1. If there is no appointed conservator for administration of an incapacitated beneficiary‘s estate, any person indebted to an incapacitated beneficiary, including a personal representative, trustee, benefit plan, insurance company, agency of any state or of the United States, or any person holding property belonging to an incapacitated beneficiary, not having a power from a donor to designate a personal custodian, may designate and transfer the property to any adult person or financial institution, including the transferor if a member of the beneficiary’s family, as personal custodian for the incapacitated beneficiary under sections 404.400 to 404.650.

2. Approval of the court shall be obtained for any designation under subsection 1 of this section of a personal custodian that is not a financial institution, if the value of the property at the time of transfer to the designated personal custodian exceeds ten thousand dollars. The court may approve the designation under subsection 1 of this section of any person to act as personal custodian to hold and administer the property with or without bond and with or without court supervision, upon such terms as the court may require, and may order transfer of the property to a court supervised conservator.