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 Indiana, 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, according to the terms of the trust agreement. This type of trust is established during the grantor's lifetime and can help manage assets before and after the grantor's death, potentially avoiding probate. The trust document will name a trustee who is responsible for managing the trust assets and may also name successor trustees to take over if the original trustee is unable to serve. Unlike a testamentary trust, which is created upon a person's death through their will, a living trust is active during the grantor's life. Indiana law, including the Indiana Trust Code, governs the creation and administration of living trusts and sets forth the duties and powers of trustees, as well as the rights of beneficiaries.