Storing account credentials for spouse/loved one?

Question

Just in case something ever "happens" to me...

What are some best practices for sharing various account information (bank, email, etc.) with spouses/loved ones in a way that is safe but also not overly technical?

It seems software solutions are often a little complicated for those not familiar with technical things, and writing things on paper could allow them to be physically obtained if our apartment (with no safe) were to be robbed, etc. Not to mention fires, changed passwords, and so on.

There are services such as Legacy Locker and Secure Safe, but I am weary of handing over my credentials to some company. And what if I decide to go on a 6month hiatus and they think I've "moved on"?

Ideally, I'd like a solution that is very simple, secure, and free.

Update: Though I still prefer KeePassX with Google Drive for a cross-platform solution, there is a similar question on SuperUser with other solutions.

Answer 1

When I set up a similar thing, my solution was put a KeePass database on Dropbox. We both have access to the same Dropbox account, and both of us know the password to the database. It can safely be used to store shared account details, including passwords, account numbers and other details. It's free and entirely point-and-click, so it's really easy to learn.

What makes this approach even better is that everything is backed up on Dropbox, and even if Dropbox goes away (like MegaUpload did) you've still got the local copies in your Dropbox folders.

Answer 2

Please don't share bank passwords! It cause no end of problems because when you die (depending on jurisdiction of course) your accounts are frozen and become part of the estate. If your partner has to dip into the account electronically then that could register as fraud and that's just going to make a bad situation worse. Really you should be looking at the proper legal mechanism to support the original requirement "get my partner money when they need it when I'm gone".

(UK Only)
A better way to do it is to sign a dual "Financial Power of Attorney" between partners/spouses so that if one of you dies, then the other has full legal power to request access to whichever service they wish.

Another approach is to choose a bank that allows multiple identities to access an account; My (UK) bank has two identities (1 for each of us) to access the joint account.

sorry it's not a cool techi answer - but sometimes tech isn't the right approach.

Answer 3

Firstly, it is excellent you are considering such things. Too few do. A little planning can make a big difference for those who you leave behind when you pass away.

The first thing to consider is to what extent the solution needs to be based on technology. Too often, people believe that because technology is involved, the solution must also be based in technology. In reality, most of the time, all you need is a pen and paper and a secure way to store the information you record in such a way that it cannot be accessed until after you pass away.

My recommendation would be to retain the services of a reputable legal firm. Apart from advising you on the key things to consider, most firms can also facilitate the storage of sensitive information. They can tell you what documentation is important, how to setup a trust or account which will provide your spouse with sufficient funds to live off until the estate is settled and what information, such as details on bank accounts, shares, insurance policies etc, will facilitate processing of the estate.

As mentioned by others, there is no need to record your bank account passwords or pin numbers. Once financial institutions know you are deceased, they will freeze your accounts until the estate is settled. What you want to do is ensure that sufficient documentation is available to process the estate as quickly as possible and if you can and if necessary, provide some source of funds your spouse can use until the estate is settled.

One area where on-line security storage solutions can be of use is for informatio which may change too frequentlly to be easily documented and left with your legal agent. This sort of information is rarely of high sensitivity or value - more convenience stuff. For example, access to some on-line accounts where there may be data your spouse would want to access, such a photos, possibly emails etc. In this case, these on-line services may be useful.

The key here is less the soltuion and more the act of thinking and planning. Keep things simple and straight-forward. Don't go for highly technical solutions, especially if your spouse isn't as technical as you. Go for solutions which will make life as easy for them and which has sufficient security for you and which are in-line with the valule/importance of the items being considered (usually, this means importance/relevance to your spouse, not necessarily to you).

Answer 4

I would go for not storing any credentials. I'm using Password Live solution which does not requires me to store anything. You can just tell your partner what your master password is so she/he can access your passwords if it's really needed.

Answer 5

I save password hints instead of the actual password. It obviously should NOT be something like mother's maiden name or first car. People who know you could know answers to these questions. As an example of how I would do it, suppose my first street address in New york was 21st street. And my neighbor's dog there was named Lassie. Then I would use that to make a password. teertsLassie21!. To remind me of this password, my hint to myself would be te...21! (teerts is the reverse for street)