Sec. 2.5. (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.