Upon petition and after notice and hearing in accordance with the provisions of the [Uniform] Probate Code, the court may appoint a conservator as follows:
A. appointment of a conservator may be made in relation to the estate and financial affairs of a minor if the court determines that:
(1) a minor owns property that requires management or protection that cannot otherwise be provided;
(2) a minor has or may have financial affairs that may be jeopardized or prevented by his minority; or
(3) funds are needed for a minor's support and education and that protection is necessary or desirable to obtain or provide funds; and
B. appointment of a conservator may be made in relation to the estate and financial affairs of a person for reasons other than minority if the court finds that the person has property that may be wasted or dissipated unless proper management is provided; that funds are needed for the support, care and welfare of the person or those entitled to be supported by him; that protection is necessary or desirable to obtain or provide funds; and that:
(1) the person is incapacitated; or
(2) the person is unable to manage his estate and financial affairs effectively for reasons such as confinement, detention by a foreign power or disappearance.