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What is the best way to set up a LastPass for a Tech Platform

I work for a tech platform. We have a central Operations  / Office Admin team and a Development team (often contracted to us).  What is the most secure approach to issuing passwords to our Dev team - to ensure they don't have access when their contract expires. Should they each be issued individual licences (removed when they leave), or is adding them to a Shared Folder and removing their name when they leave secure enough? 


I need to come up with a process to manage this - any advice appreciated.