It depends so much on the situation and patient. At minimum, you should always chart per your unit's policies (i.e. how many assessments and vitals you need to do per shift). That way, if you're ever in a legal setting, you have your hospital policy to back you up. Any time I'm doing something that deviates from the policy at a provider's request, I do everything I can to get an official order, and I'll specifically annotate why I'm not following policy and who (full name, credentials, and provider role) told me not to.
When I'm deciding how thoroughly I need to chart on different circumstances, I will sit and think through "How likely are we to get sued over this?" to make my decision. If I'm noticing a kid's diaper rash, I'm not going out of my way to document that I notified someone; nobody is getting sued over a run-of-the-mill diaper rash. Conversely, if I've got a kid who is very unstable and I'm in constant communication with the medical team, I'm charting on that provider communication at least every hour. That's a kid who is likely to code, and if the hospital gets sued, I don't want someone looking at my record and assuming I didn't notify the provider about the early warning signs.
I also chart more thoroughly if I think it's a family that's more likely to sue. If I've got an angry parent who happens to be a malpractice attorney (yes, I've been in this situation), you bet I'm extra careful with my charting. Similarly, if I've got a kid who has a poor prognosis due to a prior medical complication/error during admission (i.e. bad surgical outcome, hospital-acquired sepsis) where I think the family will have a very strong case to sue regardless of my care, I'm still extra careful with my charting.
It's kind of a triage process. If the likelihood of getting sued is low, it gets a couple of words ("perineal yeast, fellow notified, start nystatin"). If it's an ongoing issue that has the potential to go sideways, it gets hourly documentation ("frequent drops in sats HR/BP/O2 sats with agitation, Dudley Doolittle MD fellow at bedside to eval, precedex bolus x 1 per order.")
If it's a scenario where the likelihood if getting sued is high, it gets a full-blown significant event note ("Patient BP consistently elevated throughout shift with SBP > 150, verified with manual cuff pressure. Dudley Doolittle MD fellow and Susan SmartyPants MD attending notified of elevated BP at 0800 during AM rounds and again q 30-45 minutes throughout shift. Per Dr. SmartyPants, BP elevation is related to neuro storming, no new orders. Patient's neurological assessment unchanged from baseline, no evidence if seizures.") This is a note I had to write from an actual case, and I also charted hourly interactions with the providers ("SBP > 150, Susan SmartyPants MD notified, no new orders"). This kiddo was totally fine before admission but had a bad post-op code and ended up neurologically devastated, so there was a very high risk that we'd eventually get sued. When this infant had consistent BPs in the 170/120s - with a huge risk to stroke out - and nobody wanted to do anything about it, you bet I was charting every single interaction. I'm sure my note looked like I was throwing the providers under the bus. However, if push came to shove, they could have easily thrown me under the bus and say they weren't notified if I hadn't explicitly charted it.