Estate Planning and Licenses

WFA

I keep two vaults, one for my own items and one for my sister's (who is on the other side of the country). While she does have a record of my Master Password, she would not have access to my Mac, if needed. If I install a copy of 1P on her Mac, will I/she need a new license?

In either case, it appears I could export both my existing vaults as ".1pif files," and send to her via e-mail; then populate her fresh 1P app with those files. I understand that there'd be no wi-fi sync, but could still update her files every so often.

Would appreciate any advice on this. While it may be decades before my end is nigh, I do want to do anything I can to make it easy for an executor or successor trustee to handle any admin. (I would think a version of 1P customized to facilitate closing various accounts would make a great innovation. There are websites like AccountKiller. com which list the steps for various accounts, but each must be searched individually.) The boomer cohort coming into its later years might make for a huge market.

Stephen_C

I'll just mention two brief points which I'm afraid won't answer all your questions:

1. Don't mail .1pif files. They are not encrypted so if anyone gets hold of them en route they'll have full access to the details contained in them without needing any master password.
2. Take a look at The 1Password Emergency Kit
   (not an AgileBits product), which I think is very helpful in the context of estate planning.

Stephen

littlebobbytables

Hi @WFA‌

I'm kicking myself as I thought I'd replied to you earlier (sorry about that).

Just to reiterate Stephen_C's very important point please do not email a .1pif file or folder. They are plain text and so it would like writing out an email with a list of all your login details - something you'd never consider doing. We don't even recommend keeping them on your computer any longer than you need to due to what they represent (and securely deleted when you do).

If your sister is on the other side of the country I'm afraid you'd probably not meet our household clause in the licence. I hope you don't feel too unhappy about that.

Saying that she wouldn't need a copy if you don't want to. Say you synced your vault with Dropbox, there is a way to view the vault in a read only state from within the Dropbox website, it's called 1PasswordAnywhere. So used in conjunction with Stephen_C's great idea...

For situations like this I'd personally think that you'd want a paper copy of that Emergency Kit pdf kept with your last will and testament. That way your passwords are safe and secure with you but in the event of your demise they're available to whoever you've requested handles your affairs after your passing. In conjunction with Dropbox they wouldn't even need instant access to your PC to start. In fact you could keep the passwords for your computers in your vault and they then have a way of accessing the machine too.

Let us know what you think.

ToddHerron

For estate planning, I'd like the ability to create EXECUTOR PASSWORDS within 1PASSWORD as follows:

Here are the business rules I'd like to see:

Creating:

1. My MASTER PASSWORD is required to create, regenerate, or revoke an EXECUTOR PASSWORD
2. I can create one or more EXECUTOR PASSWORDS
3. I can put the name of each executor beside each EXECUTOR PASSWORD
4. I can designate whether they act "Severally" (any EXECUTOR PASSWORD will work) or "Collectively" (all EXECUTOR PASSWORDS are required together)

Using:

1. Once the EXECUTOR PASSWORD is entered by an executor, a banner with a 24-hour countdown is shown at the top of the app ("EXECUTOR ACCESS WILL BE GRANTED IN HH:MM:SS")
2. Once the EXECUTOR PASSWORD is entered, email AND text messages are sent to me is sent saying: "1PASSWORD - J. Doe has entered an EXECUTOR PASSWORD. Go to 1PASSWORD for more executor password management options". (These messages are clearly "throw away" if I'm dead!)
3. EXECUTOR PASSWORDS are read-only and can't change passwords in 1PASSWORD.
4. My MASTER PASSWORD is required disable the executor timer. Executors cannot disable the timer.

So basically, if I'm still alive and kicking and if someone I don't know accesses my will (or I have a snoopy executor!!), I have 24-hours to take action. If I'm dead, my executor will simply have to wait 24-hours before being able to access my 1PASSWORD passwords.

This solution will give me comfort that I can write down the EXECUTOR PASSWORDS in my Will and file it away without fear that my security will be compromised if someone reads it before I pass on.

... and I never have to disclose my 1PASSWORD MASTER PASSWORD, even in death.

-T

Megan

Hi @ToddHerron ,

Thanks so much for sharing your thoughts here! You're right, 1Password has a great opportunity to help make estate planning in the digital age a lot simpler, and more secure. I'm happy to pass this feedback along to our development team.

ref: OPM-3002

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Drew_AG

Thanks @cobaltjacket, we appreciate the feedback! :)

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WFA

Tying this to the watch is an interesting idea. (Obviously one would need to be wearing it!) Perhaps this would be fool-proof once we're all 'wearing' implants.

If you create this kind of estate planning feature you might include the term "successor trustee" in addition to "executor." Successor trustees of living trusts would likely bear the brunt of cleaning up estates. One benefit of having a living trust in addition to a will is the speed with which its terms can be carried out (i.e. no lengthy, expensive, and public probate). So whatever smoothes and speeds the endgame could be a great plus, especially as we in the boomer cohort ease into the home stretch.

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Plato

I've been doing a lot of thinking about this ever since @littlebobbytables and I disagreed about the use of a safety deposit box. First, let me state that I'm in the U.S. and that was the major cause of Bobby's disagreement with me (he's across the pond). In any event, keep my location in mind as you continue reading. Please also be aware that the various states in the U.S. have different laws.

I've been thinking back to the one time that I was an executor. It was ILLEGAL for me to access the decedent's financial accounts using the decedent's login and password. In each case, it was necessary that I first use a telephone (yes, one ringy-dingy, two ringy dingies) and find out the physical address to which I should send a copy of the death certificate and a copy of the will along with proof that it was adjudicated. In some cases, the documents had to be notarized while in others a medallion (which is a real pain) was required. After providing the required physical documentation, the executor is then given the ability to act on behalf of the deceased. In the case of electronic access, the executor creates his/her own login and password although each account is still in the name of the decedent. The decedent's login and password are locked.

Considering the above, the most important things that an executor needs are names and phone numbers of financial institutions. It's helpful (but not absolutely necessary) to have the account numbers. Hey, I'm back to the piece of paper in the safety deposit box!

Megan

Hi @Plato,

Thanks so much for sharing your thoughts here!

The whole business of managing a person's affairs after they have passed on is all kinds of complicated, and it would be so great if 1Password could help make the process simpler ... but there are all sorts of legal implications that need to be considered as well.

It's great to hear about what is involved from someone who has been through the process before. :)