According to the latest market intelligence on UK legal services, 54% of people prefer to ask a solicitor to write their will, despite recent significant growth in alternatives.
IRN Legal Reports produced a report on Wills and Probate in November 2022 indicating that 54% of over 600 respondents to the research questions said they would prefer to use a legal firm or solicitor to write their will, compared with 26% who opted for a specialist will writer, either an individual or firm.
Emergence of tech firms
Although the researchers found there were 300 fewer law firms offering will services than when they did a similar survey two years ago, they put this down to the general reduction in the number of solicitors firms in the UK over that period due to closure or mergers. However, the emergence of specialist firms and the IT online revolution have also provided more options for clients.
Since there is no regulator for the wills market, there are few barriers to new entrants into this sector and new tech start-ups have started to join the sector in recent months, with the result that it has grown into a £5m plus market. Nevertheless, legal firms still attract the majority of the business.
Solicitors have also upped their game in terms of technology recently and wherever you are in the country looking for advice, Aberdeen, Acton or Ascot solicitors will be able to offer remote witnessing of wills thanks to an extension of the measures introduced by the government during the covid pandemic. This helps elderly clients or people still shielding.
Why do the majority of people use a solicitor?
There are two good reasons why the majority of people prefer to use a solicitor to write their will. First and foremost is that solicitors are regulated, whereas will writers are not. Secondly, you may wish to leave part of your wealth in trust or set up another legal document such as a power of attorney. A solicitor will be able to prepare these legal documents for you.
You will find plenty of information online about solicitors’ firms offering will writing services at sites such as Ascot solicitors, Parachute Law amongst many others.
Final reasons for choosing a solicitor
Plenty of people writing wills will already have used solicitors in the past, possibly when purchasing property, and may have developed a lasting relationship with them. It would be natural to make them the first port of call when it comes to preparing a will.
If you are having an initial discussion with your solicitor about your will, there are a couple of other matters to broach with them. Your will needs to be stored in a safe place and be accessible when it is required, either to be acted on or alternatively, if you wish to amend it at a future date. Remember that your circumstances may change, or a named beneficiary may predecease you and such events may mean your will needs to be changed.
The best way to make sure your will is accessible at all times is to ask your solicitor to keep it safe for you. They can store it and will provide easy access. Finally, you may wish to appoint your solicitor as executor of your will.