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 North Dakota, 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. This type of trust is established through a written agreement and can help manage assets and potentially avoid probate upon the grantor's 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 these duties. Successor trustees may also be named to take over if the original trustee is unable to serve. Unlike a testamentary trust, which is created upon a person's death through their will, a living trust is active during the grantor's life. North Dakota's trust laws are codified in the North Dakota Century Code, which provides the legal framework for the creation and operation of living trusts within the state.