New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 18-7

If the real estate, held by the fiduciary or in which his ward has an interest, is limited for life or lives or other less estate with a reversion or a remainder in fee, the superior court may make such directions with respect to the improvement of real estate as stated in sections 3A:18-5 and 3A:18-6 of this title, provided the owner of the reversion or remainder joins with the owner of the less estate in the application for the directions.

To compensate for deterioration of such improvements through use and wear, the court may direct such part of the income of the improved property, as it may deem proper, to be devoted to the reduction of the encumbrances on the real estate, or to be paid by the owner of the less estate, to the owner of the reversion or remainder, as the court may direct.

“Owner” as used in this section includes any trustee holding merely legal title to the interest above stated and the guardian of any ward owning the interest above stated.