(1) A trustee, without authorization by the court, may exercise powers conferred by the terms of the trust and, except as limited by the terms of the trust:
(a) All powers over the trust property that an unmarried financially capable owner has over individually owned property;
(b) Any other powers appropriate to achieve the proper investment, management and distribution of the trust property; and
(c) Any other powers conferred by this chapter.
(2) The exercise of a power is subject to the fiduciary duties prescribed by ORS 130.650 to 130.730.