Representation by holder of general testamentary power of appointment

The holder of a power of appointment may represent and bind persons whose interests as permissible appointees or takers in default are subject to the power. A qualified power of appointment is a power exercisable in favor of: (1) The power holder, the power holder’s estate, the power holder’s creditors and the creditors of the power holder’s estate; or (2) All persons other than the power holder, the power holder’s estate, the power holder’s creditors, and the creditors of the power holder’s estate.