(a) A personal representative required to give a bond may at any time file with the clerk a written application requesting that the court reduce the amount of the bond.
(b) On the filing of an application under Subsection (a), the clerk shall promptly issue and have notice posted to all interested persons and the sureties on the bond. The notice must inform the interested persons and sureties of:
(1) the fact that the application has been filed;
(2) the nature of the application; and
(3) the time the judge will hear the application.
(c) The judge may permit the filing of a new bond in a reduced amount if:
(1) proof is submitted that a bond in an amount less than the bond in effect will be adequate to meet the requirements of law and protect the estate; and
(2) the judge approves an accounting filed at the time of the application.