2018 Colorado Revised Statutes
Title 15 - Probate, Trusts, and Fiduciaries
Colorado Probate Code
Article 16 - Trust Administration
Part 8 - Directed Trustees
§ 15-16-803. Trust advisor and excluded trustee
(1) A trust advisor with power over investment decisions is subject to the "Uniform Prudent Investor Act", article 1.1 of this title. A trust advisor who has special skills or expertise or who is named a trust advisor in reliance upon his or her representation that he or she has special skills or expertise has a duty to use those special skills or expertise.
(2) The powers and duties of a trust advisor, and the extent of such powers and duties, are established by the governing instrument, and the exercise or nonexercise of such powers and duties is binding on all other persons.
(3) The powers and duties of a trust advisor may include, but are not limited to:
(a) The exercise of a specific power or the performance of a specific duty or function that would normally be performed by a trustee;
(b) The direction of a trustee's actions regarding all investment decisions or one or more specific investment decisions; or
(c) The direction of a trustee's actions relating to one or more specific non-investment decisions, including the exercise of discretion to make distributions to beneficiaries.
(4) If a governing instrument provides that a trustee must follow the direction of a trust advisor and the trustee acts in accordance with such direction, the trustee is an excluded trustee.
