IRN predicts continued market expansion at a similar rate in the coming year.
Since most wills are relatively simple, the UK Wills, Probate & Trusts Market Report 2023, published this week, attributes most of the growth to the more lucrative area of ‘complicated wills, probate and powers of attorney advice services, along with the contentious wills, probate and trusts services’.
More than 6,000 law firms offer will writing services but the numbers are dwindling, with an 8% decline between 2020 and 2023. This trend contrasts with the increasing number of law firms offering contentious wills, probate and trusts services.
Applications to register a power of attorney in England and Wales are soaring—from 2021 they increased 19% to nearly 852,000 in 2022, and double-digit growth continued in 2023.
For more details see www.irnlegalreports.com/store
