Protective arrangements and single transactions

(a) If a basis is established for a protective order with respect to an individual, the court, without appointing a conservator, may: (1) Authorize, direct, or ratify any transaction necessary or desirable to achieve any arrangement for security, service, or care meeting the foreseeable needs of the protected person, including: (A) Payment, delivery, deposit, or retention of funds or property; (B) Sale, mortgage, lease, or other transfer of property; (C) Purchase of an annuity; (D) Making a contract for life care, deposit contract, or contract for training and education; or (E) Addition to or establishment of a suitable trust, including a trust created under chapter 554B; and (2) Authorize, direct, or ratify any other contract, trust, will, or transaction relating to the protected person's property and business affairs, including a settlement of a claim, upon determining that it is in the best interest of the protected person. (b) In deciding whether to approve a protective arrangement or other transaction under this section, the court shall consider the factors described in section 560:5-411(c). (c) The court may appoint a special conservator to assist in the accomplishment of any protective arrangement or other transaction authorized under this section. The special conservator shall have the authority conferred by the order and shall serve until discharged by order after reporting to the court.