My spouse and I share responsibilities when it comes to paying the mortgage and utility bills each month. In the horrible event of one’s demise, the other will need to be able to log into our accounts to keep the home up and running. It’s not just household accounts that need consideration; we also face the potentially long and frustrating process of shutting down online bank accounts, social media accounts, video streaming service subscriptions, and many other online accounts after one of us dies. Luckily, the emergence of password managers with digital inheritance options means both of us can access our household and personal accounts when the other cannot.
Giving a trusted person access to your password manager vault could be the most useful legacy you leave behind. PCMag has a guide for preparing your digital life for death. In addition to that resource, I created this list of the best password managers that offer digital inheritance options.
The Best Password Managers With Digital Legacy Choices
Take a look at PCMag’s reviews for the best password management options that offer digital legacy options. The password managers are listed in alphabetical order. Click the See All link after Dashlane to see the full list.
Talk about your online account inheritance plan with the people who will receive your passwords when you die. Let them know which password manager you use, and leave written instructions for accessing your digital vault.
How to Keep Your Online Accounts Secure After You Die
Each password manager listed above has its own password inheritance system. Some allow you to choose whether you want to grant beneficiaries full control of every item in your vault (which may contain credit card numbers and bank account details) or limit access to certain sections. If you're, say, planning to undergo significant surgery, and you are unable to access your accounts for just a short time, there are password managers that let you give vault access to a trusted contact while you are away. When the specified time limits expire, the password manager locks down again until you can access it.
Keep in mind that ownership of an online banking account password is not the same as ownership of someone else’s money. Taking money from an account that is not yours can land you in legal hot water. If you find yourself needing to shut down someone’s bank accounts after their death, get in touch with the bank before attempting to access the account. Banks have their own protocol for handling account terminations and handing over financial legacies. If you want to make sure someone will be able to receive the money in one of your accounts after your death, be sure to name them as a beneficiary on the account or have them listed as a joint account holder. Giving them your banking login information won't help.
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