A transfer on death transfer:

1. (1) is effective with or without consideration;
2. (2) is not considered testamentary;
3. (3) is not subject to the requirements for a will or for probating a will under IC 29-1 ; and
4. (4) may be subject to an agreement between the owner and a transferring entity to carry out the owner's intent to transfer the property under this chapter.

As added by P.L.143-2009, SEC.41.