There are actually different variations of a multi-sig wallet depending on the number of cosigners that is required to broadcast a transaction. Basically you can make a one of five multi signature wallet but the thing is it wouldn't make that much sense since it's just like having a standard wallet and then sharing the seat phrase across.
One of the best if you need it easy to fix or something related as the case may be would be the 3 of 5 or 2 of 5.

What are simply means is if you are using a 3 of 5 multisig wallet Ben you would need at least three users signatures to be able to successfully sign and broadcast a transaction. So that means if one person passes or becomes unreliable, 3 of the other 4 can still sign transactions together and possibly move the coins to a new multi-sig wallet for better safety.