(a) The holder of a qualified power of appointment may represent and bind persons whose interests as permissible appointees or takers in default are subject to the power.

(b) A qualified power of appointment is:

(1) A general power of appointment; or

(2) A power of appointment exercisable in favor of all persons other than the power holder, the estate of the power holder, the creditors of the power holder, and the creditors of the estate of the power holder.