Fall in grants of probate applications
Grants of probate applications from solicitors have fallen 30% in the last five years, research published by Title Research, an heir-sourcing firm, shows. Applications fell four per cent to 158,570 in 2010 compared to the previous year, and declined nine per cent and 10% in 2009 and 2008 respectively.
David de Menezes, head of communications at Title Research, says an almost inevitable effect of more people opting for “DIY estate management” rather than using a solicitor or other professional adviser, would be reflected in a rise in incorrect distribution of estates. The Legal Services Board is currently conducting a statutory investigation into how best to protect consumers in the will-writing, probate and estate administration markets.
“If further regulation does come into force, it will be interesting to see what impact this has on the number of consumers using professional advisers to assist with probate,” says de Menezes.
“Will more regulation encourage consumers to put their trust in professional probate advice or will it drive up cost, creating a barrier for consumers and a rise in maladministration of estates?” he asks.
