Report highlights developments which could “radically change” wills and probate market
A report has highlighted a number of possible developments in the wills and probate market which could have a significant impact.
Released by IRN Research, the UK Wills and Probate Market Briefing 2017 is the fourth edition in a series which is released annually. It provides an overview of the future growth of the market as well as reflecting on the industry as it stands.
The report predicts that in the near future, the market will continue to grow, albeit modestly. This is based on the steady increase in deaths observed over recent years and the rising age at which death occurs, although the pace of this growth has slowed.
Where possible developments are concerned, the report draws on a variety of different factors – whilst some are new, others are regular topics of consideration within the industry.
- The extent of technology playing a larger role within the industry e.g. electronic wills, online probate, digital form submission
- Whether will-writing should be regulated
- Making publication of price and complaints data obligatory
- Reducing the minimum age of testators to 16
- Requiring the testator to fulfil the capacity test set out in the Mental Capacity Act 2005
- Introducing a UK Trust Register
Which development do you think would have the most significant impact on the wills and probate market?