From pain to possibility.
The WillBits story began when a family member suffering from dementia in her declining years fell victim to financial elder abuse. Assets had gone missing and there was uncertainty about her mental capacity when she had written the final will, triggering contesting of the will upon her death. This resulted in lengthy and costly court proceedings, painfully adding to the grief of losing a loved one.
We recognised that Australia has an aging population and an increasing incidence of dementia, plus a growing number of seniors are experiencing financial elder abuse and many families experience traumatic court proceedings and erosion of the estate when a will is contested.
The idea for WillBits was born as we walked along Adelaide’s beautiful Brighton Beach. WillBits was originally founded to solve to two clearly defined problems:
- How can a person's assets be safeguarded in their declining years to shield them from financial elder abuse?
- How to create an immutable record of a person's will to ensure the assets are distributed according to their wishes upon death?
Having more than two decades of experience within the legal industry, we know that lawyers carry a significant responsibility and risk when they take on the safe storage of a client’s will and related documents (like a power of attorney and advance care directive). Document storage is frequently offered at no cost to the client, but the law firm incurs significant costs over the lifetime of the documents. Our research revealed a sophisticated complex stakeholder network. Many senior lawyers and institutions are actively calling for cyber safe digitised documents, and interoperable centralised registries of wills, enduring power of attorney and advance care directives.
We are looking forward to a bright future where seniors can feel safely shielded from financial elder abuse and their legacy is conserved and distributed according to their wishes.