Qualified trustees and advisors

(1) For purposes of KRS 386.601 to 386.619, none of the following shall be considered a qualified trustee: (a) The transferor or any other natural person who is a nonresident of this Commonwealth; or (b) An entity: 1. That is not authorized by the law of this Commonwealth to act as a trustee; or 2. Whose activities are not subject to supervision as provided in KRS 386.601(12)(a). (2) (a) Nothing in KRS 386.601 to 386.619 shall preclude a transferor from appointing one (1) or more advisors, including but not limited to: 1. Advisors who have authority under the terms of the trust instrument to remove and appoint qualified trustees or trust advisors; 2. Advisors who have authority under the terms of the trust instrument to direct, consent to, or disapprove distributions from the trust; or 3. Investment advisors, whether or not the advisors would meet the requirements of KRS 386.601(12). (b) For purposes of this subsection, "advisor" includes a trust protector or any other person who, in addition to a qualified trustee, holds one (1) or more trust powers.