1. The conservator of the estate of a minor or disabled person shall, under supervision of the court, protect, preserve, and manage the estate, apply it as provided in this code, account for it faithfully, perform all other duties required of the conservator by law, and at the termination of the conservatorship deliver the assets of the protectee to the persons entitled thereto. In protecting, preserving, and managing the estate, the conservator of the estate is under a duty to use the degree of care, skill, and prudence that an ordinarily prudent person uses in managing the property of, and conducting transactions on behalf of, others. If a conservator of the estate has special skills or is appointed on the basis of representations of special skills or expertise, the conservator is under a duty to use those skills in the conduct of the protectee’s affairs. A conservator of the estate is under a duty to act in the interest of the protectee and to avoid conflicts of interest which impair the conservator’s ability so to act.

2. The conservator of the estate shall take possession of all of the protectee’s real and personal property, and of rents, income, issue, and profits therefrom, whether accruing before or after the conservator’s appointment, and of the proceeds arising from the sale, mortgage, lease, or exchange thereof. Subject to such possession, the title to all such estate, and to the increment and proceeds thereof, is in the protectee and not in the conservator. Upon a showing that funds available or payable for the benefit of the protectee by any federal agency are being applied for the benefit of the protectee, or that such federal agency has refused to recognize the authority of the conservator to administer such funds, the court may waive, by order, the duty of the conservator to account therefor.

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3. In managing, investing, and distributing the estate of a protectee, the conservator shall use reasonable efforts to:

(1) Ascertain the income, assets, and liabilities of the protectee;

(2) Ascertain the needs and preferences of the protectee;

(3) Coordinate with the guardian and consult with others close to the protectee;

(4) Prepare a plan for the management of the protectee’s income and assets; and

(5) Provide oversight to any income and assets of the protectee under the control of the protectee.

4. The court has full authority under the rules of civil procedure to enjoin any person from interfering with the right of the conservator to possession of the assets of the protectee, including benefits payable from any source.

5. The conservator of the estate shall prosecute and defend all actions instituted in behalf of or against the protectee, collect all debts due or becoming due to the protectee, and give acquittances and discharges therefor, and adjust, settle, and pay all claims due or becoming due from the protectee so far as the protectee’s estate and effects will extend, except as provided in sections 507.150 and 507.188.

6. A conservator of the estate has power, without authorization or approval of the court, to:

(1) Settle or compromise a claim against the protectee or the estate agreeing to pay or paying not more than five thousand dollars;

(2) Settle, abandon, or compromise a claim in favor of the estate that does not exceed five thousand dollars;

(3) Receive additions to the estate;

(4) Sell, or agree to sell, chattels and choses in action reasonably worth not more than five thousand dollars for cash or upon terms involving a reasonable extension of credit;

(5) Exchange, or agree to exchange, chattels and choses in action for other such property of equivalent value, not in excess of five thousand dollars;

(6) Insure or contract for insurance of property of the estate against fire, theft and other hazards;

(7) Insure or contract for insurance protecting the protectee against any liability likely to be incurred, including medical and hospital expenses, and protecting the conservator against liability to third parties arising from acts or omissions connected with possession or management of the estate;

(8) Contract for needed repairs and maintenance of property of the estate;

(9) Lease land and buildings for terms not exceeding one year, reserving reasonable rent, and renew any such lease for a like term;

(10) Vote corporate stock in person or by general or limited proxy;

(11) Contract for the provision of board, lodging, education, medical care, or necessaries of the protectee for periods not exceeding one year, and renew any such contract for a like period;

(12) Deposit funds in a bank;

(13) Pay taxes, assessments, and other expenses incurred in the collection, care, administration, and protection of the estate;

(14) Prosecute or defend actions, claims, or proceedings in any jurisdiction for the protection of estate assets;

(15) Execute and deliver all instruments that will accomplish or facilitate the exercise of the powers vested in the conservator; and

(16) On or after August 28, 2009, invest the estate in accordance with the provisions of section 475.190.

7. If, in exercising any power conferred by subsection 6 of this section, a conservator breaches any of the duties enumerated in subsection 1 of this section, the conservator may be surcharged for losses to the estate caused by the breach but persons who dealt with the conservator in good faith, without knowledge of or reason to suspect the breach of duty, may enforce and retain the benefits of any transaction with the conservator which the conservator has power under subsection 6 of this section to conduct.