Hello @sysad,
My name is Alejandra and I am happy to assist with your inquiry, and appreciate you contacting LastPass Support!
I hope this message finds you well. If someone you share an item individually change the password for the item that will not be reflected to you becasue this is a one time shared, however, if you are sharing the item through a shared folder, the person most be an admin for the folder in order for everyone who is part of the folder see live changes.
I imagine you are using a share item process if that's the case it will be better or important that you request the recipient to avoid making changes without notifying you to avoid issues with the access to your items. You can check more about shared items here: https://support.lastpass.com/s/document-item?language=en_US&bundleId=lastpass&topicId=LastPass/t_sharing_share_item.html&_LANG=enus
If you need anyhting else, let us know.
Kind Regards,
Alejandra
LastPass Tech Support