Report Reveals Average Age Of Will Consumer Rising
A report released this week has confirmed that the baby boomers’ cohort have been confirmed as the Will industry’s biggest consumer.
An online Will writing software solutions provider for legal service providers, Willsuite, has undertaken research analysis in the Will writing industry to gain a general overview of the Will statistics in England and Wales.
The 50-70-year age range were responsible for over half of the drafted Wills and the average age being 58 years old.
The findings found that since 2018 the age gap has increased from 56.5 to 58, indicating that more work needs to be done to encourage younger adults to make a will.
The findings were derived from data of over 50,000 Wills and over £6 billion in pledged gifts and The data compiled is a result of Wills drafted by legal professionals using Willsuite software and not the DIY market.
Seb Shakh, Director of Willsuite, said:
“I think the report shows we as an industry need to do more to ensure we still appeal to a younger and more tech-centric market, and that we can do more to promote charitable giving. I’m keen to see how we can accomplish this over the next year”
The research seems to indicate that more people are looking at later life planning in addition to protecting their wishes after they have died. Almost as many Lasting Powers of Attorneys (LPAs) were drafted last year than Wills and even though wills remain a priority, it seems as though LPAs are a huge concern for the modern consumer.
Willsuite’s report has also looked into charitable legacies, the most popular types of trust and planning tools contained in wills, the nation’s afterlife preferences as well as how the public are looking to donate their organs after death.
The exhaustive report is a key read for all stakeholders in the wills and probate sector and can be found here.
As a Wills service provider, do any of these statistics surprise you? What are your experiences?