(a) Any named executor in a decedent's last will and testament may decline to serve as such personal representative by filing a sworn statement, or a statement under penalty of perjury, with the court.
(b) Any personal representative may resign and relinquish trust in the following manner:
(1) Filing Petition. The personal representative shall file the petition in the probate court or chancery court having cognizance of the settlement of the estate of the deceased whom the petitioner represents, praying to be permitted to resign.
(2) Notice to Legatees, etc. When the legatees, devisees, or distributees entitled to the estate reside in the county where the letters testamentary or of administration were granted, five (5) days' notice shall be given them, their agent or attorney, of the filing or intention to file, the petition. Where they reside out of the county, the court shall order notice to be given by publication in a newspaper, or by posting at the courthouse door, or in such other mode as it thinks reasonable.
(3) Petitioner to Settle Accounts — New Administrator. After notice has been given, the court shall cause the petitioner's accounts to be settled, and may, at its discretion, accept the resignation of the petitioner, and appoint a new administrator, taking from the appointee a good and sufficient administration bond.
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