(1) The appointment of a conservator vests in the conservator title as trustee to all property of the protected person presently held or thereafter acquired, including title to any property previously held for the protected person by custodians or attorneys-in-fact.
(2) The appointment of a conservator is not a transfer or alienation within the meaning of general provisions of any federal or state statute or regulation, insurance policy, pension plan, contract, will, or trust instrument imposing restrictions upon or penalties for transfer or alienation by the protected person of the protected person's rights or interest, but this section does not restrict the ability of persons to make specific provision by contract or dispositive instrument relating to a conservator.