What to look for in a device
Prioritise open-source firmware, a track record of independent security review, a screen large enough to verify addresses, and support for standard seed formats and multisig. Avoid devices that lock you into a single vendor's software or a proprietary recovery scheme - vendor lock-in is an inheritance risk, because your executor may be recovering after the vendor no longer exists.
Buy directly from the manufacturer. Second-hand and marketplace devices have been shipped pre-seeded by attackers who then wait for a deposit.
Setup hygiene
Generate the seed on the device itself, never from a website, spreadsheet or phone app. Verify the receive address on the device screen, not just in the software. Set a PIN you will remember and record how many attempts trigger a wipe. If you use a passphrase, treat it as a second seed with its own backup plan.
Then send a small test amount, wipe the device, and restore it from your written backup before funding it properly. A backup that has never restored anything is not a backup.
Backups that actually last
Paper burns, fades and gets thrown out in a house clean-out. Steel or titanium seed plates survive house fires and floods and are inexpensive relative to what they protect. Store at least two copies in physically separate locations - not two drawers in the same house.
Never photograph a seed, never type it into a cloud note, password manager or email draft, and never enter it on a computer except when restoring to a trusted device.
The single-device ceiling
One hardware wallet plus one seed backup is a reasonable structure for a modest holding you could afford to lose. Above that, the maths turns against you: every additional backup copy increases theft surface, and every reduction in copies increases loss risk.
Where the holding is material to your estate, move to multisig. The rule of thumb we use: if losing it would materially change your family's future, one key is not enough.
Maintenance and the annual check
Once a year: confirm each backup is physically where you believe it is and still legible, apply firmware updates from official sources, verify the wallet still opens, and update the executor briefing if anything moved. Diarise it alongside your tax preparation so it actually happens.
Also confirm your ATO transaction records are current for the year - the same annual habit protects both your Bitcoin and your tax position.