§ 35-16-108 — Qualified trustees and advisors

(a) For purposes of this chapter, neither the transferor nor any other natural person who is a nonresident of this state nor an entity that is not authorized by the law of this state to act as a trustee or whose activities are not subject to supervision as provided in § 35-16-102(12)(A) shall be considered a qualified trustee; however, nothing in this chapter shall preclude a transferor from appointing one (1) or more advisors, including, but not limited to: (1) Advisors who have authority under the terms of the trust instrument to remove and appoint qualified trustees or trust advisors; (2) Advisors who have authority under the terms of the trust instrument to direct, consent to or disapprove distributions from the trust; and (3) Investment advisors, whether or not the advisors would meet the requirements imposed by § 35-16-102(12) . (b) For purposes of subsection (a), "advisor" includes a trust "protector" or any other person who, in addition to a qualified trustee, holds one (1) or more trust powers.

Legislative History

Acts 2007, ch. 144, § 8.