(a) The duties contained in this chapter are applicable except as otherwise provided in the trust instrument, and are in addition to and not in limitation of the common law duties of the trustee, except to the extent inconsistent therewith.

(b) The trustee has a duty to keep the beneficiaries of the trust reasonably informed of the trust and its administration:

(1) On reasonable request by any beneficiary the trustee shall provide the beneficiary with a report of information, to the extent relevant to the beneficiary's interest, about the assets, liabilities, receipts, and disbursements of the trust, the acts of the trustee, and the particulars relating to the administration of the trust, including the terms of the trust that describe or affect the beneficiary's interest;

(2) The trustee shall account at least annually, at the termination of the trust, and upon a change of trustees, to each beneficiary of an irrevocable trust to whom income is required or authorized in the trustee's discretion to be distributed currently, and to any person who may revoke the trust; at the termination of the trust, the trustee shall also account to each remainder beneficiary. In full satisfaction of this obligation, the trustee may deliver the accounting to the legal or natural guardian of any beneficiary who is under a legal disability;

(3) An accounting furnished pursuant to paragraph (2) of this subsection shall contain a statement of receipts and disbursements of principal and income that have occurred during the last complete fiscal year of the trust or since the last accounting and a statement of the assets and liabilities of the trust as of the end of the accounting period;

(4) The trustee is not required to report information or account to a beneficiary who has waived in writing the right to a report or accounting and has not withdrawn that waiver;

(5) Nothing in this Code section shall affect the power of a court to require an accounting.

(c) The trustee shall distribute all net income derived from the trust at least annually.