(1) Every conservator appointed as provided in this chapter shall have the care, custody, and management of the estate of his or her ward until he or she is legally discharged.
(2) He or she must give bond to the State of Arkansas in like manner and with like conditions as provided for guardians of incompetent persons. However, the court may dispense with bond if the conservator is a bank or a trust company whose deposits are insured by the Federal Deposit Insurance Corporation or a trust company chartered and regulated by appropriate state authority.