During a transferor’s life, a transfer on death deed does not:
(1) Affect an interest or right of the transferor or any other owner, including the right to transfer or encumber the property;
(2) Affect an interest or right of a designated beneficiary, even if the designated beneficiary has actual or constructive notice of the deed;
(3) Affect an interest or right of a secured, unsecured or future creditor of the transferor even if the creditor has actual or constructive notice of the deed;
(4) Affect the eligibility of the transferor or a designated beneficiary for any form of public assistance or medical assistance, as defined in ORS 414.025;
(5) Create a legal or equitable interest in favor of the designated beneficiary; or
(6) Subject the property to claims or process of a secured, unsecured or future creditor of the designated beneficiary.