1. A trust protector may exercise the powers provided to the trust protector in the instrument subject to the terms and provisions in the instrument. The powers exercised by a trust protector are at the sole discretion of the trust protector and are binding on all other persons. The powers granted to a trust protector may include, without limitation, the power to: (a) Modify or amend the instrument to achieve a more favorable tax status or to respond to changes in federal or state law. (b) Modify or amend the instrument to take advantage of changes in the rule against perpetuities, restraints on alienation or other state laws restricting the terms of a trust, the distribution of trust property or the administration of the trust. (c) Increase or decrease the interests of any beneficiary under the trust. (d) Modify the terms of any power of appointment granted by the trust. A modification or amendment may not grant a beneficial interest to a person which was not specifically provided for under the trust instrument. (e) Remove and appoint a trustee, trust adviser, investment committee member or distribution committee member. (f) Terminate the trust. (g) Direct or veto trust distributions. (h) Change the location or governing law of the trust. (i) Appoint a successor trust protector or trust adviser. (j) Interpret terms of the instrument at the request of the trustee. (k) Advise the trustee on matters concerning a beneficiary. (l) Review and approve a trustees reports or accounting. 2. The powers provided pursuant to subsection 1 may be incorporated by reference to this section at the time a testator executes a will or a settlor signs a trust instrument. The powers provided pursuant to subsection 1 may be incorporated in whole or in part. 3. Unless otherwise provided in the trust instrument, the powers of the trust protector shall be considered fiduciary in nature. The trust instrument may define the scope and extent of a fiduciary standard applicable to the exercise of any power of the trust protector, including, without limitation, reducing or relieving the trust protector of a fiduciary duty.
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