Why Use a Password Manager

The benefits of using a password manager are quite simple:

1. Secure passwords which can be auto-filled as needed
2. Only need a master password and no longer need to remember all of your log-in details for all accounts
3. Can save credit card numbers, PINs, and CVV codes
4. Can save answers to challenge/security questions
5. Can save secure notes and form-fills for other data you wish to secure
6. Automatic changing of your passwords with a single click
7. Military grade encryption protects all of your data

What Else Can Password Managers Do?

Using a password management tool allows some additional flexibility in your online best practices. Here are a few things to consider:

1. Using a new email address for each of your accounts
2. Storing notes on your accounts with instructions or reminders
3. Create authorized users or emergency access codes
4. Store your credit card and payment account data without needing it to be cached in your phone, tablet, or browser

What is the Best Password Manager

Best is a subjective term so we leave some of the decision making up to your personal preference for the user interface, features, and ease of integration into your life. However, we recommend sticking with the name brands. Due to their larger operations, staff, and budget, they have the best defense against bad actors. Here is a list of the ones we feel most confident in include, Last Pass, 1Password, Dashlane, & Sticky Pass.

Each of these brands offers syncing across devices/platforms/operating systems and are well integrated into smartphones. You can read more about each in our definitive guide to password managers.

Password Manager Comparison Chart

For those looking to know a bit more detail about password managers, we have created the below chart which you can filter and search as needed.

 Advanced Uses Of Password Managers

Utilizing these tools can be useful not just for security but for your digital estate plan and family governance needs. Here are a few advanced ways to use your password manager- 

Increased Security: Multiple Email Addresses

Using a new email address for each of your accounts, or segregating your accounts by type and using a few different email addresses adds even more security to your accounts. People can easily guess that your email may be “JoeSmith1960@whatever.com” but creating a protocol for emails, especially if using a private server, gives you an incredible amount of anonymity.

Recommended Email Strategy

Specifically for family offices, we recommend taking an advanced strategy with your email and password management. Create a prefix for each family member and a suffix string for email accounts. Then utilize a password manager to generate a secure password and save the accounts. Essentially creating serial numbers for your accounts. For example:

Digital Estate Planning: Account Access

Many people do not ready the End User License Agreement (EULA) for their favorite digital content provider like iTunes, Spotify, Amazon Kindle, etc. So, you may be surprised to know that the media you “purchase” is unlikely to transfer ownership to your spouse or next of kin–unless you specifically plan it in your will.

In addition, without specifically giving someone authority to access your account, their using your username/password can void the EULA. So, aside from stipulating transfer of these assets, you will need to be able to pass the log-in credentials. Password managers make this easy.

Account Transfers

Some password management tools allow you to share log-in credentials for sites. So spouses can access the same accounts or an attorney can have admin access should they need to access it. For providers that do not offer this functionality, there is still a lot of value added to your digital estate planning. In these instances the recipient, be it spouse, partner, attorney, or child, can be given a single user name/password combination to access the account. 

Emergency Access

In the event that you are incapacitated, your medial POA, attorney, or spouse can access your account with an emergency log-in code. Furthermore, if you have made provisions in your digital estate plan and shared your master credentials, they can directly access your password manager and gain access to the necessary accounts.

This is a great tool to assure the household continues to run smooth; bills are paid, investments are watched, etc.