Sec. 2 . (a) The court may grant a petition for administration without court supervision if:
(1) all the persons referred to in either section 1(a)(1) or 1(a)(2) of this chapter have joined in the petition;
(2) the estate is solvent;
(3) the personal representative is qualified to administer the estate without court supervision;
(4) the heirs, or legatees and devisees, or the parent (as defined in IC 29-3-1-11 ), or if none, the guardian (as defined in IC 29-3-1-6 ) of an heir, legatee, or devisee, as the case may be, freely consent to and understand the significance of administration without court supervision; and
(5) the will does not request supervised administration.
(b) As an alternative to the requirements of subsection (a), the court may also grant a petition for administration without court supervision if:
(1) the decedent in the will authorized the administration of the estate to be unsupervised;
(2) the estate is solvent; and
(3) the personal representative is qualified to administer the estate without court supervision.
(c) Once a petition for administration without court supervision has been granted under subsection (a) or (b), a personal representative's authority, under such order, shall not be subject to any requirement of court approval or confirmation or be open to collateral attack on account of any defect or irregularity in the proceedings resulting in issuance of the order of no supervision, if the court issuing the order had jurisdiction of the estate.
(d) The court may, on its own motion or the motion of an interested person, revoke an order of unsupervised administration and require an administration on terms and conditions which the court specifies if the court finds that such a revocation is in the best interests of the estate, creditors, taxing authorities, heirs, legatees, or devisees.
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