Introducing a research paper that generates new and insightful findings about the Will writing industry in the UK.
The Will writing industry has undergone a number of changes in recent years. There has been an influx of providers into the market place in the last decade, all of whom have begun to challenge the dominance of the traditional solution for the public.
This research has been commissioned by Kings Court Trust and was conducted by Nina Mguni-Jones. The findings of this research draw on a survey conducted on our behalf by YouGov, which collected results from over 2,000 adults in Great Britain.
More than six in ten people in Great Britain (61%) do not have a Will. This figure is perhaps unsurprising given that death remains a largely ‘taboo’ subject within the UK and planning for our eventual demise remains low on the agenda for many people. However, closer investigation of the data highlights interesting trends in the number of people with a Will between age groups.
As people get older, they are more likely to write a Will. Nearly eight out of ten people (78%) who are retired have a Will and 69% of people that are widowed have a Will.
Certain life events, for instance marriage or having children also prompt people to have a Will. People who are unemployed are less likely to write a Will, with only 13% of unemployed people stating that they have a Will in place. This suggests that people with low incomes are less likely to have a Will.
Demographic shifts such as the increase in ‘blended families’ and life expectancy, which can mean longer periods of ill-health or mental incapacity, has resulted in an increasing demand for complex Wills. These circumstances may stimulate the growth of Will writing services in the future.
Of those people that have written a Will, 14% of them used a face-to-face professional Will writing service, compared to just 5% who have used an online Will writing service.
There are undoubtedly still opportunities for professional Will writers to capitalise on the perceived value of face-to-face advice.
The public do see the advantages of using DIY online Will writing templates, with 53% thinking they offer good value for money and 55% believing they are easy to use.
As our world becomes more digital, is it only a matter of time before face-to-face meetings to write a Will with a professional become a thing of the past?
Kings Court Trust are committed to working with Will writers by providing a marketing leading estate administration service that supports you and your clients. For more information on how you can support your clients when dealing with a bereavement please contact us.