During the transferor’s life, execution and recordation of a revocable transfer on death deed:
(a)
Does not affect the ownership rights of the transferor, and the transferor or the transferor’s agent or other fiduciary may convey, assign, contract, encumber, or otherwise deal with the property, and the property is subject to process of the transferor’s creditors, as if no revocable transfer on death deed were executed or recorded.
(b)
Does not create any legal or equitable right in the beneficiary, and the property is not subject to process of the beneficiary’s creditors.
(c)
Does not transfer or convey any right, title, or interest in the property.