(a) This section applies only to a trustee of a management trust created for a person who on the date the trust is created is:
(1) a ward under an existing guardianship; or
(2) a proposed ward with respect to whom an application for guardianship has been filed and is pending.
(b) Not later than the 30th day after the date a trustee to which this section applies receives property into the trust, the trustee shall file with the court that created the guardianship or the court in which the application for guardianship was filed a report describing all property held in the trust on the date of the report and specifying the value of the property on that date.