Upon petition and after notice and hearing in accordance with the provisions of this chapter, the court may appoint a conservator or make other protective order for cause as follows:

1.    Appointment of a conservator or other protective order may be made in relation to the estate and affairs of a minor if the court determines by a preponderance of the evidence that a minor owns money or property that requires management or protection which cannot otherwise be provided, has or may have business affairs which may be jeopardized or prevented by the minor’s minority, or that funds are needed for the minor’s support and education and that protection is necessary or desirable to obtain or provide funds.

2.    Appointment of a conservator or other protective order may be made in relation to the estate and affairs of a person, including a minor, if the court determines by clear and convincing evidence:

a.    The person is unable to manage the person’s property and affairs effectively for reasons such as mental illness, mental deficiency, physical illness or disability, chronic use of drugs, or chronic intoxication; b.    The person is unable to manage the person’s property and affairs effectively for reasons of confinement, detention by a foreign power, or disappearance; or

c.    The person has property that will be wasted or dissipated unless proper management is provided, or that funds are needed for the support, care, and welfare of the person or those entitled to be supported by the person and that protection is necessary or desirable to obtain or provide funds.