You should be careful here and I would strongly suggest seeking the advice of a trust attorney. This is a legal question and you may have liability as a trustee if you get it wrong.
While you may have to power to adjust (between income and principal), you have various fiduciary duties to the beneficiaries, such as being impartial. There are current and remainder interests that are usually in tension. If you adjust you will by definition be favoring one over the other. You may have that discretion. But you might not.
Also before you go adjusting income/principal, you probably need to understand what the state law governing the trust has a default allocation. This is usually covered in a state "Principal and Interest Act"
Usually you will find somewhere a clause saying what income or principal the trustee may (or must) distribute. That is the clause to look for. As @M-MTax suggested. It would be very usual for there to be no such clause. It might even be legal malpractice to omit it. That would again be an issue of state law.
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