With the popularity of electronic and online documents, accounts and records, it’s becoming crucial to keep track of them and of course, your passwords. Otherwise, if you unexpectedly pass away, your family would have no way to access vital electronic records such as back accounts, emails, etc.
That being said, below are some ideas when creating a system to organize your passwords and other crucial information:
Consider a Home Safe
This is one of the easiest methods to store your passwords and sensitive documents. Plus, you could easily tell if there’s a breach of security. You could leave the combinations for your safe with your lawyer.
Avoid Using a Safe Deposit Box
The main problem with using a safe deposit box is that majority of banks won’t permit anyone access to a safety deposit box until probate, explains an experienced estate planning attorney in Utah. This means that if your family needs to get something for probating the will in your safety deposit box, they won’t be able to. With this in mind, consider using a safety deposit for storing stuff that your family won’t need right away after your passing.
Online Password Storing Service
Considering that services like these are fairly new and the fact that storing crucial information online is relatively risky, this option is probably not the safest way to go.
Splitting Passwords and Master Passwords
With this option, you give half of your master password, which is the password that provides access to all your other passwords, to one individual, your spouse for example, and the other half to another individual, an attorney. If you and your spouse pass away at the same time, you could arrange for your spouse’s half password to be sent to another lawyer, along with specific instructions on contacting your lawyer with the other half of the master password.
Once you have established a system for organizing and keeping your passwords and access details, you then have to list down all crucial services with their corresponding details, such as passwords, PINs, logins, access keys, etc. Make sure that your list includes electronic devices, financial and bank accounts, email accounts, social media accounts, online storage services, crucial contact details, as well as access codes and locations of safe deposit boxes, safes, alarms, storage units, and the like.
Likewise, include a detailed description for each item on your list. Lastly, make certain that you review this information from time to time and keep it updated should you change your access codes and passwords to avoid hassles later on.