An owner of property may transfer the property to one or more beneficiaries effective at the transferor’s death by a transfer–on–death deed. A transfer–on–death deed that designates multiple beneficiaries may transfer ownership of the property to the beneficiaries under any form of tenancy indicated in the transfer–on–death deed. If the transfer–on–death deed does not indicate a form of tenancy, title to the property shall be conveyed to the designated beneficiaries on the death of the owner or, if there are multiple owners, on the death of the last surviving owner, as joint tenants with rights of survivorship.