Price of average will falls under pressure from online services
- Price of average single will from a Solicitor falls to £118 from £126.
- Average single will from a will writer also falls.
The price of an average standard single will from a law firm has fallen because of increasing competition from cheap online services, according to research from IRN.
According to information published by the the market researcher, the average price of a single basic will is now £118, down from £126 last year.
The price of an average single will from a will writer has also fallen to £83 down from £84. The drop in prices is likely to be driven by the availability of fixed price online services, which twelve months were an average of £44 but IRN say can hit as low as £20.
The report’s author, David Mort said: "The majority of adults in the UK have yet to make a will so there is some potential to grow the market although recent campaigns to encourage more adults to prepare a will seem to have had only a limited effect.
"A major market obstacle is the fact that many adults, and particularly younger adults, continue to see the preparation of a will has something to put off until later in life.
"More fixed price deals for wills, and the availability of online will services for as little as £20, will continue to weaken prices and margins.
"In the probate sector, more individuals are bypassing professional advisers and undertaking estate administration themselves and the percentage taking this option is growing year-on-year."
IRN contacted sixty providers to establish quoted fixed price rates. The research doesn’t take into account more complicated wills which can be much more expensive.