(1) "Action", with respect to an act of a fiduciary, includes a failure to act.

(2) "Excluded trustee" means any trustee that, under the terms of the governing instrument, is precluded from exercising certain powers, which powers may be exercised only by a trust advisor designated by the governing instrument.

(3) "Investment decision" means a fiduciary decision regarding the retention, purchase, sale, exchange, tender, or other transaction affecting the ownership of or rights in any property owned by a trust and, with respect to non-publicly traded investments, the determination of the value of such investments.

(4) "Governing instrument" means a will, trust agreement or declaration, or a court order appointing a trust advisor.

(5) "Non-investment decision" means a fiduciary decision regarding the distribution, administration, or management of any property owned by a trust, other than an investment decision.

(6) "Qualified beneficiary" has the same meaning set forth in section 15-1-402 (10.5).

(7) "Settlor" includes a grantor, a trustor, and a testator.

(8) (a) "Trust advisor" means a person who is:

(I) Acting in a fiduciary capacity; and

(II) Vested under a governing instrument with fiduciary powers to direct atrustee's actual or proposed investment decisions or non-investment decisions.

(b) A person who holds a nonfiduciary power over a trust, including a power of appointment as defined in section 15-2.5-102 (14), is not subject to the provisions of this part 8, regardless of whether he or she is described as a "trust advisor" within a governing instrument.

(9) "Willful misconduct" means intentional wrongdoing and not mere negligence, gross negligence, or recklessness.