(a) A divided trust is a trust in which the terms of the trust divide powers and duties among 2 or more trustees, trust advisors, and trust protectors, vesting one or more powers and duties exclusively in one or more of those persons to the exclusion of the other persons. (b) A directed trust is trust in which, under the terms of the trust, one or more persons have the power to direct an action by a trustee, trust advisor, or trust protector or the power to veto or consent to any actual or proposed action by a trustee, trust advisor, or trust protector. The action may relate to the investment of trust assets, distributions, or any other aspects of the trust's administration. (c) A trustee is an excluded fiduciary to the extent that the terms of the trust vest a power or duty exclusively in a trust advisor, trust protector, cotrustee, or other person. (d) A trustee is an excluded fiduciary to the extent that: (1) under the terms of the trust, the trustee must follow the direction of a trust advisor, trust protector, cotrustee, or other person; and (2) the trustee acts in accordance with that direction. (e) A trust advisor or trust protector is an excluded fiduciary to the extent that the terms of the trust vest a power or duty exclusively in a trustee, trust advisor, trust protector, or other person. (f) A trust advisor or trust protector is an excluded fiduciary to the extent that: (1) under the terms of the trust, the trust advisor or trust protector must follow the direction of a trustee, trust advisor, trust protector, or other person; and (2) the trust advisor or trust protector acts in accordance with that direction.
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