That does sound good. The only risk I guess is if you go on an off-the-grid vacation or end up in a coma or get kidnapped, now an attacker (who might also be the hypothetical kidnapper) just needs to get their hands on an emergency token from one of the relatives you sent it to.
It might be a good case for requiring consensus among multiple trusted people.
That's just too complicated to do. If they want passwords, it's probably easier for them to just torture you or threaten to kill your kids or something. I'm sure they will think of these tactics before thinking about 1password tokens.
It might be a good case for requiring consensus among multiple trusted people.