This is a standard provision that means that she can serve as executrix without posting or paying for a bond. Bonds are sometimes employed to insure that a fiduciary serves honesty and if they fail to do so the bond would protect the beneficiaries against some of the losses.
If this provision is not included in a person's will, it means that the executor of the state may be required to post a certain sum of money with the court - you can think of it like bail in a criminal matter. The executor, as a fiduciary, owes certain duties to the estate, and by requiring a bond, it places a measure of accountability on the executor to make sure that they do not abuse their power. The bond will protect the estate from losses due to the executor's abuse. That being said, many people name a person as executor that they know, love and trust, and do not wish to add the extra burden of a bond to their responsibilities. It is very common to have the bond waived.
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