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 Kansas, 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. The primary advantage of a living trust in Kansas is that it allows for the management and distribution of the grantor's assets without the need for probate, which can save time and money after the grantor's death. Kansas law requires that a living trust be created with the grantor's express intent, usually in writing, and that it names a trustee who has a fiduciary duty to manage the trust assets in the best interest of the beneficiaries. Unlike a testamentary trust, which is established upon the death of the individual and is part of a will, a living trust is operational during the grantor's lifetime and can provide for asset management in the event of the grantor's incapacity. It's important for individuals to work with an attorney to ensure that the trust is properly established and funded, and that it complies with Kansas laws and regulations.