1. If the assets of the protectee are under the control of another fiduciary, including a Social Security representative payee or Veterans Affairs fiduciary, or if the value of the assets of the estate of a protectee does not exceed the value prescribed by chapter 208 for public benefit eligibility and whether or not such protectee receives other public benefits from the federal government or the state of Missouri, the court may, upon satisfactory proof that adequate provision has been made for the care and maintenance of the protectee, waive or modify the requirements of sections 475.270 and 475.275.

2. If the estate of a protectee consists solely of cash or its equivalent which has been placed in restricted custody so that no withdrawals may be made except on order of the court as prescribed by section 473.160, the court may waive or modify the requirements of sections 475.270 and 475.275.

3. Any order entered pursuant to subsection 1 or 2 of this section shall specify the events or circumstances which shall cause the same to terminate. The order may also provide that the estate shall not be liable for court costs or other expenses of administration so long as the order remains in effect and may direct any state agency or require the conservator of the estate to request a federal agency to pay benefits directly to the custodial facility in which the protectee resides.