General powers of trustee

(1) 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 which 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 chapter. (2) The exercise of a power is subject to the fiduciary duties prescribed by this subchapter.