(a) If the judge of the probate court knows or is informed that any guardian wastes or in any manner mismanages the property of his ward, does not take due care of the maintenance and education of his ward according to his circumstances, fails or refuses to make returns as required by law, or for any cause is unfit for his trust, the judge shall cite the guardian to answer to the charge at a regular term of the court. Upon investigation of the guardian's action, the judge, in his discretion, may do any or all of the following:

(1) Revoke the guardian's letters;

(2) Require the guardian to appear and submit to a settlement of his accounts following the procedure set forth in Code Sections 29-2-76 through 29-2-81 whether or not the guardian has first resigned or been removed and whether or not a new guardian has been appointed;

(3) Pass such other order as in his judgment is expedient under the circumstances of each case.

(b) If the judge of the probate court receives a return which indicates that any guardian may have wasted the property of the ward or failed in any manner to comply with applicable law, in lieu of citing the guardian to answer the charge, the court in its discretion may order the return recorded, without being approved or disapproved, and wait until the guardianship is terminated, and then allow the ward or his successors in interest to determine whether any action should be taken against the former guardian or the personal representative of such former guardian for any such waste or failure. In such case, a copy of the return and the order of the judge shall be served by personal service on the surety, if any. The decision of the judge not to cite the guardian to appear shall not relieve the guardian or the surety of any liability which may be found if the ward or his successors determine that action should be taken for such apparent waste or failure within four years after the termination of the guardianship.