What is a password manager?

When we talk about password managers, we usually mean software that allows you to store and manage your passwords for online accounts, institutions, and services.

Nowadays, a password manageris an important tool that is good to have in your basket of digital tools. They have become extremely popular due to the fact that they are easy to use and very handy – they keep a record of your long passwords, so you don't have to remember them.

Almost everybody needs a password manager. No matter what type of website you use, from dating apps, to your fitness and nutrition app, to the most endangered – your mobile bank account, stock trading platform or crypto wallet – the website insists on creating a user account and a strong password for it.

Furthermore, many of us no longer have just one main computer that we use to surf the Internet. We usually have several devices in use, and most of us want to access our bank account, for example, from any device – phone or laptop – and from anywhere.

How important is it to use a password manager?

Whether you like password managers or not, they:

help you to organize your credentials and keep track of them
take the hassle out of remembering your strong passwords
protect you from hackers
are able to protect your credentials from being locked for your rightful beneficiaries

Most password managers aim at protecting your passwords from being hacked or forgotten. Almost none of the existing password management tools, though, aim at protecting your digital inheritance from being locked for your rightful beneficiaries.

Basic characteristics and capabilities

The basic characteristics and capabilities that every good password manager should have include the following:

full encryption of all data
multi-factor authentication
the ability to download and upload files
sharing with your loved ones
24/7 access from anywhere

Whatever you choose, it should satisfy your personal and family needs.

Why using a password manager is so critical for you and your family

A secure solution can allow you to consolidate all your usernames and passwords in one place, but there are even more important reasons to use one.

The first reason is that the number of online tools that people use regularly is ever increasing, and for an active online user, the passwords they use are probably more than the 27 (according to a study) used by an average American.
Using the same password for all accounts is a big security risk, and remembering dozens of different strong passwords is practically impossible.
It’s not easy to come up with such passwords in the first place, never mind store them and track them.

Giving your loved ones access to your chosen accounts in case of an unforeseen event is of utmost importance to protect your assets. Most password management tools don't allow you to share important passwords with your beneficiaries in case anything happens to you!

How does DGLegacy protect your passwords?

Encryption.
In the case of a security breach, the hackers won’t be able to read your data. To do so, the hackers must not only get access to the service itself but also, at the same time, get access to the encryption keys.

Multi-factor authentication.
This ensures that if someone gets access to your account, they won’t be able to actually log in to the account because of the 2FA.

24/7 access from anywhere.
That sounds pretty basic, right? But you’d be surprised how many password managers don’t provide access from anywhere.

Proactive notification of your loved ones.
This is another great capability which only a few password managers and digital vaults provide – the ability to proactively inform your family members about the designated assets or passwords.

Digital Inheritance.
This functionality allows your designated beneficiaries to be granted access to your password should an unforeseen event happen to you.

This is achieved with the following easy steps:

Catalog assets and passwords

Designate beneficiaries and trustees

Detecting if something happens to you

Informing your loved ones about the assigned assets and passwords

Support for your loved ones

Catalog assets and passwords

You catalog the assets and passwords that you want to protect via DGLegacy, with the minimum basic information about the assets that will allow your beneficiaries to identify and locate them.

We don’t ask for confidential information such as your bank account number, the value of your stock options, or financial account numbers!

Next step

Designate beneficiaries and trustees

Beneficiaries are the people whom you appoint to be informed about the assets and passwords that you assign to them. These are usually your partner, your children or your extended family members, such as siblings and parents.

You can choose whether the beneficiaries are to be notified at the time you create the asset or only in the case of an unforeseen event.

If your beneficiaries are, for example, elderly people or children, they might not be proficient with the type of assets assigned to them. In that case, we recommend that you assign trustees for each of your assets. If something happens to you, they can help the beneficiaries to locate their assigned assets and claim ownership.

Next step

Heartbeat protocol

The custom-engineered Heartbeat protocol of DGLegacy verifies that you are OK and detects whether anything unforeseen has happened to you.

It is a safe procedure which also aims to eliminate the possibility of false detections of unforeseen events at any cost.

This is implemented through a multistep process, described on the How It Works page.

Next step

Heartbeat protocol triggering (unforeseen event detection)

If there is no confirmation in response to any of the reminder emails or phone calls, part of the Heartbeat protocol, the system detects that an unforeseen event has happened to you.

Then the notifications which you have configured into the system about the catalogued assets and the associated beneficiaries and trustees are triggered.

Next step

Support for your loved ones

Our ultimate goal is to provide you with the right service to protect your assets and secure your loved ones’ inheritance.

Our team of experts worked with a renowned law firm to offer additional protection for your loved ones through the legal package “Guide and Inform”, part of the Platinum subscription.

In the case of an unforeseen event, the law company will engage with the beneficiaries to guide and help them in the process of claiming the assets you’ve assigned to them.