4-10-718. Directed trusts.
(a) If a trust instrument provides that the fiduciary duties of a trustee or other fiduciary are to be performed by a trust protector or a trust advisor or that a trustee or other fiduciary is to follow the direction of a trust protector or a trust advisor with respect to the performance of fiduciary duties and the trustee or other fiduciary acts in accordance with such direction, the trustee or other fiduciary shall be treated as an excluded fiduciary under the provisions of W.S. 4-10-715 and 4-10-717 with respect to the fiduciary duties performed by or directed by the trust protector or trust advisor and the trust protector or trust advisor performing or directing the fiduciary duties and shall become the fiduciary in place of the excluded fiduciary.
(b) Where one (1) or more persons are given authority by a trust instrument or court order to direct, consent to or disapprove a fiduciary's actual or proposed distribution decisions or other noninvestment decisions of the fiduciary, the persons given the authority shall be considered to be trust protectors under W.S. 4-10-103(a)(xxiii) and where one (1) or more persons are given the authority to appoint a trust protector, the appointed persons shall be considered to be trust protectors under W.S. 4-10-103(a)(xxiii).
(c) Where one (1) or more persons are given authority by a trust instrument or court order to direct, consent to or disapprove a fiduciary's actual or proposed investment decisions, the persons given the authority shall be considered to be trust advisors under W.S. 4-10-103(a)(xxii) and where one (1) or more persons are given the authority to appoint a trust advisor, the appointed persons shall be considered to be trust advisors under W.S. 4-10-103(a)(xxii).
(d) If a court order provides that a fiduciary is to follow the direction of a trust protector or trust advisor and the fiduciary acts in accordance with the direction, the fiduciary shall be treated as an excluded fiduciary under the provisions of W.S. 4-10-715 and 4-10-717.
(e) Unless expressly prohibited by the trust instrument, the qualified beneficiaries of a trust may unanimously agree to designate a trust advisor with the power to direct the fiduciary s investment decisions, provided the trust does not have a serving trust advisor with the power. If the written designation is furnished to the fiduciary and the fiduciary acts in accordance with the direction from the designated trust advisor, the fiduciary shall be treated as an excluded fiduciary under the provisions of W.S. 4-10-715 and 4-10-717. The designation of a trust advisor with power to direct the fiduciary s investment decisions may be revoked by unanimous written consent of the qualified beneficiaries and once the revocation has been delivered to the excluded fiduciary the fiduciary is relieved of any responsibility to act upon any outstanding or future directions from such trust advisor.
(f) For purposes of this section, "investment decision" means with respect to any property, the retention, purchase, sale, exchange, tender or other transaction affecting the ownership thereof or rights therein.