New Jersey § 3b:11-4

§ 3b:11-4.

For the purpose of granting consent or approval with regard to the acts or accounts

of a fiduciary or trustee, including relief from liability or penalty for failure

to post bond, or to perform other duties, and for purposes of consenting to modification

or termination of a trust or to deviation from its terms, the sole holder or all coholders

of a presently exercisable general power of appointment, including one in the form

of a power of amendment or revocation, are deemed to act for beneficiaries to the

extent that the interests of the beneficiaries as objects, takers in default, or otherwise

are subject to the power. As used in this section, a presently exercisable general power of appointment is

one which enables the power holder to presently draw absolute ownership to himself.