A living trust—also known as an inter vivos trust—is a trust that is created and takes effect during the lifetime of the person who creates the trust and places assets in it (the grantor or settlor). The beneficiaries named in the living trust will receive the assets or the income from the assets, as provided by the trust agreement.

The living trust will name a trustee (and possibly successor trustees) to manage and administer the trust.

A living trust is in contrast with a testamentary trust that is created by a will and takes effect when the grantor or settlor (the testator who made the will) dies.

In Alaska, a living trust, or inter vivos trust, is a legal arrangement created during a person's lifetime, allowing them to control their assets and provide for beneficiaries without going through probate upon death. The person who creates the trust (the grantor or settlor) transfers assets into the trust and typically names themselves as the initial trustee, managing the assets according to the terms set out in the trust document. They also designate successor trustees to take over management if they become unable or upon their death. Beneficiaries receive assets or income based on the trust's instructions. Living trusts offer privacy, as they are not public records like wills, and can help avoid or minimize estate taxes. They are distinct from testamentary trusts, which are created by a will and only come into effect after the grantor's death. Alaska Statutes Title 13 - Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions, particularly Chapter 36, provides the legal framework for trusts in Alaska, including living trusts.