Section 2106. Proceeding for compromise of controversies between claimants to property or estates where interests of persons under disability or not in being are affected 1

Where the interests of persons under disability or not in being are
  or may be affected
    (a)  A  fiduciary  may  petition  for  authorization to compromise any
  controversy between different claimants to the  estate  or  property  or
  portions thereof under administration in accordance with an agreement to
  which  all  parties in being claiming an interest in the estate affected
  by the agreement shall be parties in person or by guardian or committee.
    (b) The proponent or any party to a probate proceeding may petition to
  adjust by compromise any controversy existing or which may arise between
  the persons claiming under any will alleged to have  been  made  by  the
  decedent  and  any  persons  claiming  as  distributees  of  decedent or
  claiming to be entitled to a right of election or claiming  pursuant  to
  an  agreement  with  the  decedent  or  otherwise, in accordance with an
  agreement to which all such persons as are interested shall be  parties,
  provided that persons named as executors to whom letters have not issued
  and  persons whose interests are not affected by the proposed compromise
  are not required to be made parties.
    2. A person under disability or a person not in being who has a future
  contingent interest is a necessary party and shall be represented  by  a
  guardian  ad  litem  unless in the case of a person under disability his
  guardian, committee or conservator  shall  appear  in  his  behalf.  The
  guardian, committee or conservator so appearing or the guardian ad litem
  may  execute  in  behalf  of  the  person for whom he appears all proper
  instruments necessary to effect any compromise approved by the court.
    3. If by the terms of the compromise money or property is directed  to
  be  held for the benefit of a person under disability or a person not in
  being it may in a proper case be deposited in court subject to the order
  of the court.
    4. An agreement of compromise made as herein provided if found by  the
  court  to  be  just  and  reasonable shall be valid and binding upon the
  interests of persons under disability, persons  not  in  being  and  all
  parties to the agreement.
    5.  An  application for the approval of a compromise hereunder must be
  made by verified petition or,  if  made  in  a  pending  proceeding,  by
  verified  supplemental  petition, which shall show the provisions of any
  instruments or documents under which claim is made to  the  property  or
  estate  in  controversy, all facts concerning the identity and claims of
  the parties to the controversy, the  possible  contingent  interests  of
  persons  not  in  being  and  the  necessity  for  the  approval  of the
  compromise.
    6. The court may entertain the application prior to the  execution  of
  the proposed compromise agreement by all the parties required to execute
  it and may permit its execution after the commencement of the proceeding
  by any person interested.
    7.  The  court  shall  inquire  into  the facts and make such order or
  decree as justice shall require in any proceeding.