Effective: January 13, 2012
Latest Legislation: Senate Bill 124 - 129th General Assembly
If by a will the use or income of personal property is given to a person for a term of years or for life and some other person has a remainder interest in the property, the probate court, unless the will otherwise provides, may authorize delivery of the personal property to the person having the limited estate, with or without bond, as the court may determine; or the court may order that the property be held by the executor or some other trustee, with or without bond, for the benefit of the person having the limited estate. If bond is required of the person having the limited estate, or of the trustee, it may be increased or decreased, and if bond is not required in the first instance it may be required by the court at any time prior to the termination of the limited estate.