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 California, a living trust, or inter vivos trust, is a legal arrangement created during a person's lifetime in which an individual (the grantor or settlor) places assets into a trust for the benefit of designated beneficiaries. The trust is managed by a trustee, who is responsible for administering the trust according to its terms and for the benefit of the beneficiaries. The grantor may serve as the initial trustee and name successor trustees to manage the trust after their incapacity or death. Living trusts are commonly used to manage assets during the grantor's lifetime, provide for beneficiaries, and avoid probate upon the grantor's death. Unlike a testamentary trust, which is established through a will and comes into effect after the testator's death, a living trust is operational during the grantor's life and can provide a seamless transition of asset management without court intervention. California law, including the California Probate Code, provides the legal framework for the creation, management, and termination of living trusts.