96% of people who opt for DIY wills say they don’t need external advice
The vast majority of people who prepare their own wills say they do it because they don’t think they need legal advice.
96% of those who do so say they have no need, with 21% saying that fears over the costs of professional advice prompted them to go for a DIY will.
Currently around one in ten people write their own will without any help from a professional will writer or solicitor.
According to Yougov who conducted the survey, half of those people were able to do so completely free of charge using downloadable will documents and templates with the other half paying generally at most £50, with 27% paying less than £10.
The survey did throw up one anomaly, with one of the 58 DIY will respondents saying they had paid between £750 and £1,000 for their will.
DIY will writing is a key inhibitor to market growth according to the report. 65% of people said they would consider preparing their will themselves to keep costs down. To that end, some firms have offered to reduce costs and only become involved in a will at a later stage, with 63% saying they would be interested in that.
The report states: “YouGov Reports research for this report has shown that many adults do not see will writing as top of their priorities with many stating that they have just not got round to it. Secondly, fixed-fee pricing models and more opportunities for DIY will writing are pushing prices down. There are also free wills and free will kits being offered as part of pensions and insurance deals.
“Very few of those who have made a will have used related services such as will storage, care plans, funeral plans and so on that might be offered by the provider of the will. However, there is clear interest from a significant minority of the general sample in these additional services, particularly advice on dealing with a situation where someone has lost their faculties, care plans, and arranging a lasting power of attorney.
“Maybe some will writers and law firms are missing an opportunity by not offering a wider range of services which not only increases revenues but also keeps clients tied to a provider for a longer period.”