How could a planet's magnetosphere fail?

I have a hypothetical world in the works and I have a rough idea of what it might be like.

My idea is that the planet was life-supporting with a widely varied biosphere. The magnetosphere failed and let particles in the incoming solar wind into the biosphere.

My question is: How might a planet quickly (relatively speaking) lose its magnetosphere? Would said loss of the magnetosphere let high amounts of radiation reach the surface? What other adverse effects might this have on my planet?

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How could a planet's magnetosphere fail?

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