LEAP integration with WillSuite sheds light on trends in estate planning industry
New industry report from will writing software provider and LEAP integration partner WillSuite sheds light on trends in estate planning industry
A new report from will writing software provider WillSuite has identified, based on the 700 firms currently using its technology to draft client’s wills, that approximately 63% of wills created in 2023 were by those aged 45–74 and as little as 21% were by those aged 18-45. Reviewing data collected from over 90,000 Wills, the report from the LEAP integration partner provides an insightful view of the estate planning industry and provides indicative trends of consumers across England and Wales.
The WillSuite Report 2024 identified that the average age of a testator is 58, with most wills written by those within the 55–64-year-old age bracket. While the report reveals that over the past few years there has been a small increase of those aged 34-45 drafting wills, the demographic with the fewest wills drafted is 18-24-year-olds.
The report indicates that fewer of these younger generations are choosing to draft wills, but it may also be that they are sourcing alternative will writing services online, or possibly even doing it themselves.
In relation to these findings, Seb Shakh, CEO of WillSuite, says, “While it may be said that having a will is better than having no will, this is not always the case. Using a reputable and regulated provider ensures that your will is drafted in consultation with an expert providing guidance and advice relevant to your specific circumstance. The law and taxes around wills and inheritance are complex and getting advice from those that understand it best is always worthwhile in the long run.”
Further findings in the report from WillSuite state women are approximately 10% more likely to draft wills than men, and that 57% of Wills include a partner. WillSuite’s report also covers trends around charitable legacies and gifts left in wills as well as the most common exclusions from wills and common preferences around funeral wishes and organ donation.
WillSuite’s will writing software is available as a stand-alone solution and via LEAP’s platform. LEAP and WillSuite have recently joined forces to launch LEAP Estates, an end-to-end digital solution for estate management, probate and lifetime planning professionals. The mission of LEAP Estates is to continually elevate the provision of private client service through innovative technology.
“Estate management looks very different to 20 years ago, with a wealth of new assets to consider and changes in relationships in society,” explains Craig Matthews, CEO of LEAP Estates. “The provision of software to assist with the planning and management of today’s complex digital estates is critical. Data such as this in WillSuite’s latest report plays a huge role in understanding how we move forward as an industry.”
The anonymised data outlined in the 2024 report is taken from the thousands of wills and LPAs produced via the WillSuite platform. Every effort has been made to use live data only. For more information and to download the report, please visit https://willsuite.co.uk/will-writing-software-report-2024
