(1) The court may review a guardianship for a minor as it considers necessary and shall review a guardianship annually if the minor is under 6 years of age. In conducting the review, the court shall consider all of the following factors:

    (a) The parent's and guardian's compliance with either of the following, as applicable:

    (i) A limited guardianship placement plan.

    (ii) A court-structured plan under subsection (3)(b)(ii)(B) or section 5209(2)(b)(ii).

    (b) Whether the guardian has adequately provided for the minor's welfare.

    (c) The necessity of continuing the guardianship.

    (d) The guardian's willingness and ability to continue to provide for the minor's welfare.

    (e) The effect upon the minor's welfare if the guardianship is continued.

    (f) Any other factor that the court considers relevant to the minor's welfare.

    (2) The court may order the family independence agency or a court employee or agent to conduct an investigation and file a written report of the investigation regarding the factors listed in subsection (1).

    (3) Upon completion of a guardianship review, the court may do either of the following:

    (a) Continue the guardianship.

    (b) Schedule and conduct a hearing on the guardianship's status and do any of the following:

    (i) If the guardianship is a limited guardianship, do either of the following:

    (A) Continue the limited guardianship.

    (B) Order the parties to modify the limited guardianship placement plan as a condition to continuing the limited guardianship.

    (ii) If the guardianship was established under section 5204, do either of the following:

    (A) Continue the guardianship.

    (B) Order the parties to follow a court-structured plan designed to resolve the conditions identified at the review hearing.

    (iii) Take an action described in section 5209(2).