My rule of thumb is if for some reason you need to use crypto keys that can't be easily replaced, you need to have a safe at the bank with the keys stored in 2 differente media formats, that are recreated every year.

I don't trust many people to do that.

I have everything encrypted and self hosted and I sometimes wonder what I would do if I was suffering from amnesia after an accident for example. And having a note somewhere telling me I have a safe in bank X is the only solution I have found.