(a) Upon the issuance of an order terminating the existing parental rights and transferring the parental rights to another person or organization, all of the rights, duties, privileges, and obligations recognized by law between the person whose parental rights are terminated and the child forever thereafter cease to exist. The person or organization to whom the parental rights are transferred has custody and guardianship of the child, but the custody and guardianship terminate automatically upon the entry of another order transferring parental rights or an order of adoption.
(b) (1) Upon the issuance of an order terminating the existing parental rights and transferring the parental rights to another person or organization, the child loses all rights of inheritance from each parent whose parental rights were terminated and from the parent's collateral or lineal relatives.
(2) A parent whose parental rights are terminated and the parent's collateral or lineal relatives lose all rights of inheritance from the child.
(c) This section does not limit the right of an individual to provide for the disposition of the individual's property by will.
(d) The termination of 1 parent's rights does not affect the other parent's rights.