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 Missouri, 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 a trust agreement, which outlines how the assets are to be managed and distributed. Living trusts are commonly used to manage assets, avoid probate, and maintain privacy, as the details of a living trust are not made public like a will. Missouri law allows for the creation of living trusts and provides the framework for their administration and enforcement. The trust must be properly funded, meaning assets must be transferred into the trust's name, and it must have a clear declaration of trust. The trustee has a fiduciary duty to manage the trust assets in the best interests of the beneficiaries. Unlike testamentary trusts, which are created upon the death of an individual and are part of a will, living trusts take effect during the grantor's lifetime and can provide for asset management in the event of the grantor's incapacity.