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Can I use an existing hardware wallet that has a balance and will my balance be affected?

Yes you can, and if done correctly will NOT have any effect on your balance. You can use a hardware wallet that currently secures keys to addresses with balances for single signature as well as multisignature. The funds that are secured by the keys on the Trezor/Ledger will not be affected. This is because a single public key (xpub) when combined with other public keys will always create a unique output. This flexibility can be used to generate and spend from nearly infinite addresses, both single signature and multisignature.