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

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(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.