Sec. 4. (a) The following transfers of ownership are not considered transfer on death transfers for purposes of this chapter:
(1) Transfers by rights of survivorship in property held as joint tenants or tenants by the entirety.
(2) A transfer to a remainderman on the termination of a life tenancy.
(3) An inter vivos or a testamentary transfer under a trust established by an individual.
(4) A transfer made under the exercise or nonexercise of a power of appointment.
(5) A transfer made on the death of a person who did not have the right to designate the person's estate as the beneficiary of the transfer.
(b) A beneficiary designation made under this chapter must do the following:
(1) Designate the beneficiary of a transfer on death transfer.
(2) Make the transfer effective upon the death of the owner of the property being transferred.
(3) Comply with this chapter, the conditions of any governing instrument, and any other applicable law.
(c) For purposes of construing this chapter or a beneficiary designation made under this chapter, the death of the last surviving owner of property held by joint owners is considered the death of the owner.
(d) Except as otherwise provided in this chapter, a transfer on death direction is accomplished in a form substantially similar to the following:
(1) Insert Name of the Owner or Owners.
(2) Insert "Transfer on death to" or "TOD" or "Pay on death to" or "POD".
(3) Insert the Name of the Beneficiary or Beneficiaries.
(e) An owner may revoke or change a beneficiary designation at any time before the owner's death.