HI HB1300

Authorizes directed trusts in Hawaii by allowing settlors to designate investment and other fiduciary responsibilities to an advisor while maintaining administrative functions with the trustee.

Limits trustee liability for investments, transactions, and functions delegated to advisors, with trustees not liable for losses resulting from following advisor directions except in cases of willful misconduct or gross negligence.

Allows trustees to waive fiduciary duties for specific transactions directed by advisors without requiring written dissent if the advisor was appointed by the settlor and meets statutory requirements.

Establishes that trustees have no duty to monitor advisors, provide advice to advisors, or communicate with beneficiaries about how the trustee would have acted differently than the advisor's directions.

Defines "advisor" to include protectors with powers to remove/appoint trustees, modify trusts for tax purposes, and modify beneficiary powers of appointment.