§ 554g-4-5

§554G-4.5 Advisors. (a) A transferor may appoint, through the trust instrument, one or more advisors or protectors, including: (1) Advisors who have authority under the terms of the trust to remove and appoint trustees, advisors, trust committee members, or protectors; (2) Advisors who have authority under the terms of the trust to direct, consent to, or disapprove of distributions from the trust; and (3) Advisors, including the transferor beneficiary of the trust, who serve as investment advisors to the trust. (b) While a trustee may appoint an advisor, the administrative and non-administrative authority over the trust shall remain with the trustee. (c) Notwithstanding subsection (b), whenever there is a dispute, deadlock, or difference of opinion between a trustee and an advisor, the transferor may direct that the determination of the advisor shall be binding upon the trustee; provided that the trustee shall bear no liability or accountability for any act or transaction entered into or omitted as a result of the enforcement of the advisor's determination. The trustee's administrative and non-administrative fiduciary duty to the beneficiaries shall be waived as to the specific

to or omitted as a result of the enforcement of the advisor's determination. The trustee's administrative and non-administrative fiduciary duty to the beneficiaries shall be waived as to the specific act or transaction entered into or omitted as a result of the enforcement of the advisor's determination; provided that: (1) The trustee dissents in writing: (A) Before the act or transaction is completed; (B) To a failure to act; or (C) In a reasonably timely manner to enter into a transaction; or (2) If the advisor is appointed by the transferor under the terms of the trust and section 554D-808(c) applies to the trust and the advisor, the trustee is not required to dissent in writing for the waiver of the trustee's administrative and non-administrative fiduciary duties to the beneficiaries to take effect. [L 2011, c 161, §2; am L 2014, c 59, §2; am L 2021, c 32, §4]