In this subtitle the following words have the meanings indicated. “Co–owner with right of survivorship” includes: A joint tenant; A tenant by the entirety; and A co–owner of property or an account that entitles remaining co–owners to the whole of the property or account on the death of another. “Governing instrument” means a dispositive, appointive, or nominative instrument of any type. “Governing instrument” includes: An account with a payable–on–death designation; A deed; An insurance or annuity policy; A power of attorney; A pension, or a profit–sharing, retirement, or similar benefit plan; A trust; A will; and An instrument creating or exercising a power of appointment. “Payor” means a person who is authorized or obligated by law or other governing instrument to make payments. “Payor” includes: A trustee; An insurer; A business entity; An employer; and A government or a government agency, subdivision, or instrumentality.