If it appears that a guardian seeking letters of dismission has in his hands any money, property, or effects of his ward, the judge of the probate court may cause the money to be deposited in some solvent bank and any other property to be delivered to some proper person to be appointed by the judge, under such restrictions as he may deem best for the preservation of the property, and may then grant the letters dismissory. Alternatively, the judge may pass an order requiring the guardian to retain the funds in his own hands at interest not exceeding 4 percent per annum, his sureties being still responsible therefor.