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 Maryland, 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 Maryland 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. Unlike a testamentary trust, which is established upon the death of the individual through a will, a living trust is active during the grantor's life. Maryland law requires that a trust must be created with the grantor's intent, must have a definite beneficiary (unless it's a charitable trust or for non-charitable purposes that are permissible), and the trustee must have duties to perform. The grantor typically retains the right to amend or revoke the trust during their lifetime, unless it is designed as an irrevocable trust. It's advisable for individuals to consult with an attorney to ensure that the trust is properly established and meets all legal requirements.