1. (a) A divided trust is a trust in which the terms of the trust divide powers and duties among 2 or more trustees, trust advisors, and trust protectors, vesting one or more powers and duties exclusively in one or more of those persons to the exclusion of the other persons.
2. (b) A directed trust is trust in which, under the terms of the trust, one or more persons have the power to direct an action by a trustee, trust advisor, or trust protector or the power to veto or consent to any actual or proposed action by a trustee, trust advisor, or trust protector. The action may relate to the investment of trust assets, distributions, or any other aspects of the trust's administration.
3. (c) A trustee is an excluded fiduciary to the extent that the terms of the trust vest a power or duty exclusively in a trust advisor, trust protector, cotrustee, or other person.

4. (d) A trustee is an excluded fiduciary to the extent that:

   1. (1) under the terms of the trust, the trustee must follow the direction of a trust advisor, trust protector, cotrustee, or other person; and
   2. (2) the trustee acts in accordance with that direction.
5. (e) A trust advisor or trust protector is an excluded fiduciary to the extent that the terms of the trust vest a power or duty exclusively in a trustee, trust advisor, trust protector, or other person.

6. (f) A trust advisor or trust protector is an excluded fiduciary to the extent that:

   1. (1) under the terms of the trust, the trust advisor or trust protector must follow the direction of a trustee, trust advisor, trust protector, or other person; and
   2. (2) the trust advisor or trust protector acts in accordance with that direction.

Source. 2006, 320:60, eff. Aug. 19, 2006. 2008, 374:13, eff. Sept. 9, 2008. 2014, 195:23, eff. July 1, 2014. 2017, 257:23, eff. July 18, 2017.