable over the years, hovering between 36% and 40%. The market for will-writing services continues to expand as the adult population grows.

The report also revealed that a growing number of individuals (11%) are choosing to write their own wills, with an additional 7% starting the process themselves before seeking professional help. Around one in five individuals are turning to unregulated advisers for assistance with their wills.

The Competition and Markets Authority is currently investigating unregulated will writing and pre-paid probate services, cautioning against misleading comparisons with solicitors. The report emphasized the importance of educating consumers about the regulation of will-writing services, as over 25% of respondents mistakenly believed that all services were regulated.

Despite the increasing trend of individuals handling their own probate without professional advice, the report noted that one in four executors faced challenges with a longer than expected probate process. Fixed fees are prevalent in the wills market, with 85% of consumers opting for this payment structure.

Overall, the report highlighted the diverse preferences and behaviors of consumers when it comes to will-writing and estate administration services in England and Wales. As the market continues to evolve, it will be important for consumers to stay informed and make educated decisions about their estate planning needs.