Which of the following is a liability risk for co-fiduciaries?

Breach of fiduciary duty and asset mismanagement are significant liability risks for co-fiduciaries because these responsibilities involve a high standard of care, loyalty, and good faith towards the beneficiaries. Co-fiduciaries are required to work collaboratively to manage the assets in a manner that maximizes the benefit to the beneficiaries while adhering to legal and ethical standards. If one co-fiduciary fails to fulfill their duties or engages in behavior that results in financial loss or harm to the beneficiaries, all co-fiduciaries can be held liable for that breach.

Asset mismanagement occurs when the fiduciaries fail to adequately oversee or protect the assets they are responsible for, potentially leading to significant financial consequences. This highlights the importance of maintaining effective communication and coordination between co-fiduciaries, as they are collectively responsible.

In contrast, the other options do not represent the same level of risk. Regular communication with beneficiaries is generally a component of good fiduciary practice that helps build trust and transparency. Minimizing communication with other fiduciaries can lead to increased risks but is not itself a direct liability risk; rather, it might contribute to a broader context of mismanagement. Finally, ignoring the wishes of the individuals represented might damage relationships but does not