A right granted to a child by this chapter or by the constitution or laws of this state or the United States is waived in proceedings under this chapter if:
(1) the right is one that may be waived;
(2) the child and the child's parent or guardian are informed of the right, understand the right, understand the possible consequences of waiving the right, and understand that waiver of the right is not required;
(3) the child signs the waiver;
(4) the child's parent or guardian signs the waiver; and
(5) the child's attorney signs the waiver, if the child is represented by counsel.