KRS 397.1001: Definitions for chapter.

As used in this chapter, unless the context requires otherwise:

(1) "Co-owners with right of survivorship" means and includes joint tenants, tenants by

the entireties, and other co-owners of property or accounts held under circumstances

that entitle one (1 ) or more to the whole of the property or account on the death of

the other or others;

(2) "Governing instrument" means a deed, will, trust, insurance or annuity policy,

account with payment on death (POD) designation, pension, profit -sharing,

retirement, or similar benefit plan, instrument creating or exercising a power of

appointment or a power of attorney, or a donative, appointive, or nominative

instrument of any other type; and

(3) "Payor" means a trustee, insurer, business entity, employer, government ,

governmental agency, subdivision, or instrumentality, or any other person

authorized or obligated by law or a governing instrument to make payments.