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 Florida, a living trust, or inter vivos trust, is a legal arrangement created during a person's lifetime in which the grantor places assets into the trust. The trust document outlines how these assets should be managed and distributed to the beneficiaries. The grantor typically retains control over the trust assets during their lifetime and may even act as the initial trustee. Upon the grantor's death or incapacitation, a successor trustee, who is named in the trust document, assumes the responsibility of managing the trust for the benefit of the beneficiaries according to the terms set forth in the trust agreement. Living trusts are often used in Florida to avoid probate, manage assets in the event of incapacity, and maintain privacy regarding the distribution of assets. Unlike testamentary trusts, which are created upon the death of an individual and are part of a will, living trusts become operational during the grantor's lifetime. It's important to note that living trusts must be properly funded by transferring assets into the trust to be effective in achieving their goals. An attorney can provide guidance on the creation, funding, and administration of a living trust to ensure it meets the grantor's objectives and complies with Florida law.