(1) A guardian for a minor is a fiduciary. Except as otherwise limited by the court, a guardian for a minor has the duties and responsibilities of a parent regarding the minor’s support, care, education, health, safety, and welfare. A guardian must act in the minor’s best interest and exercise reasonable care, diligence, and prudence.

(2) A guardian for a minor must:

(a) Become personally acquainted with the minor and maintain sufficient contact with the minor to know and report to the court the minor’s abilities, limitations, needs, opportunities, and physical and mental health;

(b) Take reasonable care of the minor’s personal effects and bring a proceeding for a conservatorship if necessary to protect other property of the minor;

(c) Expend funds of the minor that have been received by the guardian for the minor’s current needs for support, care, education, health, safety, and welfare;

(d) Conserve any funds of the minor not expended under paragraph (c) for the minor’s future needs, but if a conservator is appointed for the minor, pay the funds as directed by the court to the conservator to be conserved for the minor’s future needs;

(e) Report the condition of the minor and account for funds and other property of the minor in the guardian’s possession or subject to the guardian’s control, as required by court rule or ordered by the court on application of a person interested in the minor’s welfare;

(f) Inform the court of any change in the minor’s dwelling or address; and

(g) In determining what is in the minor’s best interest, take into account the minor’s preferences to the extent actually known or reasonably ascertainable by the guardian.