A trust in which certain assets are managed by someone other than the trustee. for example, someone might set up a trust and name a banks trust department as trustee, but specify in the trust document that a business held in trust be managed by someone else. the outside manager goes by different names in different states: a cotrustee, special trustee, trust protector, or adviser. directed trusts are authorized by law in about 30 states. most hold at least $1 million in assets, and often much more.