The purposes of this chapter are to:

(1) Enhance and facilitate the power of testators to control the disposition of assets that pass outside their wills;

(2) Provide simple procedures for resolution of disputes regarding entitlement to such assets; and

(3) Protect any financial institution or other third party having possession of or control over such an asset and transferring it to a beneficiary duly designated by the testator, unless that third party has been provided notice of a testamentary disposition as required in this chapter.