If you have a multisig where someone else holds one or more of your keys, give this 2 minute video a watch.

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Discussion

There should be backups for each key

Possibly.

How ever many copies you *think* you have, you should challenge the key holder, by getting them to sign a message. Proove they still have access to the key.

Once a year?

Sounds reasonable

And once per year is easier to remember and put in a calendar