(a) Not later than the 180th day after the date the guardian of the estate qualifies as guardian or another date specified by the court, the guardian shall:
(1) invest estate assets according to Section 1161.003; or
(2) file a written application with the court for an order:
(A) authorizing the guardian to:
(i) develop and implement an investment plan for estate assets;
(ii) invest in or sell securities under an investment plan developed under Subparagraph (i);
(iii) declare that one or more estate assets must be retained, despite being underproductive with respect to income or overall return; or
(iv) loan estate funds, invest in real estate or make other investments, or purchase a life, term, or endowment insurance policy or an annuity contract; or
(B) modifying or eliminating the guardian's duty to invest the estate.
(b) The court may approve an investment plan under Subsection (a)(2) without a hearing.