Any testator may, by express provision in his or her will to that effect, exempt an executor from filing an inventory or making any report or final settlement, and when such provision is made, such inventory, report or final settlement shall not be required except in the following cases:

1. (1) When any executor, heir, legatee, or other person interested in the estate makes affidavit showing his or her interest, and alleging that such interest is or will be endangered for want of security.
2. (2) When, in the opinion of the judge of the court having jurisdiction of the estate, the estate is likely to be wasted, to the prejudice of any person interested therein.

(Code 1923, §5803; Code 1940, T. 61, §190.)