(a) A trust instrument may provide for the appointment of a trust protector.
(b) A trust protector appointed under (a) of this section has the powers, delegations, and functions conferred on the protector by the trust instrument, which may include the power to
(1) remove and appoint a trustee;
(2) modify or amend the trust instrument to achieve favorable tax status or to respond to changes in 26 U.S.C. (Internal Revenue Code) or state law, or the rulings and regulations under those laws;
(3) increase or decrease the interests of any beneficiary to the trust; and
(4) modify the terms of a power of appointment granted by the trust.
(c) A modification authorized under (b) of this section may not
(1) grant a beneficial interest to an individual or a class of individuals unless the individual or class of individuals is specifically provided for under the trust instrument;
(2) modify the beneficial interest of a governmental unit in a trust created under AS 47.07.020(f).
(d) Subject to the terms of the trust instrument, a trust protector is not liable or accountable as a trustee or fiduciary because of an act or omission of the trust protector taken when performing the function of a trust protector under the trust instrument.