Section 701.0902 - Directed trust property(1) A directing party who has power over directed trust property shall do all of the following: (a) Direct the trustee on the retention, purchase, sale, exchange, tender, encumbrance, or any other investment transaction of the directed trust property and the investment and reinvestment of principal and income.(b) Direct the trustee with respect to the management, control, and voting powers, including voting proxies, of the directed trust property.(c) Select and determine reasonable compensation of one or more outside investment advisors, managers, consultants, or counselors, which may include the trustee, and delegate investment authority to them pursuant to the investment delegation provisions under s. 881.01(10).(d) Determine the frequency of and methodology for valuing directed trust property and provide the value of property for which there is no readily available daily market value.(2) A trustee who has no power over directed trust property does not have a duty to do any of the following with respect to the directed trust property: (a) Prepare or review investment policy statements.(b) Perform investment or suitability reviews, inquiries, or investigations.(c) Determine or verify the value of directed trust property for which there is no readily available daily market value.(d) Monitor the conduct or investment performance of the directing party.Added by Acts 2013SP1 ch, 92,s 157, eff. 12/15/2013.