Competition forces down will prices but powers of attorney are bearing up
It would have been interesting if this survey had included the prices of powers of attorney, given that the number of these being prepared has doubled in the last few years. Why is it that a will, which should be a piece of bespoke planning, is seen as a cheap commodity yet a lasting power of attorney, which is essentially a prescribed form, can command prices high in excess of those commanded by wills? Initiatives such as WillAid, whilst very commendable in themselves, do nothing to inform the public of the true value of a well-drafted will as part of planning for the future.
A survey of 60 will-writers has found that the average price of a standard single will in the UK fell to GBP83 this year, with the average price quoted by law firms and solicitors at GBP118 (falling from GBP124 in the last year).
Prices are being forced down by new brand names entering the market and the availability of online will services for GBP45 or less, said market research company IRN: 'More fixed price deals for wills, and the availability of online will services for as little as GBP20, will continue to weaken prices and margins.' The will-writing market is fragmented with many small players, including some unregulated ones, says the firm. There are at least 40 purely online services, whose prices are generally much lower.
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