This summary is not the rule. The rule text controls.
Here's a plain English summary of this rule.
If people involved in a probate case want to agree on something instead of having the judge decide, that agreement is called a stipulation. This rule says the agreement has to be in writing unless it's made out loud in front of the judge during a hearing. The written agreement needs to be signed by everyone involved, or by their lawyers, and it has to clearly name any parties in the case who are not part of the agreement. The signed agreement then gets filed with the court.
The rule also explains how a judge can approve this kind of agreement. Instead of writing up a whole separate order, the judge can simply write "Approved and so ordered" at the bottom of the stipulation and sign it. This makes the agreement official and turns it into a court order without extra paperwork.
For people in a probate case, this means you can settle certain issues among yourselves without a full court hearing, as long as you put the agreement in writing and everyone who needs to sign it does so. It also means you should make sure the document clearly says who agrees and who does not, so there's no confusion about who is bound by it.