1. A guardian of the estate may petition the court for advice and instructions in any matter concerning: (a) The administration of the estate of the protected person; (b) The priority of paying claims; (c) The propriety of making any proposed disbursement of funds; (d) Elections for or on behalf of the protected person to take under the will of a deceased spouse; (e) Exercising for or on behalf of the protected person: (1) Any options or other rights under any policy of insurance or annuity; and (2) The right to take under a will, trust or other devise; (f) The propriety of exercising any right exercisable by owners of property; and (g) Matters of a similar nature. 2. Any act done by a guardian of the estate after securing court approval or instructions with reference to the matters set forth in subsection 1 is binding upon the protected person or those claiming through the protected person, and the guardian is not personally liable for performing any such act. 3. If any interested person may be adversely affected by the proposed act of the guardian, the court shall direct the issuance of a citation to that interested person, to be served upon the person at least 20 days before the hearing on the petition. The citation must be served in the same manner that summons is served in a civil action and must direct the interested person to appear and show cause why the proposed act of the guardian should not be authorized or approved. All interested persons so served are bound by the order of the court which is final and conclusive, subject to any right of appeal.
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