Could you please explain what the following statute says in easy to understand language, with an example? Notes from class explaining the statute are below too, but I just don't understand.

705.10 Nonprobate transfers on death. (1) A provision for a nonprobate transfer on death in an insurance policy, contract of employment, bond, mortgage, promissory note, certicated or uncerticated security, account agreement, custodial agreement, deposit agreement, compensation plan, pension plan, individual retirement plan, employee benet plan, trust, conveyance, online tool, as dened in s. 711.03 (18), deed of gift, marital property agreement, or other written instrument of a similar nature is nontestarnentary. This subsection governs a written provision that: (a) Money or other benets due, controlled by or owned by a decedent before death must be paid after the decedent's death to a person whom the decedent designates either in the instrument or in a separate writing, including a will executed either before or at the same time as the instrument, or later; (b) Money due or to become due under the instrument ceases to be payable in the event of death of the promisee or the promisor before payment or demand; or (c) Any property controlled by or owned by the decedent before death which is the subject of the instrument passes to a person whom the decedent designates either in the instrument or in a separate writing, including a will executed either before or at the same time as the instrument, or later. (2) This section does not limit rights of creditors under other laws of this state. (3) Chapter 854 applies to transfers at death under this section. (4) A transfer under this section does not require conrmation in any procedure under s. 867.01, 867.02, or 867.03 or ch. 856 or 8651A transfer under this section may be conrmed under s. 867.046 (1m) or (2). History: 1989 a. 331; 1997 a. 188; 2005 a. 206 s. 5; 2005 a. 216 st 35; Stats. 2005 s. 705.10; 2007 a. 97 s. 198; 2015 a. 300. An annuity is an \"other written instrument" under sub. (1). A contractual arrangement that creates a nonprobate transfer of property subject to this section will defeat a marital agreement that does not make the transfer. Reichel v1 Jung, 2000 WIApp 151,237 Wis. 2d 853, 616 N.W.2d118,99712111 No provision of s. 766.58 (3) or this section permits parties to ignore ch 854, or to agree to prohibit court involvement in implementing a marital property agreement. That \"Washington Will" provisions permit transfer of property without probate does not mean the legislature allowed parties to agree to no court involvement in implementing transfer of ownership and creating a reliable and public record of transferr Maciolek vi City of Milwaukee Employees' Retirement System Annuity & Pension Board, 2006 WI 10, 288 Wis. 2d 62, 709 N.W.2d 360, 0471254. Wisconsin's New Probate Code. Erlangerr Wis. Law. Oct 1998