I've moved to more and more plain-text or more common formats for others that will likely survive the test of time, such as JPEGs, PDFs.
So far, I'm also responsible for managing the digital assets of our family and the extended in-laws. Here is how I have organized so far, and there is a lot of room for improvement.
Every individual is a container (folder) and then is foldered further into the common ones -- medical/health, photos, documents, etc. So, if mother-in-law asked my wife to find the medical record for my father-in-law that we went to the clinic in AUG-2022, I go look at "/name/health/" and then is either in an "EventName" folder or a "Year/Date/Something". I can fine something within a few folders of separation for anything.
I tend to organize file, more aptly receipt, named something in the lines of "YYYY-MM-DD $xyz What was it.pdf". So, I know the date, the invoice/receipt value and what it might be without opening the file.
The photos are still in Apple Photos for convenience but is backed up every month to the highest resolution it was hot at in a JPEG and exported month as "/photos-backup/YYYY/photos-YYYY-MM" as part of my weekly, monthly, quarterly, and then yearly digital chores. As I do this regularly, they don't tend to pile up, even if I missed, say while traveling or I just got lazy and skip it.
The question I usually ask when using a tool/program is, “Can I walk out of this?”
Here is an example, when my daughter grows up enough and wants to own her digital assets, there is one folder with her and everything organized the way I've done, "Schools", "Health", "Creatives", "Photos", etc. She can then proceed the way she wants.
Of course, these are replicated across drives, cloud-drives, etc. My next fun project is to replicate my data across a few locations I frequent around the world -- a remote hilly hometown, the current home in Bangalore, another place I go frequently for work, etc.
(Typed in a bit of a haste. Will come back and edit.)