Upon the filing of such petition the district court in which said estate of said decedent, minor or incompetent person is being administered shall set the matter for hearing not less than four (4) weeks after the date of filing said petition, and notice thereof shall be given to the heirs, devisees and legatees of said decedent, or the next of kin of said minor or incompetent person, whose names and addresses are known, by mail not less than twenty (20) days prior to said hearing, and by publication for not less than three (3) consecutive weeks prior to such hearing as to heirs, devisees and legatees of said deceased person, or the next of kin of said minor or incompetent person whose names and addresses be not known.

If the court shall find upon hearing that it is necessary for the preservation of the value of said property, or its rental value, to lease said property, the court shall direct that the administrator, administrator with will annexed or executor of such deceased person, or the guardian of such minor or incompetent person shall advertise that said property will be leased on the best terms available, subject to confirmation by court, and that said proposed lease or leases shall be presented to the court at the date therein fixed, not less than four (4) weeks following the date of said order, and notice of said proposed leasing shall be given by publication for not less than three (3) consecutive weeks and by mailing a copy of such notice to the heirs, devisees and legatees of such deceased person, or the next of kin of such minor incompetent person, whose names and addresses are known, not less than twenty (20) days prior to the date fixed.