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 Delaware, a living trust, or inter vivos trust, is a legal arrangement where a grantor places assets into a trust to be managed by a trustee for the benefit of designated beneficiaries during the grantor's lifetime. The trust is governed by the terms set out in the trust agreement. Living trusts in Delaware are commonly used for estate planning purposes, as they can help avoid probate, provide privacy, and manage assets in the event of the grantor's incapacity. The trust document will specify how the assets are to be distributed to the beneficiaries and may include provisions for successor trustees in case the original trustee is unable to serve. Unlike a testamentary trust, which is established upon the death of the individual and is part of a will, a living trust is effective immediately upon creation and funding. Delaware law provides for the creation and administration of living trusts under Title 12 of the Delaware Code, which outlines the duties of trustees, the rights of beneficiaries, and other relevant provisions for trust management.