(a) If a motor vehicle that is the subject of a beneficiary designation is owned by joint owners with right of survivorship, the beneficiary designation must be made by all of the joint owners.
(b) A beneficiary designation made by joint owners with right of survivorship:
(1) may be revoked or changed as provided by Section 501.0315, Transportation Code, only if it is revoked or changed by all of the joint owners; and
(2) may be revoked or changed by the last surviving joint owner as provided by Section 501.0315, Transportation Code.