We explore the limitations and validity of semi-classically formulated spin equations of motion. Using a single-molecule magnet as a test model, we employ three qualitatively different approximation schemes. From a microscopic model, we derive a generalized spin equation of motion in which the parameters have a non-local time-dependence. This dynamical equation is simplified to the Landau-Lifshitz-Gilbert equation with i) timedependent, and ii) time-independent parameters. We show that transient dynamics is essentially non-existing in the latter approximation, while the former breaks down in the regime of strong coupling between the spin and the itinerant electrons.