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 Louisiana, a living trust, also known as an 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 Louisiana are used for estate planning purposes, such as avoiding probate, managing assets in case of incapacity, and maintaining privacy. 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. It is important to note that Louisiana's legal system is based on civil law, rather than common law, which makes its trust laws somewhat unique compared to other states. Therefore, it is advisable to consult with an attorney who is knowledgeable in Louisiana's specific trust laws to ensure that a living trust is properly established and meets the grantor's estate planning objectives.