397.1001 Definitions for chapter.
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/ky/chapter-397/397-1001A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.