(a) In this section:
(1) “Advisor” includes protector.
(2) “Investment decision” means, with respect to any investment, the retention, purchase, sale, exchange, tender, or other transaction affecting the ownership of the investment or rights in the investment and, with respect to a nonpublicly traded investment, the valuation of the investment.
(b) This section does not apply to a charitable trust as defined by § 123.001.

(c) For purposes of this section, an advisor with authority with respect to investment decisions is an investment advisor.
(d) A protector has all the power and authority granted to the protector by the trust terms, which may include:
(1) the power to remove and appoint trustees, advisors, trust committee members, and other protectors;
(2) the power to modify or amend the trust terms to achieve favorable tax status or to facilitate the efficient administration of the trust; and
(3) the power to modify, expand, or restrict the terms of a power of appointment granted to a beneficiary by the trust terms.
(e) If the terms of a trust give a person the authority to direct, consent to, or disapprove a trustee‘s actual or proposed investment decisions, distribution decisions, or other decisions, the person is an advisor. An advisor is a fiduciary regardless of trust terms to the contrary except that the trust terms may provide that an advisor acts in a nonfiduciary capacity if:
(1) the advisor’s only power is to remove and appoint trustees, advisors, trust committee members, or other protectors; and
(2) the advisor does not exercise that power to appoint the advisor’s self to a position described by Subdivision (1).
(e-1) Subsection (e) does not prohibit the exercise of a power in a nonfiduciary capacity as required by the Internal Revenue Code for a grantor or other person to be treated as the owner of any portion of the trust for federal income tax purposes.
(f) A trustee who acts in accordance with the direction of an advisor, as prescribed by the trust terms, is not liable, except in cases of wilful misconduct on the part of the trustee so directed, for any loss resulting directly or indirectly from that act.
(g) If the trust terms provide that a trustee must make decisions with the consent of an advisor, the trustee is not liable, except in cases of wilful misconduct or gross negligence on the part of the trustee, for any loss resulting directly or indirectly from any act taken or not taken as a result of the advisor’s failure to provide the required consent after having been requested to do so by the trustee.
(h) If the trust terms provide that a trustee must act in accordance with the direction of an advisor with respect to investment decisions, distribution decisions, or other decisions of the trustee, the trustee does not, except to the extent the trust terms provide otherwise, have the duty to:
(1) monitor the conduct of the advisor;
(2) provide advice to the advisor or consult with the advisor; or
(3) communicate with or warn or apprise any beneficiary or third party concerning instances in which the trustee would or might have exercised the trustee’s own discretion in a manner different from the manner directed by the advisor.
(i) Absent clear and convincing evidence to the contrary, the actions of a trustee pertaining to matters within the scope of the advisor’s authority, such as confirming that the advisor’s directions have been carried out and recording and reporting actions taken at the advisor’s direction, are presumed to be administrative actions taken by the trustee solely to allow the trustee to perform those duties assigned to the trustee under the trust terms, and such administrative actions are not considered to constitute an undertaking by the trustee to monitor the advisor or otherwise participate in actions within the scope of the advisor’s authority.