(a) Upon petition, the court may authorize a conservator to exercise the following powers over the estate or financial affairs of a protected person which the protected person could have exercised if he or she were not subject to conservatorship:

1. (1) To make gifts to charity or other donees and to convey interests in any property;
2. (2) To provide support for individuals who are not legal dependents;
3. (3) To amend or revoke trusts or to create or make additions to revocable or irrevocable trusts even though such trusts may extend beyond the life of the protected person;
4. (4) To disclaim, renounce, or release any interest or power, or to exercise any power;
5. (5) To exercise options or change the beneficiary on or withdraw the cash value of any life insurance policy, annuity policy, or retirement plan;
6. (6) To elect against the estate of the protected person’s spouse;
7. (7) To withdraw funds from multiple party bank accounts, to change the beneficiary on or dispose of any payable or transfer on death arrangement, or to dispose of any property specifically devised or bequeathed under the protected person’s will.