The holder of a testamentary power of appointment may represent and bind persons whose interests, as permissible appointees, takers in default, or otherwise, are subject to the power. In this section “testamentary power of appointment” means a testamentary power of appointment exercisable without the consent of the creator of the power or person holding an adverse interest in favor of:

(1) a class of appointees that includes the holder, the holder’s estate, the holder’s creditors, or the creditors of the holder’s estate; or

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(2) all persons other than the holder, the holder’s estate, the holder’s creditor’s, or the creditors of the holder’s estate.