Section 29-1-7.5-2.5 - Personal representative's bond(a) A personal representative is not required to execute and file a bond relating to the duties of the personal representative's office under this chapter unless: (1) the will provides for the execution and filing of a bond; or(2) the court finds, on the court's own motion or on motion by an interested person, that a bond is necessary to protect creditors, heirs, devisees, and legatees.(b) If a bond is required under subsection (a):(1) the amount of the bond shall be determined by the court; and(2) the bond shall be administered; under IC 29-1-11.
(c) If a personal representative is not an Indiana resident or ceases to be an Indiana resident, the personal representative at the discretion of the court shall execute and file a bond under IC 29-1-10-1. The amount of the bond may be increased, decreased, or reduced to zero (0) at the court's discretion.Amended by P.L. 9-2024,SEC. 493, eff. 7/1/2024.Amended by P.L. 38-2023,SEC. 7, eff. 7/1/2023.As added by P.L. 130-1992, SEC.2.