§ 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.
(g) Notwithstanding the other provisions of this section,
a trust instrument may provide that one (1) or more trust
protectors or trust advisors with the power to direct, consent
to or disapprove of the actual or proposed distribution
decisions of a trustee or other fiduciary are not acting in a
fiduciary capacity, in which case the trustee or other fiduciary
shall not be treated as an excluded fiduciary with respect to
the direction, consent or disapproval by the trust protector or
trust advisor.