We've used Password Safe to store the passwords, and the current password isn't a big deal. It's the rotation of passwords that gets confusing. I suppose you could just add a date to the name and keep all passwords there, but depending on how often you change passwords, that can be an issue.

We had an issue changing the password for Password Safe. We rarely did so since we didn't want to get caught later having an old database for which we didn't have the password.