(1) In a power of attorney, a principal may nominate a conservator of the principal's estate or a guardian of the principal's person for consideration by the court if protective proceedings, as defined in Section 75-1-201, for the principal's estate or person are begun after the principal executes the power of attorney.
(2) If a principal executes a power of attorney and a petition is filed to appoint a conservator of the principal's estate, the court shall consider whether:
(a) the provisions in the power of attorney are adequate to manage and protect the principal's estate without appointing a conservator; or
(b) the appointment of a conservator is necessary to manage and protect the principal's estate.
(3) If the court appoints a conservator of the principal's estate or a guardian of the principal's person, the court shall appoint a conservator or a guardian in accordance with the principal's most recent nomination unless there is good cause shown or disqualification.
(4) If, after a principal executes a power of attorney, the court determines that an appointment of a conservator or other fiduciary is necessary to manage and protect some or all of the principal's estate:
(a) the agent named in the principal's power of attorney is accountable to the conservator or other fiduciary as well as the principal; and
(b) the power of attorney is not terminated and the agent's authority continues unless limited, suspended, or terminated by the court.