WillBits

Wills & power of attorney on blockchain

WillBits

WillBits was founded in July 2018 responding to the personal experience of a close family member diagnosed with dementia suffering Financial Elder Abuse during their declining years. The Will was contested after death on the grounds of uncertainty about their ability to make a sensible change (testamentary capacity) to their Will in 2013. 

The WillBits team has over 30 years’ experience in the legal, technology, accounting and health care sectors and has unique insights into the pain points people experience when handling estate matters.

Benefits

  • Ensuring assets are distributed according to a person’s wishes
  • Reduces the emotional trauma of handling an estate
  • 24/7 access to Wills and Power of Attorney documents
  • Simplifying the process of sharing documents with courts, healthcare, financial and other service providers in a secure and trusted manner.

Technology

The team are designing their product as a web-based application using encryption and distributed ledger (blockchain) technologies to make sure the documents and communications are safe and secure. They use digital identity verification to make sure that users can trust that they have the right people connected to their important records.

Potential markets

WillBIts want to work with progressive law firms who are seeking to reduce their costs and risks associated with managing and preserving the paper records of a client’s Will and Power of Attorney. WillBits will help firms convert their existing paper records into an electronic recordto create a stronger connection with their clients as well as reducing the risk of loss, damage or unauthorised changes of these important personal records.

WillBits provides a protection for seniors and baby boomers who are increasingly concerned about the risk of Financial Elder Abuse. WillBits uses digital proof of identity when granting another person the authority to act under a Power of Attorney or Medical Power of Attorney andcreates a records of transactions. This provides a protection for the person acting as a Power of Attorney and a record for the courts if there is a dispute around the actions of that person.

Partnering opportunities

The team are looking for early adopter law firms to work with to test use cases to further develop a high value proposition for the law firm and their clients.

Team

Elle Vallance

Elle Vallance

Co-Founder

Tobias Crush

Tobias Crush

Co-Founder

For all media inquires please contact Georgia Minarelli from the Innovation & Collaboration Centre.

georgia.minarelli@unisa.edu.au

0413 314 726