What potential risk is associated with working alongside a non-professional fiduciary?

Working alongside a non-professional fiduciary presents the risk of unforeseen consequences or liabilities primarily due to the potential lack of expertise that a non-professional may have concerning fiduciary responsibilities and legal obligations. Professional fiduciaries are trained to navigate complex financial, legal, and ethical matters, ensuring compliance with applicable laws and best practices. In contrast, a non-professional fiduciary may not fully understand the duties associated with managing another person's assets or the implications of their actions, which can lead to mistakes that might expose both the fiduciaries and the beneficiaries to legal actions, financial losses, or breaches of trust.

When a professional fiduciary collaborates with a non-professional, they may encounter situations where the non-professional's decisions could unintentionally create legal or ethical complications. This can include improper asset management, neglecting to fulfill duties, or failing to act in the best interest of the beneficiaries. The complexity of fiduciary law and the significant responsibility involved makes it crucial for all parties to have a clear understanding of their roles and the consequences of their actions. As such, the potential for unforeseen consequences or liabilities becomes a critical consideration in any fiduciary arrangement involving a non-professional.