(a) A trustee, without authorization by the court, may exercise:
(1) powers conferred by the terms of the trust; and
(2) except as limited by the terms of the trust:
(i) all powers over the trust property which an unmarried competent owner has over individually owned property;
(ii) any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and
(iii) any other powers conferred by this chapter.
(b) The exercise of a power is subject to the fiduciary duties prescribed by this chapter.