Password Managers for Estate Planning : a checklist

Now that we’ve covered what a password manager is, why they are useful for estate planning, and what specifics to consider while setting up a password manager for estate planning, the final step is to execute on the plan. What follows is the last part in this blog series: a checklist for implementation.

1. Select a password manager.

The available password managers and their features are changing over the years, and people more technically and security-savvy than I am are continually doing high-quality analysis of the ones available. Rather than give an overview, here are some aspects you should consider when selecting from those currently available:

  • Does it run on your operating system? You are likely viewing this blog entry on a Windows PC, an Apple computer or phone, or an Android device. While most password managers will run on all of these, it is important to verify.
  • What is the cost? Some have a one-time cost, others have a monthly fee.
  • Does the password manager have sharing built in? Some even have sharing specifically for estate planning built in now!
  • Can you use it? Is the interface clear and easy to navigate? If you’re not going to use it, there’s no point in getting it.

2. Set up your password manager

  • Install your selected password manager.
  • Go through the set-up process.
  • Make sure your password for the password manager is memorable or that you have saved it physically somewhere.
  • Try it out with a few sites you commonly use, without changing your passwords for those sites yet.
  • If it sticks for a few days, start migrating more passwords into the manager’s vault.
  • If it sticks for a of couple weeks, start changing your passwords to more complicated ones, which will be stored in the password vault.

3. Notify folks of your setup.

  • Select the people involved with your digital estate planning based on the previous posts in this series as well as your own guidelines.
  • What do you want these folk to do with your digital assets? Make a list of actions and who should take those actions.
  • Define when you want what actions to be taken, and how they’ll know.
  • Describe how to find and unlock the encrypted password file to those folk.

4. Do a test run

All this overhead only matters if it works. Set up a time with the person you’re trusting with your password, plus possibly another trusted person or two, with whom to walk through the process. Make sure it works, and that everyone knows what’s going on. Then drink tea and have cookies!

Not ready to do this? That’s ok! Instead you can…

Inventory the most important accounts you use in another way, such as a spreadsheet. Ideally you will store this printed out and left in a lockbox or with your attorney, rather than on your computer.

Extra credit

If your life is compartmentalized (maybe the folks in your book club hate the folks in your cribbage club, or your work life and personal life have different levels of security concern and different people need to have access upon death or incapacity), it might be worthwhile to “tag” the accounts in your vault for those different compartments. Various people might be assigned to take actions in specific groups, rather than one person issuing a blanket statement to all social networks and account providers. This takes regular upkeep and additional planning which might seem overwhelming, so don’t embark upon this until/unless you’re completely comfortable in the rest of the setup!