Instead of the above bond, an executor, if so authorized by the will, or if he or she be the residuary legatee of the will, may give a bond to the probate court in a sum and with surety satisfactory to the court, and with condition to pay the funeral charges, debts and legacies of the testator and any allowance as may be made by the court for the support of the widow and family of the testator. In this case, an executor shall not be required to return an inventory, and an executor who is a residuary legatee need not render an account to the probate court. The giving of bond shall not discharge the lien on the real property of the testator for the payment of his or her debts, except on any part as may be sold by his or her executor or administrator with the will annexed to a purchaser in good faith and for valuable consideration; and all property not so sold may be taken on execution by a creditor not otherwise satisfied, in like manner as if a bond had been given in the other form.