1. (a) A trustee, without authorization by the court, may exercise:

   1. (1) Powers conferred by the terms of the trust; and

   2. (2) except as limited by the terms of the trust:

      1. (A) All powers over the trust property which an unmarried competent owner has over individually owned property;
      2. (B) any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and
      3. (C) any other powers conferred by this code.
2. (b) The exercise of a power is subject to the fiduciary duties prescribed by this article.

L. 2002, ch. 133, § 72; L. 2004, ch. 158, § 14; July 1.