Keeping a secure list of passwords, online accounts and digital property makes it smooth for fiduciaries and family members to access your digital assets as well as bring down the cost of administration. One way of keeping the list is to handwrite one and keep it in a secure location such as a safe deposit box. It may sacrifice the security of carrying the list along and the convenience of updating, however. Another way is to use an encrypted electronic list, the advantages of which are being portable and, easy to update, and convenient to synchronize the list among different electronic devices. Just make sure that the fiduciaries and family members have access to the master password of such encrypted list. A third way is to use a hybrid of both. The fourth way is to use an encrypted electronic list and have a designation of fiduciaries and/or family members who will have the access to the service end upon principal’s incapacity or death.
See Jim Lamm, “Keeping a Secure List of Passwords, Online Accounts, and Digital Property,” digitalpassing.com (January 12, 2015).
Posted by Jiaqi Wang, Associate Editor, Wealth Strategies Journal.