1. General powers. A trustee, without authorization by the court, may exercise:
A. Powers conferred by the terms of the trust; and
B. Except as limited by the terms of the trust:
(1) All powers over the trust property that an unmarried competent owner has over individually owned property;
(2) Any other powers appropriate to achieve the proper investment, management and distribution of the trust property; and
(3) Any other powers conferred by this Code.
2. Subject to fiduciary duties. The exercise of a power is subject to the fiduciary duties prescribed by this chapter.