The Decentralized Recovery (DeRec) Alliance has recently launched to solve this very problem. Dr. Leemon Baird gave a talk last year on how this works at a higher level [0]. The alliance is comprised of members from the Algorand, Hedera, Ripple crypto communities but the application of proper DeRec would be certainly applicable anywhere you have any type of secret; in fact I believe you can be a DeRec 'helper' right now. There's a robust primer on the protocol published as well [1], here's a pull-quote:

> Decentralized recovery is a method of safeguarding a user's secret by distributing shares of that secret among multiple helpers, who store their individual share on their local device in order to help the user recover that secret in future. The shares are constructed under a threshold secret-sharing scheme (e.g. Shamir's secret sharing scheme), with a chosen threshold (defaults to half) -- at least three helpers must be present in order to use the protocol. Should the user lose access to their device, they can recover their secret data by retrieving the previously-distributed shares from at least half of their helpers. For successful recovery, the user only needs to recall the identities of half of their helpers and authenticate with them in-person.

[0]: https://www.youtube.com/watch?v=AcF4abPoveM

[1]: https://github.com/derecalliance/protocol/blob/main/protocol...