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 Maine, 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 Maine 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. Maine has adopted the Maine Uniform Trust Code, which provides the regulatory framework for the creation and operation of trusts within the state. The trust code outlines the duties and powers of trustees, the rights of beneficiaries, and the requirements for creating a valid trust. Unlike testamentary trusts, which are created upon the death of an individual and are part of a will, living trusts are effective during the grantor's life and can provide immediate benefits to the beneficiaries without the delays and public scrutiny associated with probate.