Many sectors of the community, the legal industry, judiciary and government are seeking better ways to respond to the rising incidence of abuse of older Australians and a variety of complex operational challenges.
WillBits is a platform to address the needs for a digitally secure environment that builds in accountability for peace of mind, digital identity to ensure authenticity of signed documents, and digital only solutions for estate planning documents to facilitate access to verified current documents by courts, institutions and government.
Australia has a rapidly ageing population and the issues around financial elder abuse are rising. According to the Australian Bureau of Statistics over the past 20 years the proportion of the population aged 65 years and over increased from 12.3% to 15.9%. Seniors and baby boomers identify the risk of financial elder abuse as one of their key concerns as they age.
Seniors often appoint a family member as their power of attorney (POA). The POA must interact with a large cohort of financial institutions and government agencies, including banks, insurers, superannuation funds, Land Titles Office, real estate agents, hospitals, aged care facilities, among many others. A person granted the POA must maintain records of their activities, but often the wrongdoing is only discovered incidentally.
Lawyers are being required to adapt as the community demands to manage more of their affairs electronically. Law firms know that being digitally capable and cyber secure has become an operational imperative, but many law firms are struggling to keep pace. Law firms are increasingly competitive and more complex. Costs of doing business are increasing and the risk of cyber crime has risen significantly during the global pandemic. Currently, law firms store estate planning documents in hard copy which incurs substantial operational costs and risks (secure storage, personnel, infrastructure etc) of storing a person’s will and estate planning documents.
Courts and the judiciary are creating new traditions as they move toward a digital judicial system. There is support from a wide variety of legal industry experts, legal industry representative bodies, government agencies and legislators for the creation of uniform national Power of Attorney legislation and the creation of a national register of enduring power of attorney (POA).
Agencies within state and federal government and industry bodies have identified numerous issues around financial elder abuse, cyber security, rising operational costs and operational delays. The Digital Transformation Agenda of state and federal governments seeks to reduce costs of delivering services while bolstering cyber security capacity.
Finding Champions for change is considered crucial for the success of change. At WillBits we have been fortunate to find those leaders in the legal industry who are proponents for change. Discover the leaders who share our vision for WillBits and the benefits it offers to all sectors of the community.