The terms of a compromise executed under this chapter must be set forth in an agreement that is:

1. (1) in writing; and

2. (2) executed by all persons or the guardians or guardians ad litem appointed under section 4 of this chapter of all persons who:

   1. (A) have an interest in the trust; or
   2. (B) have a claim against the trust.

As added by P.L.200-1991, SEC.6.