The answer
It depends on the threshold. A 2-of-3 arrangement may tolerate one lost signer, but a 2-of-2 arrangement generally cannot proceed when one key is unavailable.
What to do next
Document the threshold, signers, backup method and recovery process. Test the process periodically with a small noncritical transaction.
Sparrow Wallet
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Ledger hardware wallet
Relevant hardware-backed signing for supported assets; it does not eliminate gas fees, contract vulnerabilities or approval risks.
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Frequently asked questions
Does a multisig wallet use the same recovery method as one hardware wallet?
Not necessarily. Recovery can require multiple keys and the original wallet policy.