Mississippi § 91-8-1201 - Powers of trust advisors and trust protectors.

§ 91-8-1201. Powers of trust advisors and trust protectors.

A trust protector or trust advisor is any person, and may be a committee of more than one (1) person, other than a trustee, who under the terms of the trust has a power or duty with respect to a trust, including, but not limited to, one or more of the following powers: The power to modify or amend the trust instrument to achieve favorable tax status or respond to changes in any applicable federal, state, or other tax law affecting the trust, including, but not limited to, any rulings, regulations, or other guidance implementing or interpreting such laws; The power to amend or modify the trust instrument to take advantage of changes in the rule against perpetuities, laws governing restraints on alienation, or other state laws restricting the terms of the trust, the distribution of trust property, or the administration of the trust; The power to appoint a successor trust protector or trust advisor; The power to review and approve a trustee’s trust reports or accountings; The power to change the governing law or principal place of administration of the trust; The power to remove and replace any trust advisor or trust protector for the reasons stated in the trust instrument; The power to remove a trustee, cotrustee, or successor trustee, for the reasons stated in the trust instrument, and appoint a successor; The power to consent to a trustee’s or cotrustee’s action or inaction in making distributions to beneficiaries; The power to increase or decrease any interest of the beneficiaries in the trust, to grant a power of appointment to one or more trust beneficiaries, or to terminate or amend any power of appointment granted in the trust; The power to perform a specific duty or function that would normally be required of a trustee or cotrustee; The power to advise the trustee or cotrustee concerning any beneficiary; The power to consent to a trustee’s or cotrustee’s action or inaction relating to investments of trust assets; The power to direct the acquisition, disposition, or retention of any trust investment; The power to terminate all or part of a trust; The power to veto or direct all or part of any trust distribution; The power to borrow money with or without security, and mortgage or pledge trust property for a period within or extending beyond the duration of the trust; The power to make loans out of trust property, including, but not limited to, loans to a beneficiary on terms and conditions, including without interest, considered to be fair and reasonable under the circumstances; The power to vote proxies and exercise all other rights of ownership relative to securities and business entities held by the trust; The power to select one or more investment advisors, managers or counselors, including, but not limited to, a trustee, and delegate to them any of its powers; The power to direct the trustee with respect to any additional powers and discretions over investment and management of trust assets provided in the trust instrument; The power to receive notices, information, and reports otherwise required to be provided to a beneficiary under Section 91-8-813(a) and (b); The power to represent and bind a beneficiary under Section 91-8-303(8) to the extent there is not material conflict of interest between the trust protector or trust advisor and the beneficiary; and The power to designate someone to represent and bind a beneficiary under Section 91-8-303(8) to the extent there is no material conflict of interest between the person designated and the beneficiary. The exercise of a power by a trust advisor or a trust protector shall be exercised in the sole and absolute discretion of the trust advisor or trust protector and shall be binding on all other persons. Any power of a trust advisor or trust protector to directly or indirectly modify a trust may be granted notwithstanding the provisions of Sections 91-8-410 through 91-8-412 and 91-8-414. An excluded fiduciary may continue to follow the direction of a trust protector or trust advisor upon the incapacity or death of the grantor of a trust to the extent provided in the trust instrument. Notwithstanding anything in this section to the contrary, no modification, amendment, or grant of a power of appointment with respect to a trust, all of whose beneficiaries are charitable organizations, may authorize a trust protector or trust advisor to grant a beneficial interest in the trust to any noncharitable interest or purpose.