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 Montana, 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 Montana are often used to manage assets, provide for beneficiaries, and avoid probate—the legal process of distributing assets after death. The trust document will specify how the assets are to be managed and distributed, and it will name a trustee who is responsible for carrying out these instructions. Successor trustees may also be named to take over if the original trustee is unable to serve. 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 a seamless transition of asset management without court intervention. Montana law, including the Montana Uniform Trust Code, provides the legal framework for the creation and operation of living trusts within the state.