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 Nevada, 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. Nevada law, specifically under the Nevada Revised Statutes (NRS), provides the framework for the creation and administration of living trusts. These statutes outline the requirements for a valid trust, the duties and powers of trustees, and the rights of beneficiaries. Living trusts in Nevada are often used to manage assets during the grantor's life and to transfer wealth upon their death without the need for probate, which can save time and money. This is distinct from a testamentary trust, which is established upon the death of the individual through their will. Living trusts in Nevada can be revocable, allowing the grantor to retain control and make changes during their lifetime, or irrevocable, which generally cannot be altered once established.