As a very IT-literate user I already struggle immensely keeping track of all my insurances, investment portal logins, bank account logins, etc. I shudder to think what would happen in the case of becoming cognitively incapacitated in some way.
Every time I return to this repo, I think it's awful, and I try to improve the recovery phase's usability.
That said, the author of the article notes that "[His wife is] not a techie and has absolutely no interest in becoming one." I'd advise him to separate the concerns of living the life of a techie, and handling the death of one. If you've ever been an executor of a loved one's estate, or worse, in charge of the estate of someone who died without a will but with significant assets, you know that dealing with someone's affairs after death is complicated or expensive (and often both). Asking someone to install some software and enter credentials is well within bounds.
Of course, if all your assets are in bitcoin then they are screwed.
And it's considerate to keep a list of accounts with credentials that your loved ones can consult during a difficult time. Especially with paperless communications these days, they might have no way of knowing an account even exists, and might learn only years later when escheat is approaching.
Not really since that wouldn't be legal. The estate is going to have to be processed through whichever local laws apply to it and that's going to take the time it takes whether you have passwords or not.
I 100% agree with listing accounts as part of a formal Will and Testament.
Only six states assess inheritance taxes, and only 12 assess estate taxes. Few (none?) assess those taxes against surviving spouses, children, or parents who inherit, and most are exempt if the inheritance or estate is under US$1 million.
I live in one of the 12 estate tax states, and their estate had no such tax obligations as a sole-surviving spouse. As a sole surviving spouse with no children, my state also granted me automatic and immediate default probate control over my partner's estate upon their death, and would have even if they didn't have a formal will.
Their will only specified a few of their financial accounts, and my access to their digital estate allowed me to manage the rest either directly or by simply knowing that they exist so I can submit the forms and certificates to close them out. (One such account had a $0 balance; it was purely administrative work, but still necessary.)
Having children, ex-spouses, or legal guardianship over a dependent all complicate these considerably, but in many cases it really is this simple.
Disclaimer: I wasn't paid to promote this, and the emergency access feature is only available on the premium (paid) plans. I still wholeheartedly recommend bitwarden as it has served me well over the years.
However, this can be a lengthy process and sometimes things fall through the cracks. Bills often go unpaid for a while. The conservator might not even be aware of some accounts, especially if the account holder signed up for electronic statement delivery.